GMDP.006 read news.013 I see, and maybe .10?B: Global Medical Products Holdings, Inc. Enters Into Agreement w
th Redwood Securities Group, Inc. and Updates Status
The approximate value to the
shareholders of Global Medical Products Holdings, Inc. is $0.013 per Global
Medical Products Holdings, Inc. common share.
These agreements are still in place and on hold until the Company can either pay
cash as the compensation or the stock price rises to the $0.10 level again.
B: Global Medical Products Holdings, Inc. Enters Into Agreement with Redwood Sec
rities Group, Inc. and Updates Status of Previous Agreements ( PRIMEZONE )
SAN DIEGO, Jan 30, 2004 (PRIMEZONE via COMTEX) -- Global Medical Products
Holdings, Inc. (Pink Sheets:GMDP) reported January 20, 2004 to the Securities
and Exchange Commission on Form 8-K that it had entered into an Agreement with
Redwood Securities Group, Inc.
This Form 8-K outlined services that are being provided to Redwood Securities
Group Inc., San Francisco, Calif. Redwood is a highly respected broker dealer in
the securities industry with their primary emphasis being in the servicing of
municipal securities. Additional information on Redwood Securities Group, Inc.
may be seen at the company's public web site, www.redsec.com .
In November of 2003 Global Medical Products Holdings, Inc. was contacted by a
non-related individual about assisting Redwood in becoming a publicly traded
entity by using Global Medical Products Holdings, Inc. shareholder base.
Discussions were held and an agreement was signed in late December.
Paraphrasing the agreement, Global Medical Products Holdings, Inc. will assist
Redwood in their efforts to become a public company by allowing the use of the
Global Medical Products Holdings, Inc. shareholder base. For such use Global
Medical Products Holdings, Inc. shareholders will be compensated with stock in
the publicly traded Redwood Securities Group. The approximate value to the
shareholders of Global Medical Products Holdings, Inc. is $0.013 per Global
Medical Products Holdings, Inc. common share.
This alliance with Redwood Securities Group, Inc. has further reaching benefits.
In December 2003, Redwood Securities Group, Inc. retained the services of eight
brokers in the City of Industry, Ca. This new office has in the past been
heavily involved in the Chinese marketplace. Redwood Securities Group, Inc. has
begun the initial planning stage to open offices in the People's Republic of
China with emphasis on introducing entrepreneurial Chinese companies into the
American market.
Global Medical Products Holdings, Inc. feels that such an alliance will enhance
the potential of its business plan to cross market American and Chinese
products.
2002 ACQUISITION UPDATE
This activity is one of many that the management of and consultants to Global
Medical Products Holdings, Inc. of have been working on to restore shareholder
value in the Company. In late 2002, the Company announced several agreements
relating to acquisitions of businesses and licenses in the People's Republic of
China. Each of these transactions involved the use of Global Medical Products
Holdings, Inc. stock as payment and was based on a trading price of the stock as
$0.10 per share. The conclusion of these transactions would add approximately 8
million US dollars in revenue to Global Medical Products Holdings, Inc.
However, in January 2003, with all of the agreements signed and activated, the
price of the common stock in Global Medical Products Holding, Inc. began a
dramatic decrease in value. The principals in the acquisitions concluded that
they could not transfer ownership of their businesses or the use of their
licenses until they could be assured of receiving the full compensation agreed
upon by the various agreements. The restricted stock for these transactions was
issued and delivered to a third party who was acting as an escrow agent. The
stock has not been delivered to the selling entities and remains in escrow.
These agreements are still in place and on hold until the Company can either pay
cash as the compensation or the stock price rises to the $0.10 level again.
The management and consultants of Global Medical Products Holdings, Inc. are
continuously working to strengthen the financial position of the Company.
About Global Medical Products Holdings, Inc.
Global Medical Products Holdings, Inc. is a U.S.- based technology company
specializing in the development, manufacture, and distribution of cardiovascular
and body fluid-related products for the growing worldwide medical market. Global
Medical Products Holdings, Inc. focuses 50% of its revenue base in China and 50%
in North America and Europe. China represents some 1.3 billion people, twice the
population size of North America. It is the only world market leader that has
enjoyed an eight percent annual growth in its Gross National Product in recent
years and should continued to do so through 2010.
The Company is contemplating increasing its exposure to the global marketplace
by assisting small foreign companies arrange for financing and marketing of
their products.
The Company maintains a public web site at www.globalmedprod.com.
About Redwood Securities Group, Inc.
Redwood Securities Group, Inc. (Redwood) is a full service San Francisco-based
financial services firm. Redwood has built a solid reputation as a progressive
industry leader through its investment banking successes in Municipal and
Corporate Finance and as a primary dealer for U.S. Agency Debt. In addition to
its investment banking business, Redwood offers clients traditional brokerage
services that include fixed-income, equity and mutual fund trade execution, and
in-house equity research. Established in 1990 as a Minority Business Enterprise,
Redwood is certified with the California State Treasurer's Office as well as the
City and County of San Francisco.
Redwood is licensed with the Securities and Exchange Commission and is a
registered member in good standing of the National Association of Securities
Dealers (NASD) and the Municipal Securities Rulemaking Board (MSRB). Redwood is
a correspondent of Pershing, LLC. Consequently, all Redwood client accounts and
funds are held at Pershing, LLC and all securities trades are cleared through
Pershing, LLC.
Redwood Securities Group, Inc. maintains a public web site at www.redsec.com .
SOURCE: Global Medical Products Holdings
By Staff
CONTACT: Global Medical Products Holdings, Inc.
Douglas P. Brown
(619) 222-2568
(619) 374-7471, Fax
www.redsec.com
(C) 2004 PRIMEZONE, All rights reserved.
-0-
INDUSTRY KEYWORD: Medical Supplies
SUBJECT CODE: MEDICAL PRODUCTS
ACQUISITIONS
INTERNATIONAL
Company Announcement
Mergers and Acquisitions
*** end of story *** |
