HOLLYWOOD, April 28, 2006 (PRIMEZONE) -- GL Energy & Exploration, Inc. (OTCBB:GEEX) announced today that on April 21, 2006, its Board of Directors approved and authorized for submission to stockholders for approval, an amendment to its certificate of incorporation to provide for a 1-for-74 reverse split of its outstanding common stock. In March 2006, GL Energy's Board approved and authorized for submission to its stockholders for approval, an amendment to its certificate of incorporation to provide for (i) a 1-for-35 reverse split of its outstanding common stock and (ii) changing its name to "American Southwest Music Distribution, Inc." Prior to submission to the stockholders, the Board deemed it advisable to increase the size of the reverse split. Upon consummation of the 1-for 74 reverse split, GL Energy will have approximately 8,978,136 shares of common stock issued and outstanding
Since GL Energy's officers and directors hold approximately 94% of the votes available to vote with respect to the reverse split and the name change, GL Energy will obtain a written consent of stockholders to approve these actions in lieu of a meeting of stockholders. Accordingly, GL Energy has prepared and filed a preliminary information statement on Form 14C with the Securities and Exchange Commission (the "Commission") on April 21, 2006. GL Energy will file the Definitive Information Statement on Form 14C on or after May 5, 2006, and upon filing will be mailed to GL Energy's stockholders. GL Energy's majority stockholders will execute their written consent on the date of filing of the Definitive Information Statement. This Definitive Information Statement and the actions contained therein will be deemed ratified and effective 20 days after it has been furnished to GL Energy's stockholders. For example, if the Definitive Information Statement is mailed to GL Energy's stockholders on May 5, 2006, the 1-for-74 reverse split and the name change would be deemed ratified and effective on May 25, 2006. GL Energy will file the amendment to its certificate of incorporation to effectuate these actions promptly after such date
GL Energy & Exploration, Inc. was incorporated in the state of Delaware in 1998. The company is based in Hollywood, CA.
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company's public announcements.