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
- New Name: Embarr Downs, Inc.
- New Symbol: EMBR
- Daily List Announcement Date: 9/6/2013
- Market Effective Date: 9/9/2013