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GlobeTrac, Inc. (OTCQB:GBTR) Enters Into a Technology License Agreement with an Option to Purchase(March 13, 2012)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/13/12 -- GlobeTrac Inc. ("GlobeTrac") (OTCQB:GBTR) - On March 12, 2012, GlobeTrac entered into a Technology License Agreement with Option to Purchase with Teak Shield Corp., doing business as Shield Products (the "Agreement") for the purchase price of 5 million shares of its common stock, a 5% royalty for sales of its licensed products, and payment of $250,000 for an option to purchase 100% of Teak Shield's ownership and interests in its proprietary rights and assets including all manufacturing, licensed products, patents, intellectual property, technology, contracts, and goodwill (collectively, the "Assets").
Pursuant to the terms and conditions of the Agreement, GlobeTrac obtained the option to purchase, within two years, 100% of the Assets of Teak Shield for a purchase price of $3 million dollars.
Teak Shield is a manufacturer and distributor of commercial and industrial fluoropolymer and protective coating products. The fluoropolymer coatings invented, developed and manufactured by Teak Shield are designed to provide 20-30 year protection to metals, wood, fiberglass and concrete. These proven coatings have specific application in the industries of space technology, oil exploration and production, commercial ship maintenance, amusement parks, construction, and building preservation.
The Agreement and intention to acquire 100% of the Assets of Teak Shield is an exciting and well-timed opportunity for GlobeTrac as it is well-positioned to meet ever increasing market demands for these technologically advanced products worldwide. GBTR President, John da Costa, states that: "We look forward to offering these unique commercial and industrial solutions globally."
For further information about Teak Shield Corp. please visit its web site at: http://www.shieldproducts.com.
On Behalf of the Board of Directors
John da Costa, President
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "intends", "estimates," "projects," "anticipates," "believes," "could," and other similar words. All statements addressing product performance, events, or developments that GlobeTrac expects or anticipates will occur in the future are forward-looking statements. Because the statements are forward-looking, they should be evaluated in light of important risk factors and uncertainties. Should one or more of these risks or uncertainties materialize, or should any of GlobeTrac's underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on GlobeTrac's forward-looking statements. Except as required by law, GlobeTrac disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
SOURCE GlobeTrac, Inc.
No stock exchange has reviewed nor accepts responsibility for the adequacy or accuracy of this release.
John da Costa
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