Los Angeles, California, Aug. 29, 2013 (GLOBE NEWSWIRE) -- Los Angeles, California, August 29, 2013 - Globalgroup Investment Holdings, Inc. (OTC: GIHI) announced today the Company received confirmation yesterday from FINRA that all the necessary documentation had been received to announce the spin-off of Sovereign Oil and to change the name of the Company to Embarr Downs.
On August 29, 2013, FINRA will announce the following information regarding the Spin-Off:
- Spin Off; 1 Restricted share of Sovereign Oil Inc for every 50 shares held. Fractions rounded up.
- Record Date: 8/31/2013
- Payment Date: 9/3/2013
- Daily List Announcement Date: 8/29/2013
On September 6, 2013, FINRA will announce the following information regarding the name change and ticker symbol change:
- New Name: Embarr Downs, Inc.
- New Symbol: EMBR
- Daily List Announcement Date: 9/6/2013
- Market Effective Date: 9/9/2013
The Company has received a number of new questions regarding a reverse split of the stock. The Company is currently focused on filing a Form 10 with the SEC. As a result, the Company has decided not to do a reverse split of the stock at this time. The Company's Board of Directors had previously decided to reevaluate this decision after the expected shareholder meeting in September; however, the Board has decided to do the reevaluation after the Form 10 is effective (which is expected to occur sometime in November 2013). The current officers and directors have been in their positions for less than 2 weeks and need more time to properly evaluate the Company and would prefer such evaluation to occur after the reverse merger is completed.
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 at www.embarrdowns.com.