GNPG News .011 Green Planet Group Provides Upda

SCOTTSDALE, Ariz., Nov. 29, 2012 /PRNewswire/ -- Green Planet Group, Inc. (OTC Markets: GNPG) announces today that it is providing an update regarding its reorganization and several new business initiatives that it is pursuing.

First and foremost, the Company is happy to announce that it has moved out of all of the respective Lumea offices and has or is negotiating the termination of the leases of those offices, which will eliminate approximately $1,200,000 in leasehold liabilities that GNPG was responsible for over an average remaining term of two years.

Pursuant to the transfer of the Lumea business and accounts to Tri-State and its affiliates, the Company also reduced its liability to Porter Capital in the amount of $3,400,000, further increasing shareholder value. In addition, there is an unpaid net reserve balance of approximately $400,000 that is held by Porter Capital that GNPG expects to receive during the next several months as various accounts receivable that were financed are repaid by the respective clients.

New business initiatives include testing of our Synergyn and XenTx product lines by numerous companies in a multitude of industries including industrial equipment, transportation, cruise ships, oil / gas, mining, automotive and chemicals. The Company is engaged in discussions with major industry partners in these industries while undergoing various levels of testing and analysis to determine the performance, best use and application of our products. When these efforts further develop, additional details will be announced.