DUBAI, UNITED ARAB EMIRATES--(NewMediaWire - Nov 14, 2016)
- Global Equity International,
Inc. (OTCQB:
GEQU) and its fully-owned subsidiaries GEP Equity
Holdings Limited and Global Equity
Partners Plc. (http://gepartnersplc.com/), a specialist consultancy
firm with offices located in Dubai and London, would like to take
this opportunity announce that the Company´s management team, Peter
Smith, Enzo Taddei and Patrick Dolan, have formally agreed to
retire an aggregate of 450,000,000 Common Shares of Global Equity
International Inc., hence reducing the Company´s issued and
outstanding Common Shares substantially from 819,499,228 to a mere
369,499,228.
Last week, the Company filed a Certificate of Designation with
the Secretary of State of Nevada in order to designate 45,000,000
Series "B" Preferred Shares. Each share of Series "B" Preferred can
be convertible at any time, and from time to time, into ten shares
of Common Stock only after one day and twelve months from the date
of issuance. These Series "B" Preferred Shares will carry 10 votes
per share (votes along with common stock) and will have no
liquidation rights. In the event the Board of Directors declares a
dividend on the Common Stock, each Series "B" Preferred Share will
be entitled to receive an equivalent dividend as if the Series "B"
Preferred Share had been converted into Common Stock prior to the
declaration of such dividend.
On November 11, 2016, Peter Smith and Enzo Taddei, the Company´s
CEO and CFO respectively, agreed to retire 200,000,000 Common
Shares each (an aggregate of 400,000,000 Common Shares) in exchange
for 20,000,000 Series "B" Preferred Shares each (an aggregate of
40,000,000 Series "B" Preferred Shares). Mr. Patrick Dolan, the
Company´s Managing Director, agreed to retire 50,000,000 Common
Shares in exchange for 5,000,000 Series "B" Preferred Shares.
The issuance of these 45,000,000 Series "B" Preferred Shares, in
exchange for the retirement of the 450,000,000 Common Shares, will
protect Management's voting power and ability to participate in the
future of the Company, whilst at the same time not doing anything
detrimental to the shareholders of the Company.
Prior to the retirement of the Common Stock, the Company´s
issued and outstanding Common Shares totaled 819,499,228 and the
freely tradable float totaled 211,298,715. After the retirement of
the Common Stock, the new issued and outstanding Common Share count
was reduced to a mere 369,499,228 and the float remained exactly
the same, 211,298,715.
This exercise represented a 54.91% reduction in the total issued
and outstanding Common Stock of the Company.
Enzo Taddei, CFO of Global Equity International Inc.,
said, "We truly believe that retiring these Common
Shares and exchanging them for the preferred shares is an
intelligent move in the right direction. It should help to
alleviate the pressure on the stock price in due course and also
allow the Company to obtain, in time, a well-deserved and logical
market cap. Management are all insiders and never intended to sell
any of its Common Shares for a very long time; now hopefully we
have finally demonstrated to the Market that we are willing to take
illiquid Preferred Shares instead of Common Shares and truly play
the long game as we believe wholeheartedly in our Company and its
future. Due to travel arrangements of Management and paperwork
requirements for this action, we would like to inform our
shareholders that our OTC Markets profile will probably not reflect
this reduction in Common Stock until at least Thursday or Friday of
this week."
About Global Equity International Inc. and
Subsidiaries
Global Equity International Inc., through its wholly-owned
subsidiaries GEP Equity Holdings Limited and Global Equity Partners
Plc., advises worldwide business leaders with their most critical
decisions and opportunities pertaining to growth, capital needs,
structure and the development of a global presence. With offices in
Dubai and London, Global Equity has developed significant
relationships in the US, UK, Central Europe, the Middle East and
South East Asia to assist clients in realizing their full value and
potential by bringing them to external capital and resources that
place an emphasis on collaborative thinking. Furthermore, because
Global Equity has offices in key financial centers of the world,
they are able to introduce their clients to a unique opportunity of
listing their shares on any one of the many stock exchanges
worldwide.
Safe Harbor Statement
This press release may include forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements related to anticipated revenues,
expenses, earnings, operating cash flows, the outlook for markets
and the demand for products. Forward-looking statements are no
guarantees of future performance and are inherently subject to
uncertainties and other factors which could cause actual results to
differ materially from the forward-looking statements. Such
statements are based upon, among other things, assumptions made by,
and information currently available to, management, including
management's own knowledge and assessment of the Company's industry
and competition. The Company refers interested persons to its most
recent Annual Report on Form 10-K and its other SEC filings for a
description of additional uncertainties and factors, which may
affect forward-looking statements. The company assumes no duty to
update its forward-looking statements.