Global Technologies Group, Inc. Completes Acquisition Of Exclusive License From Solucorp Industries Ltd.
October 20 2008 - 7:30AM
PR Newswire (US)
SARASOTA, Fla. Oct. 20 /PRNewswire-FirstCall/ -- Global
Technologies Group, Inc., (OTC Pink Sheets: GMUS), formally know as
Global Music International, has completed the acquisition of an
exclusive Brownfield license to utilize MBS technology from
Solucorp Industries Ltd. (OTC Pink Sheets: SLUP) for $4.0 million
in preferred stock. The acquired exclusive license includes North,
Central and South America along with Russia. The license enables
Global the use of Solucorp's MBS technology for Brownfield and
Redevelopment sites. MBS (Molecular Bonding System) renders
metal-contaminated soil inert and has passed the United States EPA
Multiple Extraction Procedure (MEP) 1,000 year test, showing that
the technology permanently stops heavy metals, such as lead,
arsenic and cadmium, from leaching into the environment, including
rivers, marshes and streams. This system is especially suited for
on-site remediation, eliminating the transportation of contaminated
soils to off-site locations. According to James Ryan, President of
Solucorp, "We have spent over $20.0 million during the last 14
years to research, develop, test and ultimately promote Solucorp's
MBS technology, including the successful EPA testing". MBS has been
applied to major projects both in the U.S. and abroad, including
the Ocean State Steel property in East Providence, Rhode Island
which received the "Brownfield's Project of the Year" Award from
the Environmental Business Council of New England and the Syndial
site in Ravenna, Italy. Mr. Ryan went on to state, "We are
genuinely excited about the licensing transaction with Global
Technologies Group and their exceptional group of professionals. We
believe that the Global transaction will enable our research
professionals to focus on new developments and enhancements
directly related to the patented processes licensed to Global.
According to James Fallacaro, President of Global, "This
acquisition will enable our professionals to market exclusively to
third parties, including cities, towns, states and the federal
government, properties under their jurisdiction, the MBS
remediation process in Brownfield sites (currently over 450,000 in
the U.S.) as well as negotiating contaminated property acquisitions
for the company's own portfolio" Mr. Fallacaro added, "We are
looking to acquire blighted contaminated property either
individually or in partnership with developers or local
governments, and "clean up" the property that previously could not
be utilized due to the excessive heavy metal contamination for
development by our group. The MBS technology is a product of U.S.
patents developed, filed and issued to Solucorp. US Patent numbers
5,898,093 and 5,877,393. For information on the MBS technology and
its' uses, please visit this Solucorp link:
http://www.solucorpltd.com/mbs/ We have also received a new CUSIP
number and expect a new symbol within three weeks from NASDAQ.
Contact: Global Technologies Group, Inc Ph: 941-685-1616 Fx:
941-847-0909 The foregoing discussion contains forward-looking
statements, which are based on current expectations. Actual
results, including the outcome of demonstration results, timing and
amount of revenues recognized, contracts awarded and performed and
net income may differ due to such factors as: delays in payment on
contracts due to dealings with governmental and foreign entities;
fluctuations in operating costs associated with changes in project
specifications; economic and other conditions affecting the ability
of prospective clients to finance projects; and other risks
generally affecting the financing of projects. Investors are
cautioned to perform a proper due diligence and consult-licensed
professionals prior to making an investment decision. About Global
Technologies Group, Inc: Global Technologies Group, Inc. is a
company that is in the business of acquiring exclusive licenses on
proven new technologies in the environmental and green industries.
The criteria for the licensing of the technologies are they must be
proven, in use and have an underlying valid patent. DATASOURCE:
Global Technologies Group, Inc. CONTACT: Global Technologies Group,
Inc., Phone: +1-941-685-1616, or Fax: +1-941-847-0909, Web Site:
http://www.glbtech.com/ http://www.solucorpltd.com/mbs/
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