VANCOUVER, B.C., Sept. 24, 2002 (PRIMEZONE) -- Globetech Ventures Corporation (OTCBB:GTVCF) is pleased to report that the recently entered into leasing arrangement of the Company's Kabwe facility, located in Kabwe, Zambia, is progressing well. Western Hemisphere and Broken Hill Minerals are responsible for the capital costs of upgrading the furnaces and will provide management of the plant facilities. The first furnace has been successfully commissioned, and production of concentrate has commenced from the first furnace.
GTVCF continues to receive its fixed monthly revenue on a timely basis. The terms of the lease between GTVCF and Western Hemisphere Resources Exploration of London, England, the parent company of Broken Hill Minerals, also calls for an option whereby WHRE may purchase the plant from GTVCF for $10 million and will notify GTVCF of its intent to purchase the plant three calendar months in advance.
GTVCF continues to search for viable business opportunities to enhance shareholder value.
On behalf of the Board of Directors, Globetech Ventures Corporation
Dil Gujral, President
Except for the historical information presented herein, the matters set forth in this press release are forward looking statements within the meaning of the "safe-harbor" provision of the Private Securities Litigation reform Act of 1995 and section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Although such statements are based on reliable information and past experience, operating results are affected by variety of factors, many of which are beyond the control of the Company. Risk factors and uncertainties effecting actual performance of the Company include quarterly results, sales, customer order patterns, labor, supplies, equipment, technological changes, competition and competitive pressures on pricing; economic conditions in the United States and worldwide, as well as other risks that are detailed from time to time in the Company's filings with the Securities and Exchange Commission.