Global Explorations Inc. Announcement.VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 8, 1999-- Global Explorations Inc. ("the Company") (Pink Sheets:GXXP) (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :GXXP), wishes to announce that it continues to pursue the vision announced earlier this year regarding its intended pursuit of opportunities which present themselves either through above average returns from short term trading situations, or through a substantial undervaluation un·der·val·ue tr.v. un·der·val·ued, un·der·val·u·ing, un·der·val·ues 1. To assign too low a value to; underestimate. 2. To have too little regard or esteem for. of proven mining and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. in chosen countries in Africa, Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. and Asia. As part of its search for such opportunities, Global representatives identified the following investment prospects during a recent trip to India: 1. A family-owned quarry and stone cutting and polishing company located in a suburb of New Delhi New Delhi (dĕl`ē), city (1991 pop. 294,149), capital of India and of Delhi state, N central India, on the right bank of the Yamuna River. , has developed plans to purchase new mining equipment, expand its sales offices and secure warehouse and storage space in the United States. The company has had a history of continued growth in its principal markets of India, Italy and the United States and projects significant returns on investment will follow the planned expenditures. Representatives from Global met with the owner, toured the main polishing and cutting factory, reviewed the anticipated costs and revenues and agreed to sign 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. to more carefully examine the expansion program. 2. Officials from a steel company met with Company representatives to discuss their plans to incrementally expand the existing plant. The company currently operates a pig iron plant in the state of Madhya Pradesh and it intends to convert the plant into a fully integrated steel mill with a production capacity of 500,000 tons per year. A feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. has been prepared by an engineering firm outlining how the expansion can be accomplished and at what cost. The Company intends to sign a Memorandum of Understanding with the owners of the plant to assess the expansion plans and determine if it would be an appropriate investment for Global shareholders. This news release should be read in conjunction with previously issued press releases. Investors should note that the Company relies on raising funds through equity issuance of shares. Investors should be aware of the risks associated with these types of financings. This press release contains certain forward looking statements. Forward looking statements, by their very nature, carry associated risks, especially risks concerning the possibility that some or all events envisaged in such statements will not materialize in the future. The Company relies on litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. protection for forward looking statements. "Allison Eaton" ------------------------------ Allison Eaton, President |
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