Green Planet Group Announces Initial Funding for Major Power Project
April 18 2012 - 9:10AM
Green Planet Group, Inc. (Pink Sheets:GNPG) announced today that it
has completed the first step of funding for its Pump Storage
Project.
Porter Capital Corporation of Birmingham, AL agreed to provide
the funds to establish a security deposit which will trigger two
additional large investments culminating in a total investment of
$240 million. These investments represent approximately twenty
percent of the total estimated cost of $1.2 billion to complete the
construction of this renewable energy, hydroelectric 800 megawatt
power plant.
Green Planet wishes to publicly thank Ron Williamson, Executive
Vice President, Salvatore Trupiano, Chief Operating Officer and
Senior Vice President and Tonia Daniel, Vice President of
Operations of Porter Capital for working with the Company to
complete this first round of funding. Porter Capital has
provided Lumea Staffing, a wholly owned subsidiary of Green Planet,
a revolving line of credit of up to $5 million for the past three
years. The total amount funded by Porter through this period
exceeds $120 million. For additional information about Porter
please contact Salvatore Trupiano at 205-397-4074.
Edmond L. Lonergan, President/CEO stated, "As most of our
shareholders know the Company has navigated through numerous
problems and is now on the verge of becoming a very successful,
green technology company. None of this would have been
possible without Porter Capital's help and ongoing support."
Lonergan continued, "I am more convinced than ever, that
Green Planet will grow and become a profitable and successful
company."
About Green Planet Group
Green Planet Group, Inc. (Pink Sheets:GNPG) is based in
Scottsdale, AZ 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.
Porter Capital Corporation, founded in 1991, is part of The
Porter Capital Group, headquartered in Birmingham, AL. The
other companies included in the Porter Capital Group are Porter
Billing Services, Porter Bridge Loan Company and CapitalPartners
Leasing.
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: Chris Knapp, Investor Relations Manager
investor-relations@greenplanetgroup.com
Telephone (602) 396-6013
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