SCOTTSDALE, AZ--(Marketwired - Mar 6, 2014) - Green Planet Group, Inc. (OTC Pink: GNPG) announced today that its wholly owned subsidiary, XenTx Lubricants, Inc., has closed its Durant, Oklahoma production facility. This action was taken after careful analysis and an operational review by the new XenTx management team. The objectives of this closure are to:
- Increase revenue by 300% which will in turn generate significantly increased profitability over the next twelve months
- Reduce operating expense and overhead by approximately 28%
- Improve sales and customer service through a rapid-response order fulfillment process facilitated by streamlined production and distribution systems
- Sharpen GNPG's focus on new product development and marketing, eliminating the distraction, liability and time consumption inherent in operating an outdated manufacturing plant
In order to further improve operating efficiencies and customer service, Company operations and distribution will be consolidated in a new facility in Phoenix, Arizona.
Jim Schoenberger, GNPG vice president sales and marketing, stated, "The revamping of our XenTx production process and consolidation of operations in Arizona is a huge plus in terms of our product delivery cycle and customer service. In addition, with the elimination of the manufacturing plant overhead, we will be able to maintain product pricing while improving margins. Lastly, we will be expanding the XenTx product line to include additional products in response to our customers' needs. We anticipate a major increase in XenTx sales over the next twelve months."
Green Planet Group CEO Edmond Lonergan noted, "Our new team is now fully focused on growing XenTx sales and profitability and doing what we do best; develop and sell innovative products. We've made tremendous progress in a relatively short time and we will continue this restructuring program and anticipate additional announcements in the near future."
About Green Planet Group, Inc.
The Company is comprised of five wholly owned subsidiaries: one operating company and four development companies. XenTx Lubricants, Inc. produces lubricants and additives for gasoline and diesel engines. Arizona Independent Power Company is a development stage company holding rights to the Verde Pumped Storage Project. AAQIS, Inc. is developing a hydrogen generator which greatly reduces hydrocarbon emissions while improving fuel efficiency in internal combustion engines. Green Mining Technologies, Inc. is developing green technologies for the mining of precious metals. The Company's Healing the Earth subsidiary is developing a new "fast track" growing system capable of growing vast amounts of fresh, organic food.
Forward-Looking Statements
Certain statements contained herein are "forward-looking" statements (as defined -- Private Securities Litigation Reform Act of 1995). Green Planet Group, Inc. cautions that the statements made in this press release constitute forward-looking statements and no guarantees of future performance and actual results or developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at time the statements are made.