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April 4, 2013 /PRNewswire/ -- Globalgroup Investment Holdings, Inc. (OTC Pink: GIHI) announced today that its subsidiary Sovereign Oil Inc. has successfully sold the Robbins lease located in
Linn County, KS. The sale was completed the last week in March.
The sale resulted in
$50,000 of debt being removed from Sovereign's books. This will allow the company to pursue further lease acquisitions in KS and TX. Sovereign has also been exploring O&G opportunities in OH.
Upon conclusion of Robbin's sale the company began an immediate search for new lease opportunities within
Linn counties in the KS area. GIHI's petroleum division expects improved annual financials from the KS sale of approximately
About Globalgroup Investment Holdings, Inc.Globalgroup provides a viable online shopping alternative for fiscally challenged consumers by offering quality name brand products at affordable prices, regardless of household income, through credit alternatives and time-payment options. Globalgroup also offers technology solutions such as
GlobalLOK™that address the computer payment collection challenges associated with rent to own, pay as you go and no-credit-check computer markets, and in other industries where remote PCs and laptops are deployed. Sovereign Oil, a wholly owned subsidiary, has its emphasis on oil and gas exploration, drilling, and well completion.
Notice Regarding Forward-Looking Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words or phrases "would be," "would allow," "intends to", "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
Contacts: Globalgroup Investment Holdings, Inc. Email: