TOTOWA, NJ--(Marketwire - Mar 15, 2012) - Premiere Opportunities Group, Inc. (OTCQB: PPBL) (OTCBB: PPBL) has signed a Letter of Intent to acquire Global Products Holdings, Inc. ("Global") in a reverse merger transaction. Global is a fully integrated design, apparel and manufacturing company based in NYC and also is the owner of 25 retail stores in South Korea with plans of expanding its store base in both South Korea and Mainland China.
Global owns several brands such as Cyn and Luca (www.cynandluca.com), its swimwear line, which is distributed through Macy's, Bloomingdale's and several other retail outlets throughout the USA. Global's plans are to debut several of its proprietary brands in 2012 through its existing relationships with major retailers throughout the USA and Asia.
Global Products had combined sales of over $10,000,000 for 2011 and was cash flow positive for the year ending 2011.
Chris H. Giordano, Premiere's Co-Chairman, stated, "We are in the late stages of our due diligence and although there can be no assurances of a successful closing, we should be completed with our findings within the next few weeks. If our findings are very favorable it is our anticipation to close the intended acquisition within approximately sixty days.
"If we are successful in closing the business combination with Global it is our intent that our shareholders continue to own their respective shares in Premiere Opportunities Group ("POG") as well as their shares in Global by making POG a standalone public entity subsequent to the merger in order to fully carry out our original plan of advising small companies on their corporate needs and goals."
Forward Looking Statements
Because the Company intends to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions readers regarding forward looking statements found in the following discussion and elsewhere in this report and in any other statement made by, or on the behalf of the Company, whether or not in future filings with the Securities and Exchange Commission. Forward looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by or on behalf of the Company.