Gemini Group Global Completes BDC Conversion of Highlight Networks, Inc.
NEW YORK, Nov. 19, 2013 /PRNewswire/ -- Gemini Group Global Corp. (OTC: GMNI), and Highlight Networks, Inc. (OTCQB: HNET) jointly announce that Gemini has completed the conversion requirements by the Securities and Exchange Commission (SEC) for HNET to be recognized as a Business Development Company (BDC).
On November 6, 2013, Highlight Networks, Inc. (HNET) filed a Form 8-k (CLICK HERE) with the SEC announcing a definitive agreement with Gemini Group Global Corp. (G3). Under the terms of the agreement, G3 has agreed to manage the conversion of HNET's election to be recognized as a BDC under the Investment Company Act of 1940.
On November 8, 2013, Highlight Networks, Inc. (HNET) filed Form N-54a (CLICK HERE) with the SEC to formally be recognized as a BDC.
"HNET has a defined roll-up strategy in the electronics recycling business with existing acquisitions currently under contract and awaiting funding. This type of strategy is a natural fit for the BDC structure. Upon completion of our binder, the 40-17g will be filed with the SEC. Our estimation for completion is within the following week. Our team has already taken in commitments to fully subscribe the $5 million raise under Form 1-E at a premium to the current share price," Stated Dr. Scheer, CEO of G3
Gemini Group Global Corp. (OTC: GMNI) is a publicly held holding company that invests through equity and debt in both privately held and publicly traded companies as well as provides managerial experience in structuring corporate transactions.
Highlight Networks Inc., headquartered in New York, engages in recycling, refining and trading metals with a concentration on precious metals refined from electronic waste. The company currently operates one facility in NY which contracts nationally for refining and recycling projects. It has recently expanded its business to include repurposing, reselling, and recycling of telecom and networking hardware.
Safe Harbor Statements:
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly revise any forward-looking statements.
Gemini Group Global Corp.
Alexandre Scheer, MD
SOURCE Gemini Group Global Corp.