Globalgroup Investment Holdings Announces Completion of Reverse Merger and Spin Off of Sovereign Oil, Inc.

Globalgroup Investment Holdings Announces Completion of Reverse Merger and
Spin Off of Sovereign Oil, Inc.

Los Angeles, California, Aug. 15, 2013 (GLOBE NEWSWIRE) -- Globalgroup
Investment Holdings, Inc. (OTC: GIHI) announced today it has consummated a
reverse merger with Embarr Downs of California, Inc., aCaliforniacorporation
in which Embarr Downs became a wholly owned subsidiary of the Company (the
"Merger").

As part of the Merger, the Company transferred the Chit Chat Mobile  agreement 
and all  other  operations  to  Sovereign Oil.  Additionally,  the  Board  of 
Directors has  voted  to  make  a  distribution  of  Sovereign  Oil  stock  to 
Globalgroup Investment  Holdings  stockholders at  a  ratio of  one  share  of 
Sovereign Oil  for each  50 shares  of Globalgroup  Investment Holdings  stock 
held. The company  expects to  complete the  distribution of  the shares  of 
Sovereign Oil by  September 30,  2013. The  shareholders of  Embarr Downs  of 
California will not receive any shares of Sovereign Oil.

Effective August  15, 2013,  Teresa  Jackson resigned  as  an officer  of  the 
Company and Scott  Owen resigned  as a director  and Joseph  Wade was  elected 
President/CEO and  as the  sole director  of the  Company. Additionally,  the 
Company issued 6,000,000,000  shares of  Common Stock to  the shareholders  of 
Embarr Downs which  resulted in Joseph  Wade owning approximately  70% of  the 
outstanding and issued shares of the  Company. Since 2007, Mr. Wade has  been 
involved in  personally owning  and racing  thoroughbreds in  California,  New 
York, Pennsylvania, West Virginia and Maryland.

The company is  in the  process of  filing a Form  10 with  the United  States 
Securities and Exchange  Commission and  expects the Form  10 to  be filed  in 
October 2013.  Until the  Form 10  is  filed, the  Company will  provide  its 
financials  via  www.otcmarkets.com   and  on   its  website   www.gihi.info. 
Additionally, the Company will change its name to Embarr Downs Holdings.

About Embarr Downs

Embarr Downs is engaged in the  buying, selling and racing of  thoroughbreds. 
The Company's focus is acquiring thoroughbreds that can race in the  allowance 
and stakes level  of thoroughbred  racing; however, the  Company initially  is 
focusing on  acquiring thoroughbreds  in the  claiming level  of  thoroughbred 
racing. 

Owning a racehorse can be one of  the most exciting experiences of a  person's 
life. Embarr Downs offers the thrills and gratification of the Sport of  Kings 
to the Company's shareholders without them  having to purchase and maintain  a 
thoroughbred on their own. With Embarr Downs managing the acquisition and  the 
day-to-day operations  of  and  care  for  the  company's  thoroughbreds,  the 
shareholders only need to collectively cheer our horses on to victory. In the
coming  week  the   Company  will  provide   additional  information  on   its 
thoroughbred operations.

About Globalgroup Investment Holdings. The Company is engaged in the  buying, 
selling and  racing  of  thoroughbreds.  The  Company's  focus  is  acquiring 
thoroughbreds that can race in the allowance and stakes level of  thoroughbred 
racing; however, the Company will  initially begin acquiring thoroughbreds  in 
the claiming level of thoroughbred racing.  More information can be found  at 
www.gihi.info.

Notice Regarding Forward-Looking  Statements in this  press release which  are 
not  purely  historical  are   forward-looking  statements  and  include   any 
statements regarding beliefs, plans, expectations or intentions regarding  the 
future.  Actual   results   could  differ   from   those  projected   in   any 
forward-looking statements  due  to numerous  factors.  These  forward-looking 
statements are made  as of the  date of this  news release, and  we assume  no 
obligation to update the forward-looking statements, or to update the  reasons 
why actual results could  differ from those  projected in the  forward-looking 
statements. Although  we believe  that any  beliefs, plans,  expectations  and 
intentions contained in  this press release  are reasonable, there  can be  no 
assurance that any such beliefs, plans, expectations or intentions will  prove 
to be accurate.  Investors should  consult all  of the  information set  forth 
herein and should also  refer to the risk  factors disclosure outlined in  our 
annual and interim reports on www.otcmarkets.com and www.gihi.info.

CONTACT: Contacts:
         Globalgroup Investment Holdings, Inc.
         Joseph Wade
         949) 461-1471
         info@gihi.info
         www.gihi.info