SOURCE: Globaltech Holdings, Inc.

May 31, 2013 10:00 ET

Globaltech Holdings, Inc. Locates Acquisition Candidate Structured to Generate Increased Recurring Revenue for GLBH

THOMASVILLE, GA--(Marketwired - May 31, 2013) -  Globaltech Holdings, Inc. (OTC Pink: GLBH) is pleased to announce its first agency acquisition target for 2013.

The acquisition candidate is in the Property and Casualty sector. The target agency has been an ongoing business for a number of years and has a proven track record, financials and an established client base. Globaltech management will approach the agency this coming week and express interest in the possible evaluation and acquisition of the business. That process will involve a request for financials and an evaluation of current ownership/management. This possible acquisition agency fits with GLBH's target market, having recurring revenue with possible year over year increases. The target insurance agency is located in the South West sector of Georgia and has a strong emphasis on the rural population of this region.

Ormand Hunter, CEO of Globaltech Holdings, Inc., states, "We are looking forward to evaluating this acquisition target. All our potential acquisitions must have an established client base, strong residual revenue and opportunity for continued growth going forward."

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, Inc. 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 or contact Investor Relations at (973) 351-3868.

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