Global Earth Energy, Inc. (OTCBB: GLER) announced today it has entered into a joint venture (JV) agreement with Lifecycle Investment, LLC ("Lifecycle"). The JV is based on a life settlement portfolio of approximately $12 Million in assets that is currently owned and managed by Lifecycle. According to the JV, these assets are owned 60/40 by Lifecycle and GLER, respectively. The JV also includes a debt offering to raise $250 Million , which is already in the process of being raised. The capital is expected to be received within the next 120 days.
"Lifecycle will leverage their expertise to continue to manage the portfolio, while GLER will add marketing capabilities in order to raise capital for the Company and its future JV partners. Lifecyle has averaged approximately $1.5 Million in revenues annually from the creation of its asset-backed securities. This JV is expected to increase GLER's net income by $4.8 Million , or $0.05 per share, over the lifetime of the portfolio. We plan to create at least four additional JVs that can result in substantial revenue and earnings growth going forward," said Syd Harland , CEO of Global Earth Energy .
Global Earth Energy, Inc. provides renewable energy solutions. In addition, the Company is pursuing joint venture agreements with green solution providers worldwide.
