DUBAI, UNITED ARAB EMIRATES--(NewMediaWire - Jun 16, 2016) -
Global Equity International, Inc. (OTCQB:
GEQU) and its fully-owned subsidiaries Global Equity
Partners Plc. ("GEP" - www.gepartnersplc.com) a specialist consultancy firm
with offices located in Dubai and London, would like to announce
that management, Mr. Peter J. Smith (CEO), Mr. Enzo Taddei (CFO)
and Mr. Patrick V. Dolan (Managing Director) have jointly decided
that it would be in the best interest of the Company to convert
$250,000 of outstanding accrued salaries to common restricted
shares at $0.02 per share. At the Board Meeting held on June 15,
2016, all board members voted unanimously in favor of carrying out
this conversion and subsequent reduction of debt.
Prior to this date, on May 31, 2016, both the Company's CEO and
CFO converted $27,500 each of accrued salary into common restricted
shares at $0.0275 per shares.
In August of 2015, the Company finally rid itself of all toxic
convertible debt and since then management has worked extremely
hard to clean up the Company's balance sheet and show
profitability. The Company's reviewed and fully audited financial
statements reported to the SEC over the last 4 quarters have shown
growth and expansion.
The Company's current share structure is now as follows:
Management (Directors and Officers) |
559,612,772 |
70.39% |
Employees |
17,417,790 |
2.19% |
Non-Affiliate Shares still in certificate form |
14,215,489 |
1.79% |
Tradable Float |
203,769,922 |
25.63% |
|
|
|
Total
Shares Issued and Outstanding |
795,015,973 |
100.00% |
Peter J. Smith, CEO of Global Equity International Inc.,
said, "It makes complete sense to perform these
conversions when the stock is trading at the price it is. The
conversions for us represent an excellent way of being able to
further buy into what we believe is a wonderful company. We are
pleased with what we have built and continue to build; and we are
very excited with the current growth and developments."
Enzo Taddei, CFO of Global Equity International Inc.,
said, "Personally, I believe that this was positive
move. It demonstrates our belief in the Company and its business
model. Our shares are restricted under SEC rule 144 so this
conversion doesn't affect our current tradable float. We truly
believe that we are at the doorstep of turning our Company into
something to be extremely proud of. Our only objective, as
management, is to bring value to the Company and its shareholders.
The more skin we have in the game, the more motivated we all are to
work even harder."
About Global Equity International Inc.
Global Equity International Inc., through its wholly-owned
subsidiary 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 centres 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. Global
Equity International Inc., through its wholly-owned subsidiary
Global Equity Partners Plc., holds significant long-term equity
positions in the companies that it represents.
Safe Harbour 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.