BEIJING, China, Dec. 24 /PRNewswire-FirstCall/ -- Global General Technologies (GLGT: PK) (http://www.glgt-corporate.com/) further to the company news release of Dec 9, 2009; where, amongst other things, the company announced the intension to merge with the China based "Environmentally Friendly Recyclable 'Plastic Wood' Manufacturer and Distributor" (Sanhe). GLGT announces that the talks failed and that the Chinese company had rejected the merger with GLGT.
The management of Jiangxi Sanhe Science and Technology Co., Ltd., (Sanhe; http://www.sanhetech.com/) had rejected this merger due to GLGT's low stock price that would cause issuance of virtually a billion shares to absorb the company value, as well as different executive views between GLGT and Sanhe.
GLGT wants to further announce and inform its shareholders, that despite the collapse of the merger talks with Sanhe, the company will continue to seek a suitable merger prospects that will raise the company value and raise the stock value for its shareholders.
Michael Arnkvarn, CEO of GLGT, said, "We are a little disappointed because we've invested a lots of time and effort into this merger opportunity, but we just couldn't make it work. But we are not giving up and we are still looking for a suitable candidate. We promise our shareholders that we will find a company that will bring additional value to the company and to the shareholders."
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Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Global General Technologies Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. Global General Technologies Inc. cautions you that any forward-looking information provided by or on behalf of Global General Technologies Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Global General Technologies Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Global General Technologies Inc.'s control. In addition to those discussed in Global General Technologies Inc.'s press releases, public filings, and statements by Global General Technologies Inc.'s management, including, but not limited to, Global General Technologies Inc.'s estimate of the sufficiency of its existing capital resources, Global General Technologies Inc.'s ability to raise additional capital to fund future operations, Global General Technologies Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Global General Technologies Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Global General Technologies Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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Global General Technologies, Inc
CONTACT: http://www.glgt-corporate.com/; For any corporate matters, please
contact http://www.minamargroup.com/helpdesk; Investor Relations Department, 1st
Level Support Retail Clients General Inquiry, Corporate Matters,
http://www.minamargroup.com/ (M&A),http://www.minamargroup.net/ (IR)
