Green Planet Group to Restate Financials
Net Loss Reduced by $1.2 Million
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Green Planet Group, Inc. (OTCBB:GNPG), an emerging leader in environmentally safe products and services, today announced that on August 6, 2009, the board of directors (the “Board”) of Green Planet Group, Inc. (the “Company”) concluded that the Company’s previously filed consolidated financial statements for the fiscal year ending March 31, 2007, 2008 and 2009 on Form 10-K and the quarterly statements from September 30, 2006 (the first required filing date) through December 31, 2008 on Form 10-Q should no longer be relied upon. The Board, with the recommendation of management, came to this conclusion based on comments received by the Accounting Staff of Corporate Finance of the Securities and Exchange Commission (the “SEC”) in its review of the Company’s financial statements for the year ending March 31, 2008 and the interim filings through December 31, 2008.
Mr. Edmond Lonergan, President/CEO of GNPG, states, “Our philosophy has been to report all of GNPG financial data very conservatively and comply with all generally accepted accounting principals. After discussions with the SEC based on their review of our filings and their interpretation of the accounting literature and discussions with our independent auditors we will restate our financial results for each period reflecting significant variation each period as stock price, volatility and interest rates fluctuate on these non-cash items.” Lonergan continues, “For the fiscal year just ended, the restated financials in our 10-K will show that our Net Loss improved by $1,151,045 (a 30% improvement) and is now $2,672,370.”
The requirement to restate GNPG’s financials is based upon complex accounting standards relating to derivatives, embedded derivatives, convertible instruments and their evaluation.
This restatement impacts the Company’s financials from a historical perspective including the 10-K Filing just completed. For additional information, see the detailed 8-K filing at www.sec.gov.
Green Planet Group, Inc. (OTCBB:GNPG) is based in Scottsdale, Arizona and engages in ongoing research and development to create products and services that enhance our environment. The Company's revenues are currently derived from the production and distribution of fuel-based energy conservation and clean-air products, as well as through the placement of members of the growing ranks of the unemployed into meaningful “green collar” careers. For additional information, please visit www.greenplanetgroup.com.
SAFE HARBOR: Certain information included herein may contain statements that are forward-looking, such as statements relating to plans for future expansion and other business development activities. Such forward-looking information is subject to changes and variations which are not reasonably predictable and which could significantly affect future results.
Contacts
Patrick Nelson, V.P. IR/PR, 480-222-6222
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