Global Energy Announces Sale of Controlling Interest in Allied Port Transporters.NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif. -- Global Energy Resources Inc. (Pink Sheets:GERI GERI Gujarat Engineering Research Institute (Vadodara, India) ) announced today that it has developed and coordinated the sale of a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Allied Port Transporters, Inc., headquartered in Long Beach, Calif., to Belle Express, Inc., an Orange County, Calif.-based company. GERI will still provide executive management of Allied's operations and receive revenue from the daily operations. Belle Express will provide additional management and exert its best efforts to raise any needed capital required for ongoing operations of Allied Port Transporters. Allied Port Transporters is a trucking and container storage company headquartered in Long Beach, Calif. Allied has developed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with the Teamsters Teamsters large, powerful union of U. S. truckers. [Am. Hist.: NCE, 2703] See : Labor and Longshoremen Unions to work cooperatively and enter into a future contract. Allied addresses regional delivery issues in the ports of Los Angeles and Long Beach harbors. These issues are congestion The condition of a network when there is not enough bandwidth to support the current traffic load. congestion - When the offered load of a data communication path exceeds the capacity. , safety, pollution and security. Allied also operates an off-dock container yard to stage containers during the day and truck them to their destinations during off-peak traffic hours to ease highway congestion. Global Energy Resources Inc. is a Delaware financial services corporation with branch offices in Irvine, Calif., and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Global Energy is a holding company currently expanding its business operations specifically in the areas of distribution, finance and energy. The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause the actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. |
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