SOURCE: Green Planet Group, Inc.
SCOTTSDALE, AZ--(Marketwire - Aug 2, 2012) - Green Planet Group, Inc. (PINKSHEETS: GNPG) announced today that its wholly owned staffing subsidiary, Lumea, Inc., completed negotiations and has signed a Servicing Agreement with Tri-State Staffing Services, Inc., a Professional Employer Organization (PEO) effective July 28, 2012. This Contract establishes a new "hybrid" agreement between the two parties which is the foundation of a long and profitable relationship.
The major benefit to Lumea is that it has substantially enhanced its Worker's Compensation (W/C) program while significantly reducing our costs. With its former provider, the terms of its policy was that all worker's compensation codes were charged at $2.00 per $100.00 of gross payroll with a $350,000 deductible per injury. The result was that Lumea was self-insured up to the deductible limit and could never accurately budget W/C costs because injuries are never predictable.
The new Worker's Compensation insurance program with Tri-State is approximately 5% lower and it pays the cost of injuries without any deductible. The impact to Lumea is its ability to enhance its financial operations and better manage its worker's compensation expenses. It can now budget and control W/C costs on a fixed basis while eliminating the $350,000 deductible liability. Also, Tri-State is the employer of record and therefore prepares, files and pays all federal and state taxes.
Edmond L. Lonergan, President & CEO stated that "by lowering our worker's compensation costs and eliminating our $350,000 deductible, we can now operate within budget and therefore enhance overall profitability for the Company."
For more information on Tri-State and its family of services, visit www.tristateemployment.com
About Green Planet Group
Green Planet Group, Inc. (PINKSHEETS: GNPG) is based in Scottsdale, Arizona and engages in ongoing research and development to create greentech and cleantech products and services that enhance our environment.
The Company's revenues are currently derived from the production and distribution of fuel-based energy conservation and clean-air products, as well as through the placement of members of the growing ranks of the unemployed into meaningful "green collar" careers. For additional information, please visit www.greenplanetgroup.com.
SAFE HARBOR: Certain information included herein may contain statements that are forward looking, such as statements relating to plans for future expansion and other business development activities. Such forward-looking information is subject to changes and variations which are not reasonably predictable and which could significantly affect future results.