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Los Angeles, California, Aug. 29, 2013 (GLOBE NEWSWIRE) -- Los Angeles, California, August 29, 2013 - Globalgroup Investment Holdings, Inc. (OTC: GIHI) announced today the Company received confirmation yesterday from FINRA that all the necessary documentation had been received to announce the spin-off of Sovereign Oil and to change the name of the Company to Embarr Downs.
On August 29, 2013, FINRA will announce the following information regarding the Spin-Off:
Spin Off; 1 Restricted share of Sovereign Oil Inc for every 50 shares held. Fractions rounded up.
Record Date: 8/31/2013
Payment Date: 9/3/2013
Daily List Announcement Date: 8/29/2013
On September 6, 2013, FINRA will announce the following information regarding the name change and ticker symbol change:
New Name: Embarr Downs, Inc.
New Symbol: EMBR
Daily List Announcement Date: 9/6/2013
Market Effective Date: 9/9/2013
The Company has received a number of new questions regarding a reverse split of the stock. The Company is currently focused on filing a Form 10 with the SEC. As a result, the Company has decided not to do a reverse split of the stock at this time. The Company's Board of Directors had previously decided to reevaluate this decision after the expected shareholder meeting in September; however, the Board has decided to do the reevaluation after the Form 10 is effective (which is expected to occur sometime in November 2013). The current officers and directors have been in their positions for less than 2 weeks and need more time to properly evaluate the Company and would prefer such evaluation to occur after the reverse merger is completed.
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.