S-8 Coming!!
Group Management Corp.: Updates Business Agenda
ATLANTA, GA, Jun. 19, 2003 (MARKET WIRE via COMTEX) -- Group Management Corp. (OTC BB: GPMT) today announced the implementation of a 90-day plan for corporate growth. The 90-day plan includes fund raising to liquidate a substantial portion of its outstanding debts; a new management team; a new board of directors; new joint ventures with several strategic partners.
New Management Team
GPMT is currently seeking to locate talented managers to add to its management team. To facilitate the hiring and compensation of the new management team, GPMT and its legal counsel are drafting the necessary job descriptions for the positions it will seek to fill and designing a performance based compensation plan.
Joint Ventures
GPMT is actively seeking to enter into joint ventures with parties in the entertainment industry. The content and programming creation segments of the entertainment industry are still the areas GPMT is seeking joint venture partners. GPMT's strategic partner, Kadalak Entertainment Group, Inc. has filed the FormSB-1 to raise $3.5million to fund its business plan.
Debt Liquidation
GPMT's long-term plan is to retire all of its outstanding debt and be completely debt free. Current management and legal counsel are exploring several methods whereby GPMT can obtain the resources to reduce its debt level.
Fund Raising
Group Management is embarking on an aggressive fund raising effort to raise money to fund its business plan. The fund raising includes a registered offering and short term debt financing.
Once these new methods are introduced, GPMT will be in a better position to move forward on it agenda.
The statements contained in this release are forward looking and may or may not occur. This is not a recommendation to buy or sell stock and we do not express any opinion as to whether a person should buy or sell stock based on this release. This release is for informational purposes only.
Thomas Ware
Legal Counsel
Group Management Corp.
404-522-1202
"Wealth is the product of man's capacity to think."
-Ayn Rand
