SOURCE: Global Technologies Group, Inc.
SARASOTA, FL--(Marketwire - Oct 8, 2012) - Global Technologies Group, Inc. (PINKSHEETS: GTGP) James Fallacaro, President of Global Technology Holdings, Inc. (GTHI) and Global Technologies Group, Inc., announces the acceptance and approvals of the boards of directors of MERDI, MSE Inc. and MSE Technology Applications, Inc., along with the consents of the lending institutions involved, have executed multiple contracts including the purchase contract with the Montana Economic Revitalization and Development Institute (MERDI). As a result of the approvals of all of the terms and the plan of operation outlined by Mr. Fallacaro, Global Technology Holdings Inc. will take over the operations of MSE Inc. and all subsidiaries effective October 25, 2012.
Both GTGP and GTHI are relocating the companies to the MSE Technology Applications, Inc. facilities in Butte, MT. on the 25th of October. Mr. Fallacaro has been at MSE during the last week implementing the entire plan of operations for MSE and is making the necessary changes for the benefit of the company, employees and the community. He has also hired a director of operations for MSE who is both an extremely capable executive and a well-known engineer. His vast experience and expertise in government and private industry as a project manager responsible for the budgets and supervision of a 200 man operation working in the same areas of businesses as MSE is a great asset for the company. His credentials will be posted on the MSE site by the 25th of October.
"We are looking forward to commencing the operation of MSE Inc. this month and started the transition last week. We appreciate the support we have gotten not only from all involved with the agreements, the employees, the townspeople of Butte and from the representatives of the state and federal government," stated James Fallacaro, President of GTHI and GTGP.
Jim Kambich, President of Merdi, said, "Northey Tretheway and I have worked closely with Global Technology Holdings, Inc. officials and have worked diligently to get this deal completed over the past several months and expect the transition to be completed by October 25th."
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 of MBS and IFSC.