GlobeTrac Inc.
OTC Bulletin Board : GBTR

GlobeTrac Inc.

November 25, 2011 09:30 ET

GlobeTrac Inc. Conducts Due Diligence on, Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 25, 2011) - GlobeTrac Inc. (OTCBB:GBTR) ("GlobeTrac") is still in the process of negotiating for the purchase and sale of all the shares of, Inc. (""). GlobeTrac is currently conducting its due diligence on the shares and assets of as per the terms and conditions of the letter agreement with the owners of As a result of a delay in the preparation of the audited financial statements of, GlobeTrac has been granted an extension of an additional 45 days in which to complete its due diligence. Also, as another condition precedent to the acquisition of, GlobeTrac is in the process of obtaining shareholder approval to facilitate a 4:1 consolidation of its issued and outstanding shares.

The acquisition of a 100% interest of will include the purchase and sale of the business assets of, including all cash, property, contracts, equipment, goodwill, intellectual property, and any other assets used in or related to the business of, as well as the exclusive use of the domain name "" and the assumption of any loans related to the business of

In consideration for the acquisition of, and subject to GlobeTrac obtaining satisfactory results to its due diligence and obtaining the requisite shareholder approval to the consolidation, GlobeTrac has agreed to issue to the owners of a number of post-consolidated restricted shares that will represent an aggregate of at least 60% of the issued and outstanding shares of GlobeTrac at the time of closing.

Safe Harbor Notice

Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). GlobeTrac Inc. cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of Management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by Management. Actual results could differ materially from current projections or implied results. GlobeTrac Inc. undertakes no obligation to revise these statements following the date of this news release.


John da Costa

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