GreenAngel shows strong growth

We’ve got some great news on our latest project – GreenAngel Energy Corp – a corporate “angel” that is working with entrepreneurs to commercialize green energy technologies. ANYONE can invest in GreenAngel and participate in the green future because GreenAngel trades on the TSX Venture Exchange under the symbol, “GAE”.

Today (9Sep2010) GreenAngel released its interim financial report (nine month period to 31Aug2010 – how’s that for timely reporting!)

During this 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.

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.

We’re also looking at how we can report these gains so that they reflect as earnings-per-share. This change will likely occur for our year-end (Nov30) financial reports.

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