SOURCE: Global Earth Energy Inc.

February 01, 2011 08:15 ET

Global Earth Energy, Inc. Announces Agreement to Invest by LB Tim Co., Ltd. of South Korea

WILMINGTON, NC--(Marketwire - February 1, 2011) - Global Earth Energy, Inc. (OTCBB: GLER) announced today it has entered into a memorandum of understanding with LB Tim Co., Ltd. of South Korea for the sale of $100,000,000.00 of Global Earth Energy, Inc.'s Series A convertible preferred stock. The sale of the shares is expected to close within 45 to 60 days.

The shares will pay an average of 15% annual dividend to LB Tim Co., Ltd., and are securitized by life insurance portfolios, and are convertible into shares of Global Earth Energy's common stock. Although the shares of Global Earth Energy's common stock are currently traded on the OTCBB, the company has agreed in the memorandum of understanding to attempt to register its shares of common stock for trading on the NYSE Amex. The $100 million investment in the Global Earth Energy Series A preferred stock will be used, as follows: approximately $65 million will be used to purchase approximately $240 million in life insurance portfolios by Global Earth Energy that will be coordinated through the Joint Venture Agreement between Global Earth Energy and LifeCycle Investments, LLC. The remaining approximately $35 million will be used in connection with the Joint Venture Agreement between Global Earth Energy and Reflora de Brazil and other suitable future investments as determined by Global Earth Energy. The two Joint Venture Agreements with Reflora and LifeCycle were previously announced by Global Earth Energy in December 2010 and January 2011.

Syd Harland, CEO of Global Earth Energy, said, "The closing of the proposed sale of $100 million of our Series A convertible preferred stock will be a great boon to Global Earth Energy. This will enable us, by expending approximately $65 million to acquire approximately $240 million of life insurance portfolios that are expected to generate future revenue to our shareholders. The remainder of the approximately $35 million in invested funds is expected to assist us with our Reflora joint venture and other suitable investments. Further details of on our joint ventures with LifeCycle and Reflora will be posted on our website as early as Thursday, Feb. 3, 2011."

This press release regarding the memorandum of understanding is not used for the purpose of conditioning the market in the United States for any of the securities offered. In addition, the securities offered will not be or have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The offering of the securities offered has been made by Global Earth Energy, Inc. for the purpose of raising funds to further the joint venture operations of the Global Earth Energy, Inc. and other suitable projects of Global Earth Energy, Inc.

Any securities issued to LB Tim Co., Ltd. will bear the following legend:

THE SECURITIES REPRESENTED BY THIS INSTRUMENT OR DOCUMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAW OF ANY STATE. WITHOUT SUCH REGISTRATION, SUCH SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT UPON DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED FOR SUCH TRANSFER OR THE SUBMISSION TO THE COMPANY OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO THE COMPANY TO THE EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAW OF ANY STATE, OR ANY RULE OR REGULATION PROMULGATED THEREUNDER.

About LB TIM CO. LTD.:

A global financial consulting firm that combines skill sets and experience unparalleled in the primary markets we serve with rigorous research and analysis. LB Tim provides merger and acquisition, and strategic capital consulting services. LB Tim assists companies in obtaining financing through institutional placements of debt, mezzanine capital and equity. LB Tim assists businesses in financial difficulty or operating under the protection of a bankruptcy court. LB Tim has strategic relationships with investment banking, corporate restructuring and crisis management firms enabling us, where needed, to deliver comprehensive solutions to our clients. LB Tim has potential to arrange more than a billion dollars in various types of finance for the prospective projects.

LB Tim's personnel and associates have been involved in the major M&As for major real estate companies, major hotels, major IT companies, major department stores and etc. LB Tim has acted as third-party consultants for shipping banks and law firms engaged in corporate restructuring and M&A activity. Due diligence has included expert witness work, maritime project risk assessment, corporate appraisals, technical surveys of assets and valuations.

LB Tim has significant experience in financing for M&A and the prospective projects and brings an unparalleled range of skill sets to various areas.

About Global Earth Energy, Inc.

Global Earth Energy, Inc. provides renewable energy solutions. In addition, the Company is pursuing joint venture agreements with green solution providers worldwide.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. Certain risks are detailed in the Company's Form 10-K and other periodic filings with the Securities Exchange Commission at www.sec.gov. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.

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