SOURCE: Globaltech Holdings, Inc.

May 21, 2013 07:00 ET

Globaltech Holdings, Inc. Announces Corporate Strategy for Accelerated Revenue Growth

THOMASVILLE, GA--(Marketwired - May 21, 2013) - Globaltech Holdings, Inc. (PINKSHEETS: GLBH) is pleased to announce their corporate strategy to accelerate revenue growth in 2013.

Globaltech's mission is to focus on acquiring and managing Property Casualty/Life and Health insurance companies. This industry has historically been highly profitable with a strong source of residual revenue. Globaltech is currently targeting acquisition prospects from the Southeastern US in high growth, densely populated markets. These target markets consist of states such as Florida, Georgia and Alabama with an eye on the states bordering the Gulf of Mexico including Texas and eventually, California. The target states mentioned in addition to South Carolina and others, total 8 states. According to the 2012 census, these states comprise 110 million people or about 1/3rd of the entire U.S. population.

Business and personal insurance is a necessity of life. In many cases it is mandated by law as in the case of mortgages or auto loans. This mandate is to insure the banks and property owners against loss. The property/casualty, life and health insurance industry generates billions of dollars in revenues annually. Florida and Georgia will remain Globaltechs initial focus to build residual revenue growth in 2013. Globaltech's management lives and works in these densely populated markets. This allows the company to focus on increasing existing market relationships with acquisition targets and end clientele.

Ormand Hunter, CEO of Globaltech Holdings, Inc., states, "This is an exciting time for our company. We anticipate strong residual revenue growth in the second half of 2013 with continued record revenue growth in 2014. We will remain focused on acquisitions of highly profitable insurance agencies, providing quality insurance products and customer service." Mr. Hunter further stated, "Our current target clientele are as follows: business owners of all kinds including but not limited to, convenience store chains, hospitals, medical complexes, professional office complexes, apartment complexes and condo complexes in addition to home owners and small business owners. Our strategy will enable our company to build a highly visible brand in this profitable risk management sector and become synonymous with high quality service and products."

About Globaltech Holdings, Inc.

Globaltech Holdings, Inc. (GLBH) is a progressive insurance brokerage firm that provides turnkey solutions to protect their client's financial interests. The Company's comprehensive approach includes personal and business insurance programs from personal auto, home, health, life, as well as commercial auto, general liability, workers compensation and group/life to meet all of their client's insurance needs.

Globaltech Holdings remains focused on continued expansion through acquisitions of insurance agencies in the Southeast section of the United States.

For more information on Globaltech Holdings, Inc. please visit http://glbholdings.com/ or contact Investor Relations at (973) 351-3868.

Safe Harbor

Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby.

The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management, as well as assumptions made by any information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties.

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