SAN DIEGO, March 22, 2004 (PRIMEZONE) -- Global Medical Products Holdings, Inc. (Pink Sheets:GMDP) announced today that it has entered into a "Stock Acquisition-Distribution Agreement" with Sunrise Media Group, Inc. ("SMG") of Santa Monica, CA. This agreement, similar to the previously announced agreements with Redwood Securities Group, Inc. and GlobeLink Capital, Inc., involves the issuing of a special dividend to Global Medical Products Holdings, Inc. shareholders. The Agreement calls for the issuance of 25% of the issued and outstanding shares of "SMG" or 5 million shares to be distributed to Global Medical Products Holdings, Inc. shareholders of record of April 16, 2004 with a distribution date of July 16, 2004. The Agreement may be viewed as an attachment to the Form 8-K filed with the Securities and Exchange Commission on March 22, 2004.
Sunrise Media Group is a privately held Nevada Corporation whose business is maintaining a media library for rent consisting of 125 public domain feature films (1930-1975) and 1,213 Television Hours in different stages of development. An independent present fair market valuation for these media has been established at $777,415.
On March 11, 2004, Global Medical Products Holdings, Inc. successfully concluded the last remaining tie to the Company's former CEO Charles Kallmann. The Company appeared in the U.S. District Court, Northern District of Illinois (Chicago), where it successfully defended a lawsuit (Goulding Trust, et al v. 37Point9, et al, Case No. 02-CV-8727), initially for $1.2 million brought against the Company in 2002. The Company had entered into verbal settlement agreement in July, 2003 for $45,000. The Plaintiff in the case subsequently filed to be paid in common stock of the Company, the value of which would have been in excess of $400,000. The Court ruled in favor of the Company and stated that upon payment of interest due on the second payment of $22,700, the case would be dismissed. The payment with interest was tendered on March 11th and the Court dismissed the case with prejudice on March 12, 2004.
About Global Medical Products Holdings, Inc.
Global Medical Products Holdings, Inc. is a U.S. based technology company specializing in the development, manufacture, and distribution of cardiovascular and body fluid-related products for the growing worldwide medical market. Global Medical Products Holdings, Inc. focuses 50% of its revenue base in China and 50% in North America and Europe. China represents some 1.3 billion people, twice the population size of North America. It is the only world market leader that has enjoyed an eight percent annual growth in its Gross National Product in recent years and should continue to do so through 2010.
The Company maintains a public web site at www.globalmedprod.com and through an affiliate has an exclusive agreement with China's Ministry of Information Industry.