Global Earth Energy Inc. (fka GLER)

[TheRaveninexile]

Global Earth Energy’s Reverse Merger With Canadian Company Rescinded - cbl

December 6, 2010


Plan With 688239 B.C. Ltd. Canceled Over Legal, Other Issues

By citybizlist Staff

http://charlotteraleigh.citybizlist.com/14/2010/12/6/Global-Earth-Energy’s-Reverse-Merger-With-Canadian-Company-Rescinded--cbl.aspx




WILMINGTON, N.C. -- Global Earth Energy Inc. (OTCBB: GLER) said a reverse merger plan with Canada's 688239 B.C. Ltd. had been rescinded on account of legal and other issues, according to an SEC filing.

The Wilmington-headquartered alternative energy company said it had agreed to let the British Columbia company's president, Melvin Dick, retain 65 million shares, valued at $845,000, that had been issued to him in May. Global Earth Energy also waived its right to 5,000 Class A shares of the Canadian company, an electrical contractor based in Kelowna, B.C., under terms of the original merger plan.

Dick signed a general release waiving any further claims and accepting the 65 million shares as a "complete compromise of matters involving disputed issues of law and fact."

Under the merger plan, the Canadian company was to be renamed RCI Solar Inc., an entity controlled by Dick, and operate as a subsidiary of Global Earth.

Also in May, as citybizlist posted, Global Earth Energy executed a $10 million investment agreement with Dutchess Opportunity Fund II LP, based in Boston. Syd Harland, CEO of Global Earth Energy, said in that news release, "The proceeds of our equity financing will be used primarily to fuel the U.S. expansion of our newly acquired subsidiary RCI Solar."

Form 8-K filing: http://tinyurl.com/29pxpac
Merger cancelation agreement: http://tinyurl.com/3xnretj

Also at citybizlist, see:

Global Earth Energy, Inc. Secures up to $10 Million in Equity Financing

Bio from Global Earth Energy's website:

Sydney A. Harland, President and member of the Board of Directors has over 25 years of business experience, primarily in management of new innovative product solutions, in the railway, telecommunications, electrical utilities and mining industries. Mr. Harland is an entrepreneur who ran his own company, Ameri-Can Equipment Sales & Leasing Inc. for 20 years - until 2005. Between 1995 and 2000, Mr. Harland also worked on a consulting basis for Ontario Power Generation's technology lab where he was mandated to develop marketing and commercialization plans for OPG's specialized technology and customer service offerings. In 1998 he co-founded ARS Networks and served as chairman, president and chief executive officer on a consulting basis. ARS was a fully reporting publicly traded company that was engaged in the design and development of advanced railway communications and data management systems. He holds two patents and has been elected a member of the Canadian Institute of Marketing and the American Railway Engineering and Maintenance-of-Way Association.

(graph)