|LAGUNA HILLS, Calif., Aug 11, 2003 /PRNewswire-FirstCall via COMTEX/ -- Global|
Medical Products Holdings, Inc. (OTC: GMDP) announced today that the last legal
proceeding against the Company has been settled and that it has made its first
payment in the settlement of the Goulding Trust v. 37Point9 (Global Medical
Products Holdings, Inc.) legal action. The second and final payment is scheduled
for November 15th.
The Company, as previously announced, is in final negotiations on a funding
package that will provide for the acquisition of a building in the southern
United States using existing preferred stock. The building, a modern 80,000
square foot structure, is located in a regional corridor of manufacturing and
industrial facilities and will be used for EZ Trac Labs, manufacturing and
office space. Additionally, the funding will allow the Company to effect the
acquisitions of Shanghai Ecom and Global Glass Source as well as fund the
manufacturing of certain patented technologies that the Company is licensing.
Doug Brown, President of Global Medical Products Holdings, Inc., stated that the
efforts to remove the stigma of previous management is finally coming to
reality. "We have worked hard to turn this Company from a 'shell' corporation
into a viable revenue generating, operating entity. The addition of EZ Trac Labs
in January has already begun the revenue process. With the completion of the
funding and subsequent effecting of the acquisitions, the Company will have an
approximate book value of $0.10 per share. This is an enormous turn-around from
the Company's position of 18 months ago," Brown stated.
Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements"
as defined in the Private Securities Litigation Reform Act of 1995 may be
included in this news release. These statements relate to future events or our
future financial performance. These statements are only predictions and may
differ materially from actual future results or events. Global Medical Products
Holdings, Inc. disclaims any intention or obligation to revise any
forward-looking statements whether as a result of new information, future
developments or otherwise. There are important risk factors that could cause
actual results to differ from those contained in forward-looking statements,
including, but not limited to risks associated with changes in general economic
and business conditions, actions of our competitors, the extent to which we are
able to develop new services and markets for our services, the time and expense
involved in such development activities, the level of demand and market
acceptance of our services and changes in our business strategies.
For further information, please contact Doug Brown of Global Medical Products
Holdings, Inc., +1-888-420-4042.
SOURCE Global Medical Products Holdings, Inc.
CONTACT: Doug Brown of Global Medical Products Holdings, Inc.,