GREEN PLANET Group announces $2.5 Million Partnership agreement

Rhea-AI Summary

Green Planet Group (OTC PINK: GNPG) announced a ten-year distributor and manufacturer agreement with NEW A.G.E. Inc. to enhance the production and distribution of Healing the Earth's food growing systems. This collaboration aims to establish sales, marketing, and service centers, leveraging a $2.5 million convertible loan to accelerate product development. The partnership focuses on addressing global hunger and food security, with potential renewal options extending the collaboration to a total of 40 years.

Positive

• Agreement with NEW A.G.E. Inc. for distribution and manufacturing of food growing systems.
• Receives $2.5 million convertible loan to boost product development and marketing efforts.
• Collaboration aims to tackle global hunger and food security challenges.

Negative

• None.

PHOENIX, Sept. 12, 2022 /PRNewswire/ -- Green Planet Group (OTC PINK: GNPG)  announced today that it has inked an agreement with NEW A.G.E. Inc. of Dallas, Texas to become a distributor and manufacturer for Green Planet subsidiary, Healing the Earth (HTE) food growing systems in specific national and international territories/regions.  The goal of this Agreement is to establish an additional HTE sales and marketing center, a technology demonstration and educational center, a modern manufacturing facility, a service and maintenance center and a distribution center for Healing the Earth growing systems, its proprietary barley seed and patented nutrient. 

The Agreement will accelerate the manufacturing and distribution of the growing system so that together the partner companies can take full advantage of the opportunities throughout the world to help solve the incredible hunger and food security problems today and into the future.  Initial Term of this Agreement will be ten (10) years with options to renew (with the consent of both parties) for three additional ten (10) terms; total term is 40 years.

As an additional incentive for Green Planet Group to enter into this distributor/manufacturer agreement, NEW A.G.E. has agreed to provide a convertible loan to HTE in the amount of Two Million Five Hundred Thousand Dollars ($2,500,000), or to make available to HTE preferred access to a grant from a non-profit entity organized and funded by NEW A.G.E. in a like amount.

Mike Wilson, Founder/CEO of NEW A.G.E. Inc. stated, "We have the management, sales expertise, experience, and manufacturing knowledge to expand the production of the HTE food growing system and make a difference. In addition, we have a hydrogen technology that can provide clean energy to power these systems anywhere in the world. This is the 21^st Century and there should not be any reason that millions die annually from hunger. Deploying this system can reduce this calamity of human suffering immediately."

Dr. Pat Choate, Green Planet Chairman/CEO noted, "Adding a major distributor and manufacturer to help us commercialize our food growing system will help the worldwide farming community adopt our technology and accelerate sales and revenues.  And the $2,500,000 cash infusion into HTE will allow us to accelerate our product design and sales and marketing efforts."

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-group-announces-2-5-million-partnership-agreement-301622573.html

SOURCE Green Planet Group, Inc.

FAQ

What is Green Planet Group's recent agreement with NEW A.G.E. Inc. about?

Green Planet Group has entered into a ten-year agreement with NEW A.G.E. Inc. to distribute and manufacture its Healing the Earth food growing systems.

How much funding is Green Planet Group receiving from NEW A.G.E. Inc.?

Green Planet Group will receive a $2.5 million convertible loan from NEW A.G.E. Inc. to enhance its product development.

What is the objective of the partnership between Green Planet Group and NEW A.G.E. Inc.?

The partnership aims to establish distribution and manufacturing facilities to address global hunger and enhance food security.

What is the duration of the agreement between GNPG and NEW A.G.E. Inc.?

The initial term of the agreement is ten years, with options to renew for up to a total of 40 years.