SOURCE: Globaltech Holdings, Inc.

June 13, 2013 07:00 ET

Globaltech Holdings, Inc. Receives Board Approval for Its First Acquisition of 2013

THOMASVILLE, GA--(Marketwired - Jun 13, 2013) -  Globaltech Holdings, Inc. (OTC Pink: GLBH) announced today that it has received Board approval to close on its first acquisition on June 28, 2013.

As previously announced on May 31, 2013, the Company has been in negotiations to acquire a highly profitable, non-standard Property and Casualty insurance agency. The Company's acquisition criteria included an agency with an established client base, a proven track record and high marketing visibility. This acquisition meets those requirements.

Ormand Hunter, CEO of Globaltech Holdings, Inc., stated, "We are on an aggressive schedule to close on our first acquisition. We believe that our due diligence review and strong experience in the business have allowed us to move quickly to identify and close on a strong subsidiary to provide immediate revenue and profit to benefit our shareholders."

About Globaltech Holdings, Inc.

Globaltech Holdings, Inc. (OTC Pink: 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 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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