Green Planet Group Signs Technology License Agreement, Receives Initial Payment
PHOENIX, March 31, 2023 (Newswire.com) - Green Planet Group (OTC PINK:GNPG) announced today that it renegotiated its prior agreement with New A.G.E. Inc. of Waco, Texas and the two companies have signed a Technology License Agreement, effective as of February 28, 2023, and the first payment has been received by Green Planet as of March 27, 2023.
The major terms of Technology License Agreement include a payment of $2,500,000 as a partial payment towards GNPG cost of developing its food growing, hydrogen, lubrication, and fuel additive technologies, paid over a twelve-month period; ongoing royalty payments of five percent (5%) of gross sales, yearly sales milestones, beginning the first year of $70.4Million and increasing over six (6) years to $3.68Billion. In addition, the contract calls for minimum royalties of three and one-half percent (3.5%) of the targeted annual sales; payments made quarterly. The contract term is fifty (50) years.
Green Planet maintains complete ownership of all of its technology now and in the future, regardless of which company improves any of its technologies.
New A.G.E. has established the New AGE Green Planet Initiative, LLC. and are preparing a $4.6Billion Private Placement Memorandum with Muinin Capital for this project. As part of this initiative New AGE is currently in the architectural planning stages with Brunton Architects on the renovation of a major manufacturing and system integration facility in the Central United States. This factory of approximately 3.5million square feet has the capability to manufacturer the food growing systems, the on-board hydrogen generator systems, the New A.G.E. hydrogen fueling stations, and other related products.
The Technology License Agreement also provides that the new company will pay ten percent (10%) of its operating income to Green Planet as a Participation Fee, and deposit ten percent (10%) of all carbon credits created into a separate account. Green Planet can then determine when it's appropriate to sell these carbon credits.
By outsourcing sales, manufacturing, and installation to New A.G.E., Green Planet will be able to focus on refining its technologies and seeking new ones to make market ready. In keeping with that theme, the company also seeks to place local greens production into the hands of an independent Phoenix-area urban farm. The former headquarters has been closed and the company will seek a new facility more commensurate with research and development. The branding, labelling, packaging and connections to fresh produce wholesalers achieved over the past two years will now be made available to our customers.
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.
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
Categories: Agriculture and Horticulture, Alternative Energy, High Technology
Tags: gnpg, green planet group, technology license agreement