Globalgroup Investment Holdings Announces FINRA Announcement Dates For Spin-Off And Name Change

Los Angeles, California, Aug. 29, 2013 (GLOBE NEWSWIRE) -- Los Angeles, California, August 29, 2013 - GlobalgroupInvestment Holdings, Inc. (OTC: GIHI) announced today the Companyreceived confirmation yesterday from FINRA that all the necessarydocumentation had been received to announce the spin-off ofSovereign Oil and to change the name of the Company to EmbarrDowns.

On August 29, 2013, FINRA will announce thefollowing information regarding the Spin-Off:
  • Spin Off; 1 Restricted share of Sovereign Oil Inc for every 50shares 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 announcethe following information regarding the name change and tickersymbol 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 newquestions regarding a reverse split of the stock.  The Companyis currently focused on filing a Form 10 with the SEC.  As aresult, the Company has decided not to do a reverse split of thestock at this time.  The Company's Board of Directors hadpreviously decided to reevaluate this decision after the expectedshareholder meeting in September; however, the Board has decided todo the reevaluation after the Form 10 is effective (which isexpected to occur sometime in November 2013).  The currentofficers and directors have been in their positions for less than 2weeks and need more time to properly evaluate the Company and wouldprefer such evaluation to occur after the reverse merger iscompleted.

About Embarr Downs

Embarr Downs is engaged in the buying, sellingand racing of thoroughbreds.  The Company's focus is acquiringthoroughbreds that can race in the allowance and stakes level ofthoroughbred racing; however, the Company initially is focusing onacquiring thoroughbreds in the claiming level of thoroughbredracing.  

Owning a racehorse can be one of the mostexciting experiences of a person's life. Embarr Downs offers thethrills and gratification of the Sport of Kings to the Company'sshareholders without them having to purchase and maintain athoroughbred on their own. With Embarr Downs managing theacquisition and the day-to-day operations of and care for thecompany's thoroughbreds, the shareholders only need to collectivelycheer our horses on to victory.  In the coming week theCompany will provide additional information on its thoroughbredoperations.

About Globalgroup InvestmentHoldings.  The Company is engaged in the buying,selling and racing of thoroughbreds.  The Company's focus isacquiring thoroughbreds that can race in the allowance and stakeslevel of thoroughbred racing; however, the Company will initiallybegin acquiring thoroughbreds in the claiming level of thoroughbredracing.  More information can be found at www.gihi.info.

Notice Regarding Forward-LookingStatements in this press release which are not purelyhistorical are forward-looking statements and include anystatements regarding beliefs, plans, expectations or intentionsregarding the future. Actual results could differ from thoseprojected in any forward-looking statements due to numerousfactors. These forward-looking statements are made as of the dateof this news release, and we assume no obligation to update theforward-looking statements, or to update the reasons why actualresults could differ from those projected in the forward-lookingstatements. Although we believe that any beliefs, plans,expectations and intentions contained in this press release arereasonable, there can be no assurance that any such beliefs, plans,expectations or intentions will prove to be accurate. Investorsshould consult all of the information set forth herein and shouldalso refer to the risk factors disclosure outlined in our annualand interim reports at www.embarrdowns.com.
CONTACT: Contacts:         Globalgroup Investment Holdings, Inc.         Joseph Wade         (949) 461-1471         info@embarrdowns.com         www.embarrdowns.com

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