Global Earth Energy Inc. (fka GLER)

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Feb 01, 2011 08:15 ETGlobal Earth Energy, Inc. Announces Agreement to Invest by LB Tim Co., Ltd. of South Korea
WILMINGTON, NC--(Marketwire - February 1, 2011) - Global Earth Energy, Inc. (OTCBB: GLER) announced today it has entered into a memorandum of understanding with LB Tim Co., Ltd. of South Korea for the sale of $100,000,000.00 of Global Earth Energy, Inc.'s Series A convertible preferred stock. The sale of the shares is expected to close within 45 to 60 days.

The shares will pay an average of 15% annual dividend to LB Tim Co., Ltd., and are securitized by life insurance portfolios, and are convertible into shares of Global Earth Energy's common stock. Although the shares of Global Earth Energy's common stock are currently traded on the OTCBB, the company has agreed in the memorandum of understanding to attempt to register its shares of common stock for trading on the NYSE Amex. The $100 million investment in the Global Earth Energy Series A preferred stock will be used, as follows: approximately $65 million will be used to purchase approximately $240 million in life insurance portfolios by Global Earth Energy that will be coordinated through the Joint Venture Agreement between Global Earth Energy and LifeCycle Investments, LLC. The remaining approximately $35 million will be used in connection with the Joint Venture Agreement between Global Earth Energy and Reflora de Brazil and other suitable future investments as determined by Global Earth Energy. The two Joint Venture Agreements with Reflora and LifeCycle were previously announced by Global Earth Energy in December 2010 and January 2011.

Syd Harland, CEO of Global Earth Energy, said, "The closing of the proposed sale of $100 million of our Series A convertible preferred stock will be a great boon to Global Earth Energy. This will enable us, by expending approximately $65 million to acquire approximately $240 million of life insurance portfolios that are expected to generate future revenue to our shareholders. The remainder of the approximately $35 million in invested funds is expected to assist us with our Reflora joint venture and other suitable investments. Further details of on our joint ventures with LifeCycle and Reflora will be posted on our website as early as Thursday, Feb. 3, 2011