GolfGear International Inc.

November 02, 2011 11:34 ET

GolfGear International Inc. Announces Additional Stock and Float Reductions

LAS VEGAS, NEVADA--(Marketwire - Nov. 2, 2011) - GolfGear International Inc. (PINK SHEETS:GEAR) announces that it has cancelled an additional 50,000,000 Common shares through voluntary stock cancellations, this has reduced the float by 30,000,000. These cancellations, in conjunction with the recent cancellations totaling over 1,400,000,000 shares, have reduced the Company's issued and outstanding stock from a previous total of 1,660,593,683 shares to a current balance of 195,199,683 shares.

Dale Geck, President of GolfGear International remarked, "These latest stock cancellations should convince all our shareholders of our unwavering intent to dramatically increase shareholder value. Not only do these latest cancellations decrease the outstanding shares but, most importantly, they reduce the float by 30 million shares. GEAR is now well positioned to pursue its business strategy of growth and acquisitions. Management again emphasizes again that no reverse stock split is anticipated."

These cancellations will be reflected on the Company's next filing at December 31, 2011.

About GolfGear International Inc.:

GolfGear International Inc. was originally incorporated in 1996 as a golf equipment company. The Company has recently altered its business strategy to include gold and silver mining, providing financing for gold and silver mining projects, and precious metals processing and refining. The Company has recently announced the execution of an agreement to acquire controlling interest in Western Sierra Mining Corp. (PINK SHEETS:WSRA). The Company also has executed an agreement with Mission Holdings, LLC for placing into production the Silver Cord Mine in Arizona. GolfGear plans to process gold and silver extracted from the Silver Cord utilizing an efficient environmental extraction and refining technology under a licensing agreement with EnviroXtract, Inc. (PINK SHEETS:EVXA). GolfGear anticipates further announcements regarding additional gold and silver mining and processing opportunities to be forthcoming.

Safe Harbor

This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GolfGear International, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Contact Information

  • GolfGear International Inc.
    Dale Geck
    President - CEO