Green Planet Group Updates China Activities
SCOTTSDALE, Ariz., Dec. 21, 2010 (GLOBE NEWSWIRE) -- Green Planet Group, Inc. (OTCBB:GNPG) announced today that its wholly owned subsidiary, Xentx Lubricants, Inc. has established a working relationship with a Chinese company, HU NANLI&AN CHEMICAL Co., LTD. HU NANLI&AN have tested various Xentx products and determined that our cetane improver diesel fuel additive is the most effective they have evaluated to date.
Xentx Lubricants has begun negotiations with HU NANLI&AN to initially deliver full containers (84 drums) from Durant, OK and ship them to China through the Port of Los Angeles. The value of this initial order will be approximately $225,000. The pricing for future orders is based upon ongoing negotiations and the volume is projected to be up to 100 containers per year. In addition, we have entered into negotiations for a long term agreement and as the volume of orders increase and when economically feasible, the parties will enter into a joint venture agreement whereby the cetane improver will be manufactured in China and both parties will share profits.
"Diesel fuel in China has a lower cetane rating," stated Edmond Lonergan, President/CEO of Green Planet Group. "Our cetane enhancer boosts the cetane level which improves efficiency by approximately 10% while substantially reducing emissions." Gary Davidson, VP of Green Planet Group, adds, "Currently there is a diesel fuel shortage in China and any product that can improve efficiency is in great demand, and we believe that we will develop a long term and profitable relationship with our strategic partner."About Green Planet Group: 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.
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