MNE Issues Corporate Update Including Financial Strength
* Press Release
* Source: American Green Group, Inc.
* On Wednesday September 2, 2009, 8:30 am EDT
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Companies:
o American Green Group, Inc.
NEW HAVEN, CT--(Marketwire - 09/02/09) - American Green Group, Inc. (Pinksheets:AMNE - News) (www.americangreengroup.com) is pleased to have completed the process for the Company to receive a PS status from Pink Sheets. AMNE has integrated all of its accounting to make it easier to produce its financial statements in a timely manner so it can maintain the PS status and improve its future listing status.
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The Company reported in its financials for the period ending June 30, 2009 sales of $417,050 with the majority of the sales coming in the months of May and June, the Company also reported cash on hand of $128,127. The Company currently has cash on hand of $230,000 and receivables of 360,000, which the Company believes will be 100% collected over the coming weeks. AMNE has a monthly burn rate of $40,000 per month with the combined cash and on hand and receivables the Company can sustain operations for 15 months without any additional revenue.
Currently the Company is working on expanding its sales force through Paradigm for Ecosafe Foam, which will help to preserve and grow the Company's cash position.
The Company believes all other remarks made in the release to be accurate to the best of their knowledge.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
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