Press Release Source: Global Environmental Energy Corp.
CLARIFICATION/Global Shareholders Receive Stock Dividend From New Global Subsidiary: Biosphere Development Corp.
Thursday November 18, 11:03 am ET
NASSAU, BAHAMAS--(BUSINESS WIRE)--Nov. 18, 2004--Global Environmental Energy Corp. (OTCBB:GEEC - News; FWB:LFT) wishes to issue the following clarification to its release BW5977 (LA-GLOBAL-ENVIRONMENTAL) "Global Shareholders Receive 10% Stock Dividend from New Global Subsidiary: Biosphere Development Corp." issued Tuesday, Nov. 16, 2004:
Global Environmental Energy Corp. (OTCBB:GEEC - News; FWB:LFT) ("GLOBAL"), confirmed that the company has filed an 8-K stating that on November 11, 2004 the Board of GLOBAL approved the formation of a wholly owned subsidiary, and a stock dividend of Biosphere Development Corp. ("BIOSPHERE"), and believes that an additional explanation to shareholders is warranted.
Existing shareholders of GLOBAL are to receive 3 shares of Biosphere for every 100 shares of GLOBAL. The Company for ease of issuance has rounded up to three shares.
The record date will be December 15, 2004 with delivery on or about January 5, 2005. In order to receive the stock dividend, a stockholder of record on the record date must continue to hold GEEC stock through the dividend payment date of January 5, 2005.
As GLOBAL continues to expand into a fully integrated energy company, the value of the Company's assets will be developed more efficiently in operating subsidiary companies. Biosphere Development Corp. has been formed as research and development company to maximize the potential of the Company's Biosphere Technology and to acquire new green technologies.
As part of this overall strategy, GLOBAL intends to cause Biosphere Development Corp. to become a fully reporting trading company in its own right and will be filing all required paper work with the SEC and NASD.
About Global Environmental Energy Corp.
Global Environmental Energy Corp. intends to become a fully integrated energy company whose interests will include traditional oil and gas and alternative energy sources, environmental infrastructure and electrical micro-power generation. Global Environmental Energy Corp.'s unique proprietary technology, EcoTechnology(TM), supplies energy through an efficient and environmentally safe process.
The Biosphere Process(TM) System, a central part of the EcoTechnology(TM) system, can safely and efficiently processes traditional and non-traditional waste materials into electricity and other beneficial by-products. The Biosphere Process(TM) can assist in solving the global waste problem by converting into clean, green electricity such waste materials as: municipal solid waste (MSW), agricultural surpluses, agricultural effluents, forestry wastes, sewage sludge, medical waste, industrial wastes, flared natural gas, shale oil, sour natural gas, high sulfur oils, waste bilge oil, waste drilling muds and fluids; and many other traditional and non-traditional waste materials.
