Hello gang.. I'm at work so I just popped into to say hello and pass on this PR regarding GTMH... Have a good day!
Larry
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Wednesday May 30, 5:03 pm Eastern Time
Press Release
SOURCE: GTM Holdings, Inc.
GTM Holdings, Inc. Announces Agreement to Acquire American Overseas Investment Co., and Share Distribution
SALT LAKE CITY, May 30 /PRNewswire/ -- GTM Holdings, Inc. (OTC Bulletin Board: GTMH - news) today announced that is has entered into an agreement to acquire American Overseas Investment Co. (AOIC) in exchange for 9,000,000 shares of its common stock. Immediately prior to the acquisition, the stockholders of record on June 12, 2001 will receive 12 shares of common stock of GTM Holdings for each share now held. Following the closing of the transaction, there will be 12,778,034 post-split shares issued and outstanding in GTM Holdings of which 9,000,000, or 70%, are owned by the former stockholders of AOIC.
AOIC has acquired all the assets of China Communications Network Limited (CCN). CCN commenced operations in 1994 to own, operate and develop an exclusive television and cable broadcast network delivering direct response television, home shopping and e-commerce throughout the People's Republic of China and the Pacific Rim. CCN is the only home shopping program in the Pan Pacific area to deliver its shows by satellite delivery. Following the acquisition the company will pursue development of this business.
Quotations for the common shares of GTM Holdings appear on the OTC Bulletin Board under the symbol GTMH. Prospective investors are cautioned that closing of the transaction is subject to a number of conditions set forth in the agreement for acquisition, and the failure of the parties to satisfy all such conditions could result in the agreement being terminated and the transaction abandoned.
Except for historical matters contained herein, the matters discussed in this release contain certain forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties that may affect GTM Holdings' business and prospects and cause actual results to differ materially from these forward-looking statements.
SOURCE: GTM Holdings, Inc.
