Global Technologies, Ltd Files Complaint to Return Over 3.4 Billion Shares of Common Stock to Treasury
Global Technologies, Ltd (GTLL) has announced a legal complaint against certain shareholders to recover over 3.4 billion shares of its common stock. The company seeks to void transactions deemed fraudulent, aiming to reduce its total shares outstanding to approximately 11.6 billion. A revamped corporate website will launch today, with more user-friendly features to follow. A corporate update detailing operations and capital structure is expected by the week of February 15, 2021.
- The complaint aims to recover 3.4 billion shares, potentially increasing shareholder value.
- Reducing shares outstanding to approximately 11.6 billion could enhance stock performance.
- Legal proceedings may create uncertainty and distract from business operations.
Company’s Revised Website Goes Live at 5:00 pm EST
ST. PETERSBURG, FL, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Global Technologies, Ltd (OTC Pink: GTLL), a holding corporation, which through its subsidiaries, has operations engaged in the online sales of CBD and hemp related products, the acquisition of intellectual property in the safety and security space and as a portal for entrepreneurs to provide immediate access to live shopping, e-commerce, product placement in brick and mortar retail outlets and logistics is pleased to inform shareholders that the Company has filed a Complaint against certain shareholders to return over 3.4 Billion shares of the Company’s common stock to treasury.
On February 9, 2021, Global Technologies, Ltd filed a Complaint for Declaratory Judgment in the Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida. The Complaint cites errors and improper inclusions of transfers that are void for fraud or want of consideration. Plaintiff is not seeking monetary relief in this action, but rather a declaratory decree establishing that the transactions with the named Defendants are void, erroneous or cancellable.
The return of the shares of common stock to treasury will reduce the Company’s shares outstanding to approximately 11.6 Billion. The Company is taking additional steps to further reduce the number of shares of common stock outstanding.
The Company’s revamped corporate website is to go live today at approximately 5:00 pm EST. Additional user-friendly features will be added over the coming weeks.
The Company will provide shareholders with a full corporate update the week of February 15th providing an overview of the Company’s current operations, capital structure and potential business combinations.
About Global Technologies, Ltd:
Global Technologies, Ltd, based in St. Petersburg, FL, is a holding corporation, which through its subsidiaries, has operations engaged in the online sales of CBD and hemp related products, the acquisition of intellectual property in the safety and security space and as a portal for entrepreneurs to provide immediate access to live shopping, e-commerce, product placement in brick and mortar retail outlets and logistics. For further information, please visit the Company’s website at https://globaltechnologiesltd.info/.
Forward Looking Statements and Disclaimer
Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations.
Contact:
Global Technologies, Ltd
(727) 482-1505
info@globaltechnologiesltd.info
FAQ
What is Global Technologies, Ltd's recent legal action related to GTLL?
How many shares will remain outstanding after the recovery of shares in GTLL?
When will the new corporate website for GTLL go live?
What updates can shareholders expect from GTLL by February 15, 2021?
