GLOBAL GAMES CORP. (GLOW), AN INTERNET GAMING COMPANY, TO CANCEL 20 MILLION SHARES !!! CANCELLATION WILL DECREASE OUTSTANDING SHARES BY 35% !!!!
Global Games Corp. Moves to Cancel 20 Million Shares and Reduce Float
Retrieval would reduce outstanding shares by approximately 35%
MINNEAPOLIS--(BUSINESS WIRE)--June 29, 1998-- Global Games Corp. (OTC BB: GLOW) announced today that all efforts to complete the acquisitions of Wolf Key Holdings, Ltd. and Integrated Consumer Entertainment (ICE) have been terminated, effectively voiding an October 1997 contract. Global's previous CEO, Garry Jamieson, had signed this contract with the Tofflerone Corporation, Toronto, Canada.
Gary L. Borglund, President and recently elected CEO of Global Games Corp., stated that Global's counsel, at the behest of Global Games Corp., has served notice to Tofflerone of Global's intent to terminate the October 1997 contract. Concurrent with the contract's termination, Global Games is demanding return of 20 million shares of Global's common stock issued in that transaction.
Mr. Borglund explained Global's position saying, ''On April 1, 1998, we announced the potential ''unwinding'' of previously reported acquisitions, Wolf Key Holdings, ICE, and Electronic Card Services, Inc. (ECS) because of lack of adequate documentation on these companies.
''At that time, we were aware that over 13 million shares had been issued for these acquisitions. However, our recent review of these transactions disclosed that the previous management of Global Games ultimately allowed a total of 20 million shares to be issued as part of the acquisitions of Wolf Key Holdings and ICE.
Mr. Borglund concluded, ''We believe that Tofflerone Corporation has not complied with, nor fulfilled, even the most fundamental points of our original agreement. Therefore, we have terminated all acquisition proceedings and have requested immediate return of those 20 million shares to Global Games.'' Global's counsel has issued instructions today to our transfer agent, Liberty Transfer, to stop any transfer of these shares.
A return of 20 million shares to Global Games would reduce Global Games' total outstanding shares to approximately 37 million. Global Games intends to diligently pursue all legal remedies available in retrieving these shares.
Global Games Corp. (OTC Bulletin Board: GLOW - news) is an Internet-based commercial service business that licenses software for Internet gaming. Additionally, Global provides management and consulting services. Global's core marketing strategy is to develop ''recurring electronic revenue streams'' based on targeted niche markets where the Company's expertise can be leveraged.
Contact:
Global Games Corp.
Gary Borglund or Allysa Amundson
Phone: 612/672-0834
Gborglund@globalgames.com
Allysaa@globalgames.com |
