September 18, 2012 21:42 ET
Global Technologies Group, Inc. Letter to the Shareholders
SARASOTA, FL--(Marketwire - Sep 18, 2012) - Global Technologies Group, Inc. (PINKSHEETS: GTGP )
A Letter to the shareholders
I have taken the time over the last two days to confirm with both the SEC in Washington and the SEC Enforcement Division Miami the reason for the suspension, which I believed was the case. This is what I was told in answer to my questions. First, there was no Wells notice issued or sent to either me personally, the company or my attorneys. That would have meant they wanted to receive information from the company unrelated to the financials. Second, it was verified by them that the statement for the suspension for ten days was for the financial information needed only to comply with the reporting company regulations stemming from errors made in 2007 and to the present 10Q. When I asked them if they needed any other support documents or exhibits from the company or anything at all they said all that is needed is the financial information to be filed on EDGAR.
Since the suspension, we have received many emails and phone calls and I have tried to speak to as many shareholders as possible as to why we didn't state something earlier. Again, I wanted SEC verification directly from them before I made any statements.
I understand the frustration, anger and fear that all of the shareholders feel and I would feel the same way if I was in that position. People invested in this company with a belief that this was an investment they wanted to make and in some cases invested most of what they had in hopes of taking care of their families and ensure that their children, with their parents' investment on their behalf, would have a safety net for the future and also be a prudent decision for them all.
I am deeply distressed more for the shareholders than for me personally or the company and am not going to point fingers at what I have been hearing from quite a few conversations with the shareholders that it was the shorts or bashers or some grand scheme by some folks with an agenda. I am the President of this company and I take full responsibility for this event.
I told SEC enforcement we will comply and unlike several companies coming out immediately and saying they will challenge the SEC decision regarding their suspension. I believe the reasons for the suspension stated for them were questionable PRs, contracts etc. We were not included in that category.
As far as the company is concerned, this suspension has zero effect on the business of the company, the acquisition, cement plant, Oakridge or the DOE. They are all aware of it and have no problem continuing on with Global or me. We will have future information on all of the above and will put out releases and 8Ks as is our normal procedure. We are not precluded from that as well.
Finally, during the suspension which is 10 days, we will be dealing with the financials and once they are submitted we will submit to the broker dealers the entire package for their review for quotation and to file a 15c211 and will await their response. By: James Fallacaro , President.
Global Technologies Group, Inc. (GLOBAL) is a company that is in the business of acquiring exclusive licenses and distribution and reseller contracts on proven technologies in the environmental, green and war fighter industries. The criteria for the licensing or distribution agreements of the technologies are: they must be proven, validated and in use. The business plan of Global is to sublicense the technologies it acquires to companies in Countries covered under the original license grants and for its own use. For our exclusive distribution and reseller agreements, we partner with appropriate representatives in the covered countries for resale of turn key projects. Our current licensors are MSE Technology Applications, Inc., M2Polymer Technologies Inc. and Solucorp Industries LTD., which are the patent owners.
