OTTAWA, Jan. 12 /PRNewswire-FirstCall/ - Global General Technologies' (GLGT: PK; www.glgt-corporate.com) management announces that the company intends a reverse split and that Collagenna Skin Care will be placed for sale and shortly leave GLGT upon successful completion of the transaction with yet to be located buyer.
In the view of the past news from Dec 24, 2009 about the merger termination and GLGT's inability to attract any new merger candidates; as the share price remains persistently low and unable to attract investors, the company decided to step up to the plate and proceed with 1,000 to 1 reverse split.
Further, the majority of shareholders continuously requested a technology focused company at the core of GLGT, and feel unhappy with the current skin care business model of GLGT. In the light of this fact, GLGT decided to follow the shareholders' wishes. This significant move requires a fundamental restructuring within GLGT. Management will set out to allocate a suitable candidate from the technological field for a merger, but until such time, GLGT will temporarily remain a shell company.
In the light of these extreme measures, the management wants to assure the shareholders that the company will not remain a permanent shell and that it will allocate such a merger candidate, which will satisfy the shareholders' wishes and bring success back to GLGT.
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Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Global General Technologies Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. Global General Technologies Inc. cautions you that any forward-looking information provided by or on behalf of Global General Technologies Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Global General Technologies Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Global General Technologies Inc.'s control. In addition to those discussed in Global General Technologies Inc.'s press releases, public filings, and statements by Global General Technologies Inc.'s management, including, but not limited to, Global General Technologies Inc.'s estimate of the sufficiency of its existing capital resources, Global General Technologies Inc.'s ability to raise additional capital to fund future operations, Global General Technologies Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Global General Technologies Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Global General Technologies Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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SOURCE Global General Technologies, Inc