Global Gaming/Technology (OTC BB:GBTE.OB)
Market Capitalization $1.32M
Shares Outstanding 26.4M
Insider Ownership: 49%
GBTE = clean, compliant shell whose stated business plan is to reverse merge with another company. Big spread on bid/ask but market makers will come down on the ask given enough buying pressure. One of the last clean shells out there and has 26,000,000 shares outstanding. There was some talk a while back about bringing them to the attention of a web business wanting to go public, but I have not heard anything since then. New SEC requirement for shells to be fully compliant to become reverse merger eligible is a boon. Do your own DD, but worth a buy and hold, IMO.
Their last 10-K talked about acquisitions. Apparently the principal shareholders are willing to contribute their shares to make it happen. Almost all the liabilities are owed to the principal shareholders, so maybe they are motivated to make an acquisition/reverse merger happen.
"Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations:
Some of the principal shareholders of the Company have informally agreed to participate in the contribution of shares to the Company, which the Company will have available for acquisitions of assets of other businesses. With the exception of the program to make acquisitions through use of these shares, the Company has not yet formulated any specific financing arrangements." http://www.sec.gov/Archives/edgar/data/278165/0000278165-99-000005.txt
From post 2138 on the RB SHELL Board:
We are looking for a shell.
Here is the company, http://www.elinemusic.com/comingsoon/default.html
We have cash and an underwriter to do a 10m.
secondary just need a shell right now.
GBTE info was forwarded, but have no idea whether they looked at it or not....
From post 6 on the RB GBTE Board:
I called E-line music. It is true. The company is looking to go public on OTCBB. They have $10M under righting. The lady I spoke will would not confirm or deny the GBTE rumor. She also would not release the date the company will go public. She did say to watch for a PR release as the time approaches. I have set a limit order for 50,000 as .07. If the shell board is right, the MM will come down and pick it up if enough of us do this. If I don't get in at seven, I will buy at .12. Even .12 is a bargin. Good luck all.
--I talked with Coney Coplow at GBTE (2575 South Highland Drive Las Vegas, NV 89109 Phone: (702) 732-1414). She stated GBTE is actively pursuing a merger with other companies. She stated they are in verbal negotiations with other companies and nothing is on paper as of yet. She further stated they are looking to go into the same arena they are already in (Gaming). I also asked her about the pending law suites they have against Bally, Universal, Sega, and IGT. She stated they (GBTE) settled with Bally, Universal, and Sega, but that money is being used for court costs with IGT. I had heard rumor from the RB message boards that the law suit with IGT is $56M. I asked her to confirm the dollar amount and she stated she did not know the dollar amount, but knew it was “up there.”