Global Technologies Group, Inc. Letter to the Shareholders
19 September 2012 - 3:42AM
Marketwired
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.
Contact: JAMES FALLACARO Email Contact 941-685-1616
WWW.GLBTECH.COM
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