WILMINGTON, N.C., May 9, 2013 (GLOBE NEWSWIRE) -- Global Earth Energy Inc.'s (GLER.OTCQB) President, Mr. Sydney A. Harland, announces that GLER, through a "Letter of Intent", intends to Acquire an additional asset; Country Road Office Building, located at, 1670 Old Country Road, Plainview, New York 11803. Currently under board review, this acquisition will only occur if GLER and the seller of the property can execute a binding agreement of sale and purchase. As of this date, no such agreement has been executed. If an agreement is executed, proper notification will be made.
Financial details:
Square Footage: 33,312
Acquisition Price: $6,500,000.00
Gross Revenue-$769,981.61
Expenses-$255,442.26
Net Operating Income-$514,539.35
Debt Service: $0.00 (No Mortgage)
Net Income Available for Cash Flow: $514,539.35
Once agreed upon, GLER intends to pay for the property pursuant to the issuance of a $6,500,000.00 Convertible Promissory Note, yielding 0.575% interest-only against assignment of rental income and leases, convertible into 14,000,000 shares of the common stock of GLER. Upon execution, the transaction is expected to close within 45 days thereafter pursuant to an escrow settlement procedure between all parties involved. The convertible promissory note shall be discounted into cash by "private equity" at the time of closing.
Also, through an assignment of purchase contract, the seller of the Sunrise Highway Office Building, located at, 381 Sunrise Highway, Lynbrook, New York 11563, has executed an agreement of sale and purchase, as a letter of intent was executed on, May 03, 2013.
Consequently, Mr. Meier (Mack) Frankel, recently added to the Global Earth Energy, Inc.'s Board of Directors, has skillfully entreated "an investment banker," and has secured an additional asset. The board continues to review all "strategic methods" to enhance value for "existing shareholders," and to conduct an exhaustive analysis of the "financial structure" of GLER, and perform a cursory analysis of the "capital structure" at the same time.
For more information contact, Mr. Sydney A. Harland or Mr. Meier (Mack) Frankel at 1-910-270-7749 and/or Rich Kaiser, YES INTERNATIONAL, Corporate Strategist, 757-306-6090-http://www.globalearthenergy.com/
This news release contains forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.