OTTAWA, Jan. 19 /PRNewswire-FirstCall/ - Global General Technologies Inc. (GLGT; http://www.glgt-corporate.com/) rescinds the purchase of Collagenna Skin Care Products Inc. due to the previously unknown California State pending matter. The interim management of GLGT will continue to look for other opportunities and those with a new merger candidates will greatly improve the shareholder value and the image of GLGT.
Global General Technologies Inc. had purchased Collagenna Skin Care Products Inc. on Stock Purchase Basis for 40 million restricted common shares on February 15, 2008. Global General technologies Inc failed to meet the duties set in the purchase agreement, with Collogenna such as achieving agreed business milestones and attracting additional working capital. In the view of these significant events, GLGT and Collagenna mutually rescind the original purchase. GLGT will cancel the original stock issued with the Purchase Agreement and this stock will no longer be outstanding.
As of this rescission, Global General Technologies Inc. remains a shell company. The majority of the minority shareholders of GLGT continuously requests a technology-focused company at the core of GLGT, and felt unhappy with the skin care business model. In this light, the GLGT management will diligently seek such a candidate that will fulfill this requirement and bring value back to GLGT.
A previously announced reverse split and other corporate arrangements are being made to restructure GLGT.
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SOURCE Global General Technologies, Inc