|Page (1) of 1 - 11/25/11||email article||print page|
GlobeTrac Inc. Conducts Due Diligence on Equities.com, Inc.(November 25, 2011)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/25/11 -- GlobeTrac Inc. (OTCBB:GBTR) ("GlobeTrac") is still in the process of negotiating for the purchase and sale of all the shares of Equities.com, Inc. ("Equities.com"). GlobeTrac is currently conducting its due diligence on the shares and assets of Equities.com as per the terms and conditions of the letter agreement with the owners of Equities.com. As a result of a delay in the preparation of the audited financial statements of Equities.com, 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 Equities.com, 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 Equities.com will include the purchase and sale of the business assets of Equities.com, including all cash, property, contracts, equipment, goodwill, intellectual property, and any other assets used in or related to the business of Equities.com, as well as the exclusive use of the domain name "equities.com" and the assumption of any loans related to the business of Equities.com.
In consideration for the acquisition of Equities.com, 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 Equities.com 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
John da Costa
Copyright @ Marketwire
Related Keywords: GlobeTrac Inc. , Marketwire, Inc., , Financial, Business, Other,