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SNM Global Holdings Completes Sale of LGN Entertainment Group and Announces New Operations and Expanded Business
ORLANDO, FL, May 14, 2010 (MARKETWIRE via COMTEX) -- SNM Global Holdings (PINKSHEETS: SNMN) announced the completion of the sale of their subsidiary, LGN Entertainment Distribution. The transaction represents a substantial opportunity for the company to not only eliminate significant long-term debt, but also add new assets and operations.
Steve Lane, current President and CEO, has resigned as President and from the Board of Directors and a new Board and Executive Team will soon be announced alongside the commencement of the Company's new 2010 Enhanced Business Plan.
As part of the Company's new operations and expanded business plans for 2010, Mr. Rick Papaleo has sold his controlling interest of the Company to the incoming operational business unit.
"It has been a pleasure serving you as President and Chairman, but with lack of capital and a very tough economic environment, I believe that this is the best move. LGN will continue to operate as a private company and I believe that the new management appointed is the best suited to turn around the current company situation," stated Steve Lane, former President of SNM Global Holdings.
SNM Global Holdings will focus its operations and business to provide international emerging markets with alternative energy, and decentralized power production technologies. The company will also provide biotech and healthcare related assets and technology to these markets. The company believes its new and enhanced operational plan will provide significant revenue, equity growth, and serve the betterment of emerging economies.
The company anticipates numerous technology and operational acquisitions and is planning an aggressive media campaign.
The Company will soon announce additional details alongside full operational and financial disclosures.
Shareholders will retain their current ownership. No recapitalization or reverse-split of any kind will occur as part of the Company's new operations. No new stock is being issued as part of the transaction. The control block of stock in the company was purchased in a private transaction.
About SNM Global
SNM Global Holdings is a business development company that invests in and develops assets and operations in the Alternative Energy and biotech/healthcare industries targeted toward merging marketplaces. The company operates through its subsidiaries and various distribution partners worldwide.
Safe Harbor
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause results to differ materially from those expressed in the forward-looking statements, including but not limited to certain delays and risks detailed from time to time in the company filings with the Securities and Exchange Commission.
CONTACT:
SNM Global Holdings
3936 South Semoran Blvd.
Suite 413
Orlando, Fl 32822
SNMGlobalholdings@gmail.com
A man is a success if he gets up in the morning and goes to bed at
night and in between does what he wants to do. ~~~Bob Dylan~~~
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