HINSDALE, Ill., Nov. 8, 2013 (GLOBE NEWSWIRE) -- ID Global Corp. (OTC:IDGC) is pleased to announce that pursuant to its agreement with PhyHealth Corporation (OTC:PYHH) it has successfully negotiated the rescission of the transaction with Queste Capital Corporation. Pursuant to the rescission, Queste Capital Corporation returned the 80,274,933 shares of PhyHealth Corporation's common stock. Regrettably, Queste Capital Corporation was unable to facilitate the transactions it anticipated.
As part of the original 80,274,933 share purchase transaction, Queste Capital Corporation was to pay $425,000 for the shares. Queste Capital Corporation never paid the $425,000.
ID Global Corp.'s fee for orchestrating this rescission was 1,000,000 shares of PhyHealth Corporation restricted common stock.
Sebastien DuFort, president and CEO stated, "We are excited to have coordinated the unwinding of the Queste Capital Corporation transaction. We look forward to assisting PhyHealth Corporation in achieving its goals and moving forward as an entity without the burden of this failed transaction."
About ID Global Corporation
ID Global Corporation (IDGC) is a diversified holdings company with a focus on emerging and middle market investment opportunities in North America. IDGC seeks, through debt and equity investments, controlling interests in established companies as well as special situation start-ups.
This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of ID Global Corporation and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
CONTACT: Sebastien DuFort, CEO ID Global Corporation Tel: 630.532.3625 Website: www.idglobal-corp.comSource:ID Global Corporation