SOURCE: Perihelion Global

June 01, 2007 10:24 ET

Perihelion Global Provides Update on OTC:BB Shell Acquisition; Announces Management Change

WILMINGTON, DE and SANTA ROSA BEACH, FL--(Marketwire - June 1, 2007) - Perihelion Global (PINKSHEETS: PHGI), a development company with interests in natural resources, alternative energies, and advanced communications, today provided an update on the previously disclosed transaction to list its common shares on the OTC:BB by virtue of acquiring a fully reporting public shell company.

For the last month, the company has contacted and has been contacted by several interested parties to the proposed transaction. Although Perihelion believes that it has established discussions with credible and 'clean' shell corporations, management stresses that it is essential the process be thorough and it leaves 'no stone unturned' in regards to due diligence required to consummate the transaction.

Perihelion Global Chairman, Chief Executive Officer, and President, John H. Beebe, commented, "We're just as anxious as many of our shareholders are to complete a change of venue to the bulletin board, however we must make the move forward in a fashion that benefits our corporation and its shareholders to the fullest extent. We're looking for very specific profiles -- shells that have extremely limited operating, trading, along with clearly defined ownership history -- essentially, as much 'shrink wrap' as possible. At present, there are two opportunities we believe meet our criteria that we are intensively exploring and conducting Due Diligence on. We believe taking a more methodical approach will extend considerable long-term security to our corporation from recent lessons learned, and we continue to appreciate the patience of our shareholders during the process."

The company also announced that it has accepted the resignation of Dr. Patrick LaRive as Vice President of the corporation. Perihelion wishes Dr. LaRive the best in his future endeavors, and appreciates his prior service to the company.

About Perihelion Global:

Perihelion Global focuses on the acquisition, development and management of technologies, strategic commodity reserves and assets in the energy, natural resource and communications markets. Perihelion's management team specializes in providing solutions for the strategic challenges of the 21st Century. We lead with decades of experience in environments that are mission critical in today's global marketplace: Technology, Energy and Communications.


Caution Regarding Forward-Looking Statements

This press release contains historical information as well as forward-looking statements that are based upon our estimates and anticipation of future events that are subject to certain risks and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "hopeful," "intend," "may," "optimistic," "preliminary," "project," "should," "will," and similar expressions are intended to identify these forward-looking statements. There are numerous important factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as Forward-Looking Statements as are sections of this news release clearly identified as giving our outlook on future business.

These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:

-- General economic conditions, either nationally or in our market area, that are worse than expected;

-- regulatory and legislative actions or decisions that adversely affect our business plans or operations;

-- price competition;

-- inflation and changes in the securities markets that adversely affect the fair value of our operations; and

-- changes in our organization, compensation and benefit plans.

We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and wish to advise readers that the factors listed above could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. We do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact Information

  • Contact:
    John H. Beebe
    Chairman, Chief Executive Officer & President
    Perihelion Global
    866-748-7610 (Toll Free) x 719