GLGT NEWS
Henderson, Nevada, September 20, 2011 - - Global General Technologies Inc. (GLGT;www.glgt-corporate.com) is providing this update to its shareholders and followers. Following the merger of AB (Wuhan) Biotech with Global General Technologies Inc. in April 2011, the management of the China-based company has been expressing frustration with the current low share price and by the constant stream of direct enquiries from the GLGT shareholders about the China company well being and legitimacy of China operations.
Jim Qian President of AB (Wuhan) Biotech said "We adopted a non dilution policy. Since signing the agreement merger with GLGT about 6 months ago, we have spent a lot of energy and time on this initiative. After a board meeting, our company has recently made a decision to withdraw from GLGT and go back to being a private company. We need to focus on our operations in the private domain, as the constant stream of direct enquiries from the GLGT shareholders, and slanderous Internet postings has taken its toll on us.
We wish to part ways amicably with GLGT. We have been in touch with the preferred shareholders and other majority stake holders. Plans are well underway to find alternative interim management and a suitable merger candidate to replace AB (Wuhan) Biotech.
Upon the announcement of the definitive agreement of AB (Wuhan) Biotech diversification all stock received in the merger will be returned to GLGT treasury. AB (Wuhan) Biotech kindly requests GLGT shareholders to make all inquiries directly to GLGT board directly corporate@glgt-corporate.com and not to the operating subsidiary AB (Wuhan) Biotech during this transition stage.
In other company news, the company intends to commence a reverse split. A name change is planed for GLGT once a suitable merger candidate is located to replace AB (Wuhan) Biotech. Moreover, GLGT management is using this opportunity to advise its followers that the China Solar manufacturing company is no longer an option which the company is exploring.
GLGT interim management will keep its followers advised on a timely basis.
|
Author
GLGT NEWS
