AMNE Issues Corporate Update Including Financial Strength
September 02 2009 - 8:30AM
Marketwired
American Green Group, Inc. (PINKSHEETS: AMNE)
(www.americangreengroup.com) is pleased to have completed the
process for the Company to receive a PS status from Pink Sheets.
AMNE has integrated all of its accounting to make it easier to
produce its financial statements in a timely manner so it can
maintain the PS status and improve its future listing status.
The Company reported in its financials for the period ending
June 30, 2009 sales of $417,050 with the majority of the sales
coming in the months of May and June, the Company also reported
cash on hand of $128,127. The Company currently has cash on hand of
$230,000 and receivables of 360,000, which the Company believes
will be 100% collected over the coming weeks. AMNE has a monthly
burn rate of $40,000 per month with the combined cash and on hand
and receivables the Company can sustain operations for 15 months
without any additional revenue.
Currently the Company is working on expanding its sales force
through Paradigm for Ecosafe Foam, which will help to preserve and
grow the Company's cash position.
The Company believes all other remarks made in the release to be
accurate to the best of their knowledge.
The foregoing press announcement contains forward-looking
statements that can be identified by such terminology such as
"believes," "expects," "potential," "plans," "suggests," "may,"
"should," "could," "intends," or similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results
to be materially different from any future results, performance or
achievements expressed or implied by such statements. In
particular, management's expectations could be affected by, among
other things, uncertainties relating to our success in completing
acquisitions, financing our operations, entering into strategic
partnerships, engaging management and other matters disclosed by us
in our public filings from time to time. Forward-looking statements
speak only as to the date they are made. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
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