Green Planet Group Announces Acquisition of PetroleumRX

Rhea-AI Summary

Green Planet Group, Inc. (GNPG) has announced the acquisition of PetroleumRX (PetRX), effective January 1, 2024. The acquisition is paid for in both Green Planet Group stock (9 million restricted shares) and $1.6 million in cash to be paid out over a period of three years. PetRX was debt-free with company revenues exceeding $1.2 million annually. PetRX specializes in the development and maintenance of accounting software for petroleum marketers and offers technical solutions to meet their business needs. The acquisition is expected to benefit Green Planet Group's subsidiaries and enhance its overall capabilities.

TEMPE, AZ / ACCESSWIRE / January 4, 2024 / Green Planet Group, Inc. (OTC PINK:GNPG) announced today that it has inked an agreement to acquire PetroleumRX (PetRX), effective January 1, 2024. On the date of acquisition, PetRX was debt-free with company revenues exceeding $1.2 million annually. The acquisition is paid for in both Green Planet Group stock (9 million restricted shares) and $1.6 million in cash to be paid out over a period of three years. At the option of the PetRX owners, payments could be made in restricted stock in lieu of cash.

Petroleum RX has been serving the technical needs of petroleum jobbers/distributors in the U.S since 2004. The company not only specializes in the development and maintenance of a complete and integrated accounting software package for petroleum marketers but also offers a vast assortment of technical solutions to meet their business needs. More than just a software company, PetRX assures that customer service is, and always will be, the top priority. Customers are typically family-owned operations with low-tech roots, competing in a high volume, low-margin setting where technical assets have become essential. PetRX has developed a staff of skilled professionals able to assist with the various and challenging aspects of the petroleum industry including on-site training, enrichment webinars, remote customer service, business analysis, and business continuance and planning.

Operating the PetRX acquisition as Senita Solutions, Inc., a wholly owned subsidiary, Green Planet Group will invest in current PetRX software development to respond to ongoing customer needs, attract additional jobber customers and enhance its overall capabilities.

Green Planet Group subsidiaries will reap a wide range of benefits through this acquisition including the following, among others:

• The Healing the Earth, Inc. (HTE) Ultimate Food System^TM will adapt PetRX technology to collect and process data from each growing system operating around the world, based upon Siemens technology.
• Healing the Earth and every HTE growing system owner will have access to a comprehensive business management system developed by PetRX's proven software team, which will immediately begin work on this data integration project.
• It is estimated that using the PetRX software platform will reduce programing development time by approximately two years.
• The current and future PetRX jobbers will enhance GNPG's sales channels for the Company's other products from XenTx Lubricants, Inc. and AAQIS, Inc., the hydrolysis development company.

Dr. Pat Choate, Green Planet Chairman/CEO noted, "The acquisition of PetroluemRX provides us with an established revenue stream based on thirty years of experience and excellent customer service serving petroleum jobbers while bringing an established software platform and software development expertise to our other GNPG subsidiaries. The synergies among our businesses enhance their values and will accelerate the growth of each one."

For more information, send requests to info@greenplanetgroup.com.

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 the Ultimate Food System^TM 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.

SOURCE: Green Planet Group, Inc.

View the original press release on accesswire.com

FAQ

What did Green Planet Group, Inc. (GNPG) announce?

Green Planet Group, Inc. (GNPG) announced the acquisition of PetroleumRX (PetRX), effective January 1, 2024.

How is the acquisition of PetRX being paid for?

The acquisition is paid for in both Green Planet Group stock (9 million restricted shares) and $1.6 million in cash to be paid out over a period of three years.

What are the expected benefits of the acquisition for Green Planet Group's subsidiaries?

The acquisition is expected to benefit Green Planet Group's subsidiaries and enhance its overall capabilities.

What does PetRX specialize in?

PetRX specializes in the development and maintenance of accounting software for petroleum marketers and offers technical solutions to meet their business needs.

How much were PetRX's company revenues?

PetRX was debt-free with company revenues exceeding $1.2 million annually.