Globetech Environmental, Inc. Announces Signing of China Letter of Intent, Logmed Machine Sales Update, 10QSB Filing, BSE/Prion Update
Business Wire "US Press Releases "
CALGARY, Alberta--(BUSINESS WIRE)--
Globetech (OTCBB:GENV) CEO, D. Sampson is pleased to announce that the Company has signed a Confidentiality Agreement & Letter of Intent with Sumstar Group Corp ("Sumstar") of Beijing China. Sumstar will act as Globetech's exclusive agent for marketing Logmed machines and related technology to the People's Republic of China. The Letter of Intent also contemplates manufacturing Logmed machines in China under a yet-to-be negotiated manufacturing license, and establishing a joint venture company with Sumstar as partner to pursue Logmed project opportunities in China. Sumstar has indicated that the Chinese government will construct 616 medical waste treatment facilities within China over the next five years. Meetings are being scheduled in China in December for closing of formal agreements.
The Company has also sold a refurbished Logmed machine to a client in Romania for cash. The Logmed I will be delivered to Romania within the next two weeks.
The initial machine sold to a client in France is under construction and is scheduled to be delivered at the end of January.
The Company has filed its 10QSB for the six months ended June 30, 2006 and anticipates being returned to the Bulletin Board in due course.
Globetech has applied to Alberta Ingenuity for government grants relating to the destruction of Prions (proteins known to cause mad-cow disease -BSE- and similar wasting diseases). Globetech intends to test and obtain regulatory approval for using Logmed machines to safely treat slaughterhouse wastes. The Company's grant application can be viewed on the website.
The Company will be attending the World Medical Fair in Dusseldorf Germany this month and will have a full booth display attended by all of our sales agents and CEO Don Sampson.
For more information on Globetech Environmental, Inc., please visit our website at www.globetechenv.com or contact Don Sampson or Theodor Hennig at 403-261-2929 or email us at Globetech*shaw.ca. For more information on Logmed see the website www.Logmed.de.
Statements in this press release regarding the company's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. The company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1994, and as such, speak only as of the date made. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in the Company's Form 10-KSB for the year ended December 31, 2005.
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