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., a California corporation 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 firstname.lastname@example.org www.gihi.info