Here's some news. I'm not quite sure what to make of it. It doesn't sound good...
Global Games Seeks Return of 13 MillionShares
April 1, 1998 05:19 PM
MINNEAPOLIS--(BUSINESS WIRE)--April 1, 1998--Global Games, Inc.(OTC Bulletin Board - "GLOW"), announced today the potential unwinding of some of the recently reported acquisitions. "To protect our shareholders' interests," declared Gary Borglund, President of Global, "yesterday we contacted our transfer agent regarding all shares issued with respect to certain recent transactions with a group in Toronto, Canada. We have issued over 13 million shares to this group as part of a contract to initiate and complete acquisitions of Wolf Key Holdings, Toronto, Canada; Electronic Card Services, Inc., Miami, Florida; and Integrated Consumer Entertainment, Inc. (ICE) of Chicago, Illinois. Our concern is that our Board of Directors has not received adequate documentation on some of the above acquisitions. We are committed to work diligently to resolve these documentation difficulties. In the meantime, we have notified our transfer agent of our concerns and requested no transfers of the stock in question. We are prepared to cancel shares and terminate acquisitions if this is necessary to protect our shareholders. Global has selected an audit firm and is awaiting that firm's due diligence to initiate an audit for 1997. Global will make an announcement when that due diligence is completed, which is expected soon.
-Chris |
