RIDGEFIELD, Conn., Dec. 12, 2007 (PRIME NEWSWIRE) -- Global Matrechs, Inc. (Pink Sheets:GBMR) is pleased to provide this update on its most recent corporate developments.
As previously announced on October 16, 2007 we received an initial order from New York City's Triborough Bridge and Tunnel Authority. The Company is proud to report that the order has been shipped this month and successfully completed by our application partner Phazer, Inc. Due to the complete success of this application, the MTA will put the product on their bid list for the rest of the building which represents approximately 30,000 square feet. The Company anticipates that this job will bid in the first quarter 2008. Please refer to the corporate website at www.globalmatrechs.com for photographs of the completed project.
On December 10, 2007 our sales Agent for NuCap(tm) in the EC and the RF independently released an update. With reference to their comments on NuCap(tm) Michael Sheppard stated, "We have received numerous inquiries from our shareholders as to the meaning of this update. We agree that their statements are confusing at best. Global Matrechs, Inc. has an agreement to sublicense NuCap(tm) to NNRF, Inc. formerly Nucon. We met with the NNRF personnel at our manufacturing partner, Dow Corning's facility in Wiesbaden, Germany twice in October and November. We had some fruitful meetings and demonstrations. These meetings followed an order from NNRF for a 1000kg of NuCap(tm), which was announced on November 13, 2007 and is currently prepared for shipment. We had asked our Dow contact to extend their courtesy and assist the NNRF personnel at a demonstration in Germany in November and it was reported to have been conducted successfully. Dow has had no further scientific contact with NNRF. Dow Corning has been producing NuCap(tm) exclusively for Global Matrechs for over two years and has delivered many commercial orders for the Company. The one application NNRF is referring to is very unique and specialized. We are continuing in our research to develop some possible applications that may assist them with the success of this project. If there is a change in developments on this project it will be exclusively for this application or ones similar to it done by NNRF, not Global or Dow Corning, and our loyal shareholders will be updated by our company in a timely manner."
Our latest Issued and Outstanding shares are approximately 316,000,000.
Safe Harbor: Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of Global Matrechs, Inc. officials during presentations are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, or which include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "hopes," "seeks," or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act. Some of the factors that could significantly impact these forward-looking statements in this press release include, but are not limited to: insufficient cash flow to continue to fund the development and marketing of the Company's products and technologies; the failure of the Company's products and technologies to become commercially marketable; the loss of key personnel; changes in financial markets and general economic conditions; and, disputes as to the Company's intellectual property rights, including the Company's rights to the technologies that it licenses from Eurotech, Ltd. Forward-looking statements are based upon current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about Global Matrechs, its licenses, products, economic and market factors and the sectors in which Global Matrechs does business, among other things. These statements are not guarantees of future performance and Global Matrechs has no specific intention to update these statements. More detailed information about those factors is contained in Global Matrechs's filings with the Securities and Exchange Commission.