SOURCE: Caribbean Villa Catering Company

January 04, 2010 10:41 ET

JSC Globotek to Merge With Caribbean Villa Catering Corporation

NEW YORK, NY--(Marketwire - January 4, 2010) - JSC Globotek ("Globotek"), a Russian joint stock company in the energy reclamation business, announced today that it has entered into a Merger Agreement with Caribbean Villa Catering Corporation (OTCBB: CBBV), a Nevada Corporation.

Caribbean Villa Catering Corporation ("Caribbean" or the "Company") entered into an Agreement and Plan of Merger (the "Merger Agreement") with Globotek Acquisition Corp., a Nevada corporation and wholly-owned subsidiary of the Company (the "Subsidiary") and Globotek, a Russian corporation.

Pursuant to the Merger Agreement, the Subsidiary will be merged with and into Globotek resulting in Globotek becoming a wholly-owned subsidiary of the Company (the "Merger"). Pursuant to the Merger Agreement, the Company will issue approximately 40,000,000 shares of its common stock (the "Acquisition Shares") to the shareholders of Globotek. Pursuant to the Merger Agreement, the outstanding shares of common stock of Globotek will be cancelled. The Company intends to change its name to Globotek Holdings, Inc. or a similar derivation, as soon as practicable.

Commenting on the merger, Dmitry Lukin, the CEO of Globotek, stated: "After significantly growing our Russia-based business over the past few years, I strongly believe that this merger is the next logical step in our corporate development. By having our stock quoted for sale in a public market in the United States we shall have greater access to capital and the overall visibility afforded by operating as a publicly-traded organization should play an instrumental role in our ability to expand domestically and internationally both through acquisition and the organic growth of our existing business."

About JSC Globotek

Globotek is the developer and owner of a unique technology for the processing of Associated Petroleum Gas (APG) or Natural Casing Head Gas (NCHG) that is carried out at the drilling field by a Modular Mobile Structure. Globotek's process involves the use of block-modular mobile complexes that each contains mini gas processing units. Globotek presently supplies only the Russian market but its product can be utilized wherever APG is flared. The amount of flared gas in Russia alone is equivalent to fifty million tons of oil per year and the flaring has far reaching effects on the environment, public health and the economy.

Forward-Looking Statements

This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law. There is no assurance that a definitive agreement will be completed.

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