Global General Technologies Inc. (GLGT) Rescinds Collagenna Merger
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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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 Provision's 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.
CONTACT: www.glgt-corporate.com
SOURCE Global General Technologies, Inc
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