(Vancouver, BC, September 9, 2010) GreenAngel Energy Corp. (“GreenAngel”) (TSX-V: GAE) announced financial results for its fiscal 2010 third quarter ended August 31, 2010.|
During the reporting period, GreenAngel assets increased by $421,200 (20.2%), due to a major institutional financing completed by one of the GreenAngel investee companies, Light-Based Technologies Inc.(“LBT”), at a price of 52 cents per share. The Company holds 1,560,000 shares in LBT which it acquired in October, 2009 for 25 cents per share, representing a 108% increase in value.
For the first nine months the Company posted a comprehensive gain of $352,135 or 2.6 cents per share. Net loss from operations for the nine month period is $69,065.
“We’re thrilled to report an increase in the value of GreenAngel’s assets,” said Michael Volker, GreenAngel’s Chairman. “These results provide an early demonstration of how the GreenAngel model for commercializing new green technologies can work successfully for our investors. In addition to LBT’s financing, the other five GreenAngel companies are making great progress and negotiating equity financings at appreciated values that we expect will be completed within the next two quarters.”
About GreenAngel Energy
GreenAngel Energy Corp. is a green energy technology company. Our focus is commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. We also work with companies that deploy or manage technologies and processes that reduce greenhouse gas (GHG) emissions. In addition to providing strategic capital to investee companies, GreenAngel also provides business and advisory services to help ensure these companies achieve commercial success. The firms include Delaware Power Systems, Light-Based Technologies, Habitat Enterprises, Rapid Electric Vehicles, DPoint Technologies, and Paradigm Environmental Technologies. For more information, please visit www.greenangelenergy.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD
Bob de Wit
CEO and Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s listing of its common shares on the TSX Venture Exchange. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.