Green Planet Awarded Multi-Million Dollar Contract

Rhea-AI Summary

On January 18, 2022, Green Planet Group (OTC PINK: GNPG) announced a significant contract awarded to its subsidiary, Healing the Earth. The contract involves providing a food growing system for a $25 million high-tech farming project, valued at $13.2 million. Payments include a $4.6 million deposit, $6.6 million upon shipment readiness, and $1.98 million at delivery acceptance. The project, located in Gibsland, Louisiana, aims to create 150 jobs with a pay rate exceeding the state minimum wage. The patented system promotes efficient organic vegetable production, using 97% less water than traditional methods.

Positive

• Awarded a $13.2 million contract for a food growing system.
• Project aims to create 150 jobs with a starting pay of $15.00 per hour.
• Efficient technology that uses 97% less water than traditional farming methods.

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• None.

PHOENIX, Jan. 18, 2022 /PRNewswire/ -- Green Planet Group (OTC PINK: GNPG)  announced today that its wholly owned subsidiary, Healing the Earth was awarded a contract to provide a food growing system as part of a $25 million high-tech farming project. The growing system contract is valued at $13.2 million. The terms of the sale include a 35% deposit of $4.6 million, a second payment of 50% or $6.6 million, when the system is ready for shipment, and a third payment of 15% or $1.98 million, when the customer accepts delivery of the working system. 

The Healing the Earth team is responsible for managing the design, manufacture, and installation of the special purpose building that will enclose the growing system, including the seeding, harvesting, and packaging areas. Not included in the contract are land acquisition, infrastructure costs, site preparation costs, license fees, etc. The building and growing system is expected to be operational within 10 months after construction commences.

This system will be installed in the town of Gibsland, Louisiana, the original home of the funder, Mr. Gerald Walker. Mr. Walker's goal is to create approximately 150 jobs in an area that needs additional job opportunities, and to improve the overall economy in the Bienville Parish. The payrate for new entry level employees is budgeted at $15.00 per hour, which is over double over the minimum state wage of $7.25. Therefore, hiring and training the required personal should not be an issue. Mr. Walker stated, "this growing system will provide enough high-quality fresh food to eliminate hunger in this entire region."

The growing system is based upon the patented Healing the Earth technology that can produce all organic, naturally grown vegetables in large quantities that have high nutritional value which are harvested and distributed daily. These fresh vegetables will include micro-greens, baby leaf and head lettuce, a variety of sprouts, baby and mature kale, baby and mature spinach, etc. All these vegetables are grown in a controlled natural environment that maximizes growth while using 97% less water than field grown products. If this system was dedicated to growing Romain lettuce, it could produce 36,000 of baby heads per day. This technology grows luscious, disease-free vegetables at very competitive prices.

Pat Choate, President/CEO states that "this is just the beginning of our efforts to commercialize our revolutionary food technology. I thank Gerald for selecting Healing the Earth to provide his growing system."

For additional information see: www.healingtheearth.net

About Green Planet Group, Inc.
The Company is comprised of four wholly owned subsidiaries: two operating companies and two development stage companies. The Company's Healing the Earth subsidiary has developed a new Fast Track™ growing system capable of growing vast amounts of fresh, organic food with extremely low water use. XenTx Lubricants produces lubricants and additives for gasoline and diesel engines which reduce emissions and improve fuel economy. AAQIS is developing a hydrogen generator which greatly reduces hydrocarbon emissions while improving fuel efficiency in internal combustion engines. Green Mining Technologies is developing restorative technology for placer mine tailings.

For more information see: www.greenplanetgroup.com

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 may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time the statements are made.

 

View original content:https://www.prnewswire.com/news-releases/green-planet-awarded-multi-million-dollar-contract-301462719.html

SOURCE Green Planet Group, Inc.

FAQ

What is the value of Green Planet Group's new contract?

Green Planet Group's subsidiary Healing the Earth has been awarded a $13.2 million contract.

Where will the food growing system be installed?

The food growing system will be installed in Gibsland, Louisiana.

How many jobs will the project create?

The project is expected to create approximately 150 jobs.

What is the projected pay rate for new employees?

The pay rate for new entry-level employees is budgeted at $15.00 per hour.

What percentage of the contract value is the initial deposit?

The initial deposit is 35% of the contract value, amounting to $4.6 million.