FARMINGTON HILLS, Mich., Sept. 16, 2008 (GLOBE NEWSWIRE) -- LBO Capital Corp. (Other OTC:LBOA), a Colorado corporation ("LBO Capital"), announced today its completed acquisition from Longborough Capital, PLC, a UK publicly listed company ("Longborough"), of two subsidiaries, Global Tech International, Inc. ("GTI") and Advanced Digital Components, Inc. ("ADCI"), Delaware corporations.
Under terms of a Definitive Agreement signed December 31, 2007, LBO Capital's Board of Directors, with approval of shareholders, authorized on April 3, 2008 issuance to Longborough of 18,000,000 "post-split new" shares of common stock to acquire 87% of the common stock of GTI and 86% of the common stock of ADCI. As a result of this transaction, LBO Capital has no long term debt and there presently are 20,112,530 shares of authorized, issued and outstanding common stock.
Longborough's Managing Director, Mario DiNello, commented, "I'm delighted the transaction is fully executed and we can now move ahead, commercializing exciting technologies of ADCI and GTI. LBO Capital holds a powerful basket of patents and intellectual property through subsidiaries, enhancing its commercial profile while providing investors and shareholders on both sides of the pond with a visible value of their investment."
Incorporated in 2003, GTI is a development stage entity, primarily engaged in developing, marketing and licensing plastics related intellectual property developed under 3DM/ENRT's systems for Powder Impression Molding ("PIM") and Blow Molding. Working with General Motors, Ford and Chrysler in the field of vehicle weight reduction by utilization of encapsulated lightweight composites, GTI is a member of USCAR.
Formed in 2003, ADCI is a development stage entity primarily engaged in advancement of its patented Magnetic Pressure Sensing ("MPS") system which monitors pressure inside each tire on a vehicle. GTI is developing its Surface Acoustic Wave ("SAW") patented technology, also a tire pressure sensor. Both ADCI and GTI focus on developing, marketing and licensing patented technologies. Further, ADCI works in the fields of on-board computer communications systems and telematics.
Longborough Capital, PLC was formed in 2003 in the UK with the aim of commercially exploiting new technologies with potential for global roll-out. www.longboroughcapital.net
CORPORATE PROFILE
LBO Capital Corp., founded in 1988, and its subsidiaries, Global Tech International, Inc. and Advanced Digital Components, Inc., strive to acquire proven and attractive intellectual property and technologies, and to capitalize on them through licensing arrangements with operating companies which recognize the benefit from access to these carefully selected assets of LBO Capital Corp. www.lboc.us
The statements included in this news release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1934, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's Securities and Exchange Commission filings, economic downturns affecting the operations of the Company or any of its business operations, adequate financing to achieve the new strategic plans, the impact of competition, the success of products in the marketplace and the unavailability of financing to complete management's overall plans and objectives. The forward-looking statements contained in this news release involve subjects only as of the date hereof and the Company disclaims any intent or obligation to update these forward-looking statements, except as required by law.