Green Parts International Returns To Profitability In Third Quarter

ATLANTA, GA / ACCESSWIRE / November 16, 2015 / Green Parts International, Inc. (OTCPINK: GNPT) reports third quarter profitability and year over year quarterly improvement in their 10Q just filed. The company posted net quarterly income of $245,621 compared with a ($254,009) loss for the same period in 2014. The results also show a sequential improvement over the ($163,914) loss of the quarter ending June 2015.

Chief Executive officer Asif Balagamwala stated, “It’s no secret that our industry is suffering through a tough phase, and we certainly are not immune to the effects. Falling commodity prices have resulted in a decline of revenue. A shortfall in available capital for us to purchase sufficient raw material for consistent processing and sales compounded by the metals industry conditions of recent years (most notably the fifty percent decline in commodity prices since 2011) caused us to use convertible methods of funding preparing the way back to profitability. I’m gratified and encouraged that our cost reduction and increased efficiency actions are showing the desired results and will facilitate more economical and conventional financing. To that point, despite our efforts to negotiate an early retirement of some near term notes, we have received notifications of three conversion requests, each representing less than ten percent of their outstanding balance. I’m continuing to work diligently to retire or extend the balance of these notes until suitable long term funding is in place.”

Mr. Balagamwala added, “I’m confident that by divesting unproductive assets and inventory, coupled with our ongoing refinancing plan, that Green Parts will continue to successfully execute its strategic plan to grow our new diversified verticals, acquire profitable operations and return to growth.”

Located in Atlanta, Georgia, Green Parts International, Inc. is a diversified recycling company with an emphasis on the automotive and metal industries.

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “will,” or “plans” to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company’s reports and registration statements filed with the Securities and Exchange Commission.

For more information please call:

Mike King
702-650-3000

SOURCE: Green Parts International, Inc.

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