Global Technologies to Acquire and Merge With VX Partners and Enter Social Media and Networking Technology Marketspace
10:47a ET January 12, 2011 (Market Wire)
Global Technologies, Ltd. (PINKSHEETS: GTLL) has completed a Merger and Acquisition agreement with VX Partners. This agreement calls for all current management of the Company to be immediately replaced by VX Partners' executive team, all current technology assets to be sold as soon as practicable, and all financial filings be brought current. The terms of the agreement call for a simple 'stock swap' transaction among the control parties. No common stock will be issued as part of the transaction and no reverse split will occur. The company will retain its current name and trading symbol and will create brand equity for its individual holdings as part of its marketing programs.
VX Partners has 2010 year-end combined current revenues of approximately $6 million and has technology and related assets valued privately by the company at over $15 million. VX Partners believes the market valuation of its assets will achieve far greater levels and has placed its current estimate of asset valuation purposely low.
VX Partners will make rapid disclosure of both technology and financial related aspects of its operations.
Investors can expect an official release of the company's web sites and marketing information as well as business-related announcements of its technology partnerships and distribution agreements
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