|PPBL News Premiere Opportunities Group, Inc. Signs Letter of Intent to Acquire Global Products Holdings, Inc. |
2012-03-15 09:00 ET - News Release
TOTOWA, NJ -- (MARKET WIRE) -- 03/15/12
Premiere Opportunities Group, Inc. (OTCQB: PPBL) (OTCBB: PPBL) has signed a Letter of Intent to acquire Global Products Holdings, Inc. ("Global") in a reverse merger transaction. Global is a fully integrated design, apparel and manufacturing company based in NYC and also is the owner of 25 retail stores in South Korea with plans of expanding its store base in both South Korea and Mainland China.
Global owns several brands such as Cyn and Luca (www.cynandluca.com), its swimwear line, which is distributed through Macy's, Bloomingdale's and several other retail outlets throughout the USA. Global's plans are to debut several of its proprietary brands in 2012 through its existing relationships with major retailers throughout the USA and Asia.
Global Products had combined sales of over $10,000,000 for 2011 and was cash flow positive for the year ending 2012.
Chris H. Giordano, Premiere's Co-Chairman, stated, "We are in the late stages of our due diligence and although there can be no assurances of a successful closing, we should be completed with our findings within the next few weeks. If our findings are very favorable it is our anticipation to close the intended acquisition within approximately sixty days.
"If we are successful in closing the business combination with Global it is our intent that our shareholders continue to own their respective shares in Premiere Opportunities Group ("POG") as well as their shares in Global by making POG a standalone public entity subsequent to the merger in order to fully carry out our original plan of advising small companies on their corporate needs and goals."