SOURCE: Global Technologies Group, Inc.
SARASOTA, FL--(Marketwire - Sep 6, 2012) - Global Technologies Group, Inc. (PINKSHEETS: GTGP) reports that the contract for the acquisition of MSE Inc. (MSE Technology Applications Inc.) has been extended to the 14th of September which will give us both time to continue to deal with a range of items within the contract between MERDI and Global.
We had discussed with Merdi a week ago and again on Friday the need to issue a statement by both Global and Merdi advising that the date for completion of the contract had changed to September 14. Global needed and wanted to get that information out as is Global's usual handling of any changes for what we considered to be both important to our shareholders and the public. They had agreed to deliver to us a quote from MERDI that day. We were quite surprised that the Merdi attorney, in an interview with the reporter from the Montana Standard, unilaterally made a statement without letting Global know in advance, per our joint strict NDAs, especially as we had initiated the conversation and need for a statement by both principles of the companies incorporated in one release. To say the least, we were completely caught off guard and the news was carried on Tuesday in the local paper.
Most disturbing to us at Global was the inclusion of this statement by our president "no comment" in the same article. Mr. Fallacaro was contacted by that reporter over two weeks ago and the reporter wanted details of the then upcoming transaction. At that time "no comment" was the statement made as it would have been a violation of our joint NDA at that time. We did not make it at the time of the Merdi lawyer interview.
"I personally am dismayed that the statement and article were put out by Merdi's attorney without the consent or the knowledge of Global, and Global was not made aware of the article or statements made by him until yesterday afternoon. In my opinion, it was not within the scope of both my conversations with the principles of Merdi about the need to put out a joint release and interview, and the NDA which we never violate and hold in the highest regard. Yesterday, we had been contacted via email and called by numerous shareholders asking us why Merdi put that statement out and why we did not report the same to our shareholders. I understand their dismay and it makes me very angry that both they and I feel that way as well. We would have not been silent since Aug. 15 intentionally as we always comply with the NDAs. Hopefully this will clear up any questions that have been asked by them," stated James Fallacaro, President.
As we stated in the past, "After discussions with MSE and the plant, it was decided to wait until the full-scale run, data analysis and final report was completed to represent a clear and concise set of data to determine the effect of MBS on Mercury capture at the facility." The usual time for the compilation and lab testing results are generally two to three weeks after conclusion of the run for this type of report as we have seen that time frame in previous reports by MSE for Global.
"It should be noted that the Mercury capture technology for the removal of Mercury from stack gasses does not cause companies to shut down for a retrofit and can be implemented immediately," stated James Fallacaro, President of Global Technologies Group, Inc. Global Technology Holdings, Inc.
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 licensors are: MSE Technology Applications, Inc., M2Polymer Technology, Inc. and Solucorp Industries Ltd., the patent owner of both the MBS and IFSC technologies.