Los Angeles, California, Aug. 23, 2013 (GLOBE NEWSWIRE) -- Globalgroup Investment Holdings, Inc. (OTC: GIHI) announced today it has filed documents with FINRA to complete the acquisition of Embarr Downs of California and to Spin-Off Sovereign Oil.
Shareholders of record as of August 31, 2013 shall receive one share of Sovereign Oil for each 50 shares of Globalgroup Investment Holdings stock. The Company expects to complete the distribution of the shares of Sovereign Oil by September 14, 2013; but, no later than September 30, 2013.
Additionally, the Company has modified the terms of the acquisition of Embarr Downs of California. Under the new terms, the shareholders of Embarr Downs of California will receive a total of 1,920,000,000 shares of Common Stock and 5,000,000 shares of Preferred Stock. This reduces the amount of Common Stock to be issued from 6,000,000,000 to 1,920,000,000.
The Company has also filed documents to change the Company's name to Embarr Downs and change the Company's ticker symbol.
We have been asked about the possibility of a reverse split of the stock. The Company has decided not to do a reverse split of the stock; however, the Company's Board of Directors will reevaluate this decision after the expected shareholder meeting in September.
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.embarrdowns.com.
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.