MONTCLAIR, N.J., March 10, 2005 (PRIMEZONE) -- Global Concepts, Ltd. (OTCBB:GCCP) announced today that it modified its relationship with Cornell Capital Partners on January 26, 2005. On that date, the existing debt and an additional $500,000 loan were combined into a $1.5MM promissory note. Global Concepts is required to make monthly payments of $250,000 on the note commencing on August 26, 2005. If Global Concepts defaults in making those payments, Cornell Capital Partners may convert the principal and interest on the note into Global Concepts common stock.
Global Concepts has not issued any common stock to Cornell Capital Partners other than 4,242,424 restricted shares that were issued in November 2004. The Registration Statement on Form SB-2 that Global Concepts filed in December 2004 to permit Cornell Capital Partners to sell Global Concepts shares to the public was withdrawn on February 1, 2005.
For further information contact Ed Rodriguez at 973-233-1233.
The information in this Press Release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will provide to be correct. Factors that could cause results to differ include, but are not limited to successful performances of internal plans, the impact of competitors, and general economic risks and uncertainties.