SOURCE: LitFunding Corp.

September 10, 2007 10:08 ET

LitFunding Corp. Announces Business Name Change and Appoints New Interim CEO

HOLLYWOOD, CA--(Marketwire - September 10, 2007) - LitFunding Corp. (OTCBB: LFDG) announced today that its business entity name is changing from LitFunding Corp. to Global Entertainment Holdings, Inc. in anticipation of the intended change in the Corporation's business model.

Gary Rasmussen was appointed to serve as Litfunding's interim Chief Executive Officer and is stepping in after former CEO Dr. Morton Reed put in his letter of resignation. Mr. Rasmussen, who was also appointed as a Director, has an extensive background spanning over 25 years as an entrepreneur with vast experience in all phases of business development, having been a founder, chief executive officer or director of several publicly-held corporations in the areas of cable television, investment banking, mortgage banking and motion pictures.

About LitFunding Corp.

LitFunding, until recently, has specialized in the funding of litigation, through its wholly owned subsidiary LitFunding USA. Fees are earned when any lawsuit it funds is settled or otherwise concluded by a court ruling. At that time, both the funds advanced and the fee contractually agreed upon are repaid. Last year, LitFunding acquired Easy Money Express, a startup in the payday loan advance business, to provide an additional business model in the money lending business. Additionally, LitFunding acquired Global Universal Film Group through a merger with its subsidiary, Silver Dollar Productions. Global Universal's goal is to produce a slate of films, back-to-back, using tax credits and asset-based lenders for financing. LitFunding is contractually obligated to effect a "spin-off" transaction whereby Global Universal will become a publicly held company by distributing a portion of Global Universal's shares to LitFunding shareholders.

About Global Universal Film Group

Global Universal is engaged in the finance, development and production of feature films intended for worldwide release in domestic and foreign markets. Global Universal plans to develop and produce a slate of six to eight motion pictures that will be financed by leveraging state tax credits received from each film's budget with debt financing from asset based lenders and private equity funds. When LitFunding acquired Global Universal in March of 2006. Global Universal's website is www.globaluniversal.com

This press release does not constitute an offer of any securities for sale. Except for the historical information presented herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995, or by the Securities and Exchange Commission in its rules, regulations and releases. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks include the ability of LitFunding's subsidiary, Global Universal Film Group, to reach definitive agreements with respect to and close the transactions discussed in this release as well as activities, events or developments that the company expects, believes or anticipates will or may occur in the future. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and that actual result or developments may differ materially from those set forth in the forward-looking statements. In addition, other risks are detailed in the company's periodic reports. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.

Contact Information

  • Contact:
    LitFunding Corp., Las Vegas
    Natalie Pokorny
    (702) 898-8388