SCOTTSDALE, Ariz., March 23, 2011 (GLOBE NEWSWIRE) -- Green Planet Group, Inc. (OTCBB:GNPG) announced today the details regarding the conversion of $1.57 million of debt to preferred stock. The debt holder agreed to the following:
1. To waive the outstanding interest due of $191,699, this reduces the note to $1,573,723 therefore this conversion eliminates the corresponding debt.
2. Green Planet issued 100,000 Preferred Convertible shares – convertible at 49.24 common shares for each preferred share.3. The conversion price is $.32/share. 4. Dividend will be 6% annually with monthly payments of $8,000 beginning April 2011. 5. If Green Planet Group exercises its option to redeem up to $200,000 then the debt is reduced by two times the amount of payment. "The successful completion of these negotiations to convert debt to preferred stock not only improved our Balance Sheet but also demonstrated that our relationships with our creditors have remained strong," stated Edmond Lonergan, President/CEO. "In addition, this preferred stock agreement helps Green Planet to improve its future funding opportunities." 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. 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.
CONTACT: Gabriel (Gabe) Rodriguez E Relations Group, Inc. 623-255-5750