Management Buys $250,000 of Common Restricted Shares at Current Market Price
DUBAI, UNITED ARAB EMIRATES--(Marketwired - Jun 16, 2016) - Global Equity International, Inc. (OTCQB: GEQU) and its fully-owned subsidiaries Global Equity Partners Plc. ("GEP" - www.gepartnersplc.com) a specialist consultancy firm with offices located in Dubai and London, would like to announce that management, Mr. Peter J. Smith (CEO), Mr. Enzo Taddei (CFO) and Mr. Patrick V. Dolan (Managing Director) have jointly decided that it would be in the best interest of the Company to convert $250,000 of outstanding accrued salaries to common restricted shares at $0.02 per share. At the Board Meeting held on June 15, 2016, all board members voted unanimously in favor of carrying out this conversion and subsequent reduction of debt.
Prior to this date, on May 31, 2016, both the Company's CEO and CFO converted $27,500 each of accrued salary into common restricted shares at $0.0275 per shares.
In August of 2015, the Company finally rid itself of all toxic convertible debt and since then management has worked extremely hard to clean up the Company's balance sheet and show profitability. The Company's reviewed and fully audited financial statements reported to the SEC over the last 4 quarters have shown growth and expansion.
The Company's current share structure is now as follows:
Management (Directors and Officers) 559,612,772 70.39% Employees 17,417,790 2.19% Non-Affiliate Shares still in certificate form 14,215,489 1.79% Tradable Float 203,769,922 25.63%
Total Shares Issued and Outstanding 795,015,973 100.00%
Peter J. Smith, CEO of Global Equity International Inc., said,"It makes complete sense to perform these conversions when the stock is trading at the price it is. The conversions for us represent an excellent way of being able to further buy into what we believe is a wonderful company. We are pleased with what we have built and continue to build; and we are very excited with the current growth and developments." Enzo Taddei, CFO of Global Equity International Inc., said,"Personally, I believe that this was positive move. It demonstrates our belief in the Company and its business model. Our shares are restricted under SEC rule 144 so this conversion doesn't affect our current tradable float. We truly believe that we are at the doorstep of turning our Company into something to be extremely proud of. Our only objective, as management, is to bring value to the Company and its shareholders. The more skin we have in the game, the more motivated we all are to work even harder."
