LAS VEGAS, NEVADA--(Marketwire -10/03/11)- GolfGear International, Inc. (PINK SHEETS: GEAR) announces that it has cancelled 1,000,394,000 Common shares and 50,000 Preferred shares through voluntary stock cancellations. These cancellations have significantly reduced the Company's Issued and Outstanding stock.
Dale Geck, President of GolfGear International stated, "The reduction of over one billion shares of the Company's Issued and Outstanding stock should reassure shareholders that the Company is serious about its commitment to its shareholders. Major shareholders have been asked to participate in voluntary share cancellations in order to increase stock value. We are extremely pleased with the response to this program thus far. Management emphasizes that no reverse stock split is anticipated. The Company will continue to seek opportunities to reduce the Company's Issued and Outstanding stock in order to add value to the Company and build shareholder confidence."
Due to the Company's change in business direction from golf equipment to gold and silver mining and processing, Management has proposed a change in the name of the Company from GolfGear International, Inc. to GEAR International, Inc. Management feels that the name, GEAR International, Inc., better reflects the Company's new business focus and will eliminate confusion in the market. The Board of Directors has given its approval for this name change subject to necessary due diligence and legal advice. The Board anticipates a formal announcement to be forthcoming upon final approval.
The Company has recently announced the execution of a joint venture agreement with Mission Holdings, LLC for placing into production the Silver Cord Mine in Arizona, a historically producing silver and gold mine with over 900 feet of existing tunnels. GolfGear plans to process gold and silver extracted from the Silver Cord utilizing an efficient environmental extraction and refining technology under a licensing agreement with EnviroXtract, Inc. (PINK SHEETS: EVXA). GolfGear anticipates further announcements regarding additional gold and silver mining and processing opportunities to be forthcoming.
About GolfGear International, Inc.:
GolfGear International, Inc. was originally incorporated in 1996 as a golf equipment company. The Company has recently altered its business strategy to include gold and silver mining, providing financing for gold and silver mining projects, and precious metals processing and refining.
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GolfGear International, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.