SOURCE: Global Technologies Group, Inc.
SARASOTA, FL--(Marketwire - Nov 14, 2012) - Global Technologies Group, Inc. (PINKSHEETS: GTGP) - This update covers all aspects of the business of Global Technologies Group Inc. (Global) and its recent discussions with Finra. This is a shareholder update by James Fallacaro, President, Global Technologies Group, Inc.
I was contacted by Finra in a phone call two weeks ago and asked if I would join a conference call regarding Global voluntarily and indicated to Finra that I would be available for the conference call with them without my attorneys to answer any and all questions they may have of me and my company.
On that Call I was asked about the status of Global, contracts, PRs, share issuances and the current business of the Company.
The questions and answers are covered in the following statements:
We covered the MSE contracts for purchase; we also discussed contracts and licenses with Solucorp and East Morgan Holdings, the joint ventures. The cement plant where the full run took place. The final report from the cement plant and the Oak Ridge meetings.
THE CEMENT PLANT HOT RUN
We discussed the cement plant hot run which took place and if requested we would supply them with all emails, schedules and the final report completed for that run.
In discussions about MSE, I offered to them copies of all the contracts with MSE, the acquisition and management and the relationship between GTHI and Global as well as contracts for the purchase of MSE by GTHI.
We discussed two separate meetings we had at Oak Ridge relating to the MBS technology for the remediation of mercury and again stated we also have the paperwork to back up those meetings and offered it to them.
UNUSUAL RISE IN STOCK PRICE
We discussed the rising stock price which was quite unusual both to them and to myself regarding that short period of time in which the stock went from $.25 to over a $1.20 and maintained that price for quite some time. I gave them my own opinion regarding the cause, stated that I believe there are certain groups that band together to pump a stock without the IR or payments associated with pink sheet manipulation of penny stocks and groups that do just the opposite for their own gain. Suggested they should look at the stock boards where this is mainly taking place. Offered them copies of emails sent to me with quotes from their posts.
STOCK ISSUANCES AND OWNERSHIP
I verified with them that any and all stock that had been issued was for convertible debt holders that had lent money to the company in 2007 which totaled almost $500,000 verified by both the transfer agent and Global and offered them our own internal documents with copies of checks and convert agreements for the issuances, as well as the four million shares of preferred stock issued to Soulcorp in 2008 for the exclusive licenses granted to Global. In addition, I stated that no shares were ever issued for any services rendered since inception and without them asking I stated that my wife's personal holdings in the company have remained the same and I own zero shares in Global and that no assets have been transferred out of Global. I also discussed with them the reason why the company shares were put into Corinne's name as opposed to mine. For personal reasons, which I discussed with them, I had to plan for the future for my family as opposed to myself. Everything is in my wife's name and will remain that way. I am Loathe to even discuss this with the general public as frankly I believe it's none of their business. I also offered them copies of documents related to this discussion.
NO IR FIRM
I reaffirmed for the record that there was no PR and or IR paid for by the company or any third party shareholders known to me.
After the one hour discussion with them I received an email asking for just two documents which were the joint ventures between Global and Solucorp, Global and EMHI. I sent them the documents immediately. They were the only documents they actually asked for in an email and they stated in a return email that they had no other document requests.
FUTURE PRESS RELEASES
Finally I will be issuing additional press releases regarding the cement plant hot run, the release of the cement plant run report which we now have, the release of the information regarding Oak Ridge and what they've asked for from us for projects that we had discussed while we were there. It should be noted that MBS was used successfully at Oak Ridge in 2005, 2006 for Mercury remediation. The status of MSE will be covered in additional releases. We will also discuss what stage we are in for the financial reporting requirements to date.
Global Technologies Group, Inc. (GLOBAL) is a company that is in the business of acquiring exclusive licenses and distribution and reseller contracts on proven technologies in the environmental, green and war fighter industries. The criteria for the licensing or distribution agreements of the technologies are: they must be proven, validated and in use. The business plan of Global is to sublicense the technologies it acquires to companies in Countries covered under the original license grants and for its own use. For our exclusive distribution and reseller agreements, we partner with appropriate representatives in the covered countries for resale of turn key projects. Solucorp Industries is the patent holder and licensor of the MBS technology.