GLOW - Global Games, Inc. - Great Profit Potential ! Message Board

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Microcap & Penny Stocks : GLOW - Global Games, Inc. - Great Profit Potential !

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To: michael john stout who wrote (8730)	3/18/1999 2:40:00 PM
From: BobInBush	Read Replies (1) of 8879

Yes; what happened in the preliminary hearing earlier this month; Why did Minnesota tell GLOW to stop selling stock in their state? ----------------------------------------------------------------- Business Wire - February 16, 1999 10:57 MINNEAPOLIS--(BUSINESS WIRE)--Feb. 16, 1999--(OTC BB: GLOW - news) Global Games announced today that its negotiations with note and judgement creditors is continuing. Approximately $2.5 million of debt is involved. A revised proposal with modifications requested by demand creditors was mailed February 12, 1999. Upon acceptance of the plan, Global Games has received a commitment letter for a minimum of $500,000 financing subject to approval of the plan by the creditors. Global Games Corporation also announced today that it received a notification from the Minnesota Department of Commerce ordering Global Games to desist from any offers or sales of new common stock to Minnesota residents pending a preliminary hearing on March 4, 1999. The notice was delivered to the Company on February 9th. The notice referred to a Cease and Desist order on the same issue dating back to 1996 and 1997. This order has no effect on shares which are currently outstanding and held by Minnesota residents. "We are complying with the order," stated Gary Borglund, President of Global. "We are a bit surprised by two elements: we were not aware of any prior order; and with the exception of the current proposal to note and judgement creditors, we are not aware of any recent offers to sell stock to Minnesota residents." The Company has scheduled an informal meeting this week with the Department of Commerce to review the matter. "We intend to request permission to complete our proposed issuance of stock in exchange for debt, because several of the creditors are Minnesota residents," said Mr. Borglund. This press release contains forward- looking statements with respect to the results of operations and business of the Company that involve risk and uncertainties. The company's actual future results could be materially differing from those discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports to be filed with the Securities and Exchange Commission. CONTACT: Global Games Corporation Gary Borglund or Allysa Amundson borglund@globalgames.com allysaa@globalgames.com Phone: 612-672-0834 www.globalgames.com

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