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
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
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
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
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.
Globalgroup Investment Holdings, Inc.
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