Globetech Environmental, Inc. Provides Update on Business.
1. Globetech Environmental, Inc ("Globetech") and MediVac, its alliance partner, are both pleased to announce that they have formalized their revised distribution and licensing agreements. Each Company is permitted to sell and distribute the other's products in stipulated geographic areas. Certain volume conditions are required to be met in order to retain these marketing rights. MediVac has also granted Globetech a non-exclusive license to manufacture its MetaMizers.
2. Globetech has signed a Letter of Intent to form a 50/50 joint venture company to treat bio-hazardous waste in Panama. The Company will provide the treatment equipment to the joint venture under a separate equipment lease agreement. The joint venture expects to be operational this summer. Additional details will be announced upon the completion of formal documentation and receipt of Board approval.
3. The Company is pleased to announce the formation of two new joint ventures with local entities in Bahrain, United Arab Emirates, and Amman, Jordon. The Company will own a 40% equity position in each venture and will lease one new GT500 Waste Sterilizer to each venture.
4. The Company is pleased to announce the shipping of the first GT500 Waste Sterilizer to a customer in Turkey. The unit was a cash sale, proceeds of which will be released to Globetech under the terms of an irrevocable letter of credit.
5. The Company is pleased to announce it has received a purchase order for a new GT500 Waste Sterilizer to be delivered to Morocco. The machine is currently under construction and is on schedule to be delivered next month.
6. The Company is pleased to announce it has received its first order for a GT100 Waste Sterilizer to be delivered to Turkey. The first GT100 prototype will be completed in June 2008, with testing and validation to be completed shortly thereafter. The GT100 for Turkey is to be delivered before December, 2008. Additional orders for GT100 Waste Sterilizers are expected for France and Switzerland.
7. Due to delays with the site selection and preparation, the GT500 Waste Sterilizer previously announced for installation in Abu Dhabi, is now expected to be delivered in the fall of this year.
8. The Company filed its audited financial statements and related 10KSB for the year ended December 31, 2007 last week.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains statements that plan for or anticipate the future, called "forward-looking statements." In some cases, you can identify forward looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of those terms and other comparable terminology.
These forward-looking statements include statements about:
* our market opportunity;
* revenue generation;
* our strategies;
* expected activities and expenditures as we pursue our business plan; and
* the adequacy of our available cash resources.
These statements appear in a number of places in this press release and include statements regarding our intent, belief or current expectations, those of our directors or officers with respect to, among other things: (i) trends affecting our financial condition or results of operations, (ii) our business and growth strategies, (iii) the validation and certification dates with respect to GT Waste Sterilizer, and (iv) our financing plans. Although we believe that the expectations reflected in the forward-looking statement are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2007. Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.
For more information on Globetech Environmental, Inc., please contact Don Sampson or Theodor Hennig at 403-261-2929 or email us at Globetech@shaw.ca. For more information see our website www.globetechenv.com or www.Logmed.de .
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|Date:||May 7, 2008|
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