Vancouver, BC, March 21, 2011 — GreenAngel Energy Corp. (“GreenAngel”) – (TSX-V: GAE) today announces its audited financial results for the fourth quarter and year ended November 30, 2010. GreenAngel posted a net income and comprehensive income of $648,468 for the year ended November 30, 2010. This compares to a loss of $192,084 for the previous year ending November 30, 2009. The net income was primarily from net investment gains of $781,147. Earnings per share were $0.05, as compared to a loss of $0.04 per share in the year ended November 30, 2009.
The year end investment gains were based on appreciated values in GreenAngel’s investments lead by the previously announced financings by Light-Based Technologies (+108%) and dPoint Technologies (+82.1%).
For the fourth quarter ended November 30, 2010, GreenAngel recorded income of $717,533 ($0.06 income per common share) compared to a net loss of ($111,852, $0.01 loss per common share) in the same period in 2009, an increase in net income of $829,385 due to an unrealized gain on its investments of $781,147, compared to $nil for the fourth quarter ended November 30, 2009.
This financial summary should be read in conjunction with the Company’s November 30, 2010 audited consolidated financial statements and Management’s Discussion and Analysis, both of which are available on www.sedar.com. Or for your convenience, click here:
Michael Volker, GreenAngel’s Chairman, stated, “2010 was a very strong year for GreenAngel and its portfolio companies. Several of our investee companies completed financings at valuations that have lead to a 41% increase in the net asset value of our investments. We are in the process of investigating opportunities to expand our portfolio and continue to support the growth of our current investee companies. The rapid growth in the cleantech sector continues to present investors with excellent green energy investment opportunities”
About GreenAngel Energy
GreenAngel Energy Corp. is the first publicly traded company that invests solely in emerging private green technology companies. We provide an avenue for public investors to gain access to a portfolio of the most promising angel-stage investments across a spectrum of green technology sectors. 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 mentors and advises investees to help ensure these companies achieve commercial success. The firms include Delaware Power Systems, Light-Based Technologies, Habitat Carbon Assets, Rapid Electric Vehicles, DPoint Technologies, and Paradigm Environmental Technologies.
ON BEHALF OF THE BOARD
Bob de Wit
CEO and Director
For further information, contact:
Bob de Wit, CEO
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.