JSC Globotek Signs Binding Letter of Intent for a Reverse Merger With Caribbean Villa Catering Corp.
NEW YORK, NY--(Marketwire - June 15, 2009) - JSC Globotek ("Globotek"), a Russian joint
stock company in the energy reclamation business, announced today that it
has signed a binding letter of intent (LOI) which contemplates a reverse
merger with Caribbean Villa Catering Corp. (OTCBB: CVCC), a Nevada
corporation. Globotek has recently engaged Russian Retail Services, LLC's
US-based division, Strategic Capitalization Group, to manage and oversee
the process of going public in the United States and to assist Globotek
with the expansion of their global enterprise.
Under the terms of the LOI, Caribbean Villa Catering Corp. (OTCBB: CVCC)
would acquire all of the outstanding shares of common stock of Globotek in
exchange for shares of Caribbean Villa Catering Corp. (OTCBB: CVCC)
pursuant to the contemplated merger /exchange agreement. Following the
closing of the anticipated merger/exchange, Globotek would emerge as the
surviving company with a name and ticker symbol change to follow.
The merger/exchange is subject to a number of conditions, including the
execution of a definitive merger/exchange agreement, stockholder approval,
the completion of financing arrangements between the two parties, and
further due diligence.
Commenting on the potential merger/exchange, Dmitry Lukin, the CEO of
Globotek, stated: "After significantly growing our Russia based business
over the past few years, I strongly believe that the next logical step in
our corporate development is having our stock quoted for sale in a public
market in the United States. The greater access to capital and overall
visibility afforded by operating as a publicly-traded organization should
play an instrumental role in our ability to expand both through acquisition
and the organic growth of our existing business."
Mr. Lukin concluded, "With the guidance of Strategic Capitalization Group,
and our initial independent due diligence review we believe that a reverse
merger with Caribbean Villa Catering Corp. (OTCBB: CVCC) represents a solid
opportunity to take Globotek to an international level. I look forward to
updating our stockholders on our progress with regard to pursuing this
agreement in the very near future."
About JSC Globotek
Globotek is the developer and owner of a unique technology for the
processing of Associated Petroleum Gas (APG) or Natural Casing Head Gas
(NCHG) that is carried out at the drilling field by a Modular Mobile
Structure. Globoteks process involves the use of block-modular mobile
complexes that each contains mini gas processing units. Globotek presently
supplies only the Russian market but its product can be utilized wherever
APG is flared. The amount of flared gas in Russia alone is equivalent to
fifty million tons of oil per year and the flaring has far reaching effects
on the environment, public health and the economy.
About Strategic Capitalization Group
Strategic Capitalization Group, a New York based entity operating as a
division of Russian Retail Services LLC., is in the business of bringing
prominent and profitable Russian private companies public in the United
States via reverse merger. They provide each of their Russian entity
clients with comprehensive advisory services that include identifying an
appropriate public vehicle, bringing on securities counsel and independent
auditors, assisting in securing lines of credit as needed, hiring
professionals as required, as well as other valuable services. For further
information about Strategic Capitalization Group, you may visit
www.worldscg.com.
Forward-Looking Statements
This release contains forward-looking statements, including, without
limitation, statements concerning our business and possible or assumed
future results of operations. Our actual results could differ materially
from those anticipated in the forward-looking statements for many reasons
including: our ability to continue as a going concern, adverse economic
changes affecting markets we serve; competition in our markets and industry
segments; our timing and the profitability of entering new markets; greater
than expected costs, customer acceptance of our products or difficulties
related to our integration of the businesses we may acquire; and other
risks and uncertainties as may be detailed from time to time in our public
announcements and SEC filings. Although we believe the expectations
reflected in the forward-looking statements are reasonable, they relate
only to events as of the date on which the statements are made, and our
future results, levels of activity, performance or achievements may not
meet these expectations. We do not intend to update any of the
forward-looking statements after the date of this document to conform these
statements to actual results or to changes in our expectations, except as
required by law. There is no assurance that a definitive agreement will be
completed.