ORCHARD, Texas, June 24, 2011 /PRNewswire/ -- Global Technologies, Ltd. (GTLL), announced today that it has executed a Letter of Intent to acquire and merge with Oxygen Orchard, Inc.
GTLL will acquire 100% of Oxygen Orchard and migrate all its operations to the new entity. All current management, board, and officers will concurrently resign with execution of the various Definitive Agreements. The Definitive Agreements are expected to be completed within 21 days.
Complete disclosures and updated financials will be posted to the OTC Disclosure Service.
Teri H. Mathis, President and CEO of Oxygen Orchard, Inc., will be the new President and CEO. John M. King will be the new CFO.
The Company will change its name to Oxygen Orchard, Inc.
The Company will release additional announcements describing products, markets, and revenue plans.
About Oxygen Orchard, Inc. (formerly Global Technologies):
Oxygen Orchard, Inc. specializes in the design, manufacture and sale of its patented water oxygenating system. The Company is the industry leader in its product category. Based on medical research and market results, the Company's products provide supplemental oxygen to users, resulting in ailment prevention and enhancement of overall wellness. Oxygen Orchard is a woman-owned business and is currently expanding its operations and product distribution internationally.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
|SOURCE Global Technologies, Ltd.|
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