GlobeTrac Inc. Conducts Due Diligence on Equities.com, Inc.
November 25 2011 - 9:30AM
Marketwired
GlobeTrac Inc. (OTCBB:GBTR) ("GlobeTrac") is still in the process
of negotiating for the purchase and sale of all the shares of
Equities.com, Inc. ("Equities.com"). GlobeTrac is currently
conducting its due diligence on the shares and assets of
Equities.com as per the terms and conditions of the letter
agreement with the owners of Equities.com. As a result of a delay
in the preparation of the audited financial statements of
Equities.com, GlobeTrac has been granted an extension of an
additional 45 days in which to complete its due diligence. Also, as
another condition precedent to the acquisition of Equities.com,
GlobeTrac is in the process of obtaining shareholder approval to
facilitate a 4:1 consolidation of its issued and outstanding
shares.
The acquisition of a 100% interest of Equities.com will include
the purchase and sale of the business assets of Equities.com,
including all cash, property, contracts, equipment, goodwill,
intellectual property, and any other assets used in or related to
the business of Equities.com, as well as the exclusive use of the
domain name "equities.com" and the assumption of any loans related
to the business of Equities.com.
In consideration for the acquisition of Equities.com, and
subject to GlobeTrac obtaining satisfactory results to its due
diligence and obtaining the requisite shareholder approval to the
consolidation, GlobeTrac has agreed to issue to the owners of
Equities.com a number of post-consolidated restricted shares that
will represent an aggregate of at least 60% of the issued and
outstanding shares of GlobeTrac at the time of closing.
Safe Harbor Notice
Certain statements contained herein are "forward-looking
statements" (as defined in the Private Securities Litigation Reform
Act of 1995). GlobeTrac Inc. cautions that statements made in this
news release constitute forward-looking statements and makes no
guarantee of future performance. Forward-looking statements are
based on estimates and opinions of Management at the time
statements are made. These statements may address issues that
involve significant risks, uncertainties, estimates and assumptions
made by Management. Actual results could differ materially from
current projections or implied results. GlobeTrac Inc. undertakes
no obligation to revise these statements following the date of this
news release.
GLOBETRAC INC.
John da Costa
Contacts: GlobeTrac Inc. John da Costa President (800)
648-4287info@globetrac.com