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Company Strengthens Balance Sheet
ST. PETERSBURG, FL, Feb. 19, 2021 (GLOBE NEWSWIRE) -- Global Technologies, Ltd (OTC Pink: GTLL), a holding corporation, which through its subsidiaries, has operations engaged in the online sales of CBD and hemp related products, the acquisition of intellectual property in the safety and security space and as a portal for entrepreneurs to provide immediate access to live shopping, e-commerce, product placement in brick and mortar retail outlets and logistics is pleased to provide shareholders an overview of its current operations.
The Company’s current operations are centered around its two wholly owned subsidiaries, Markets on Main, LLC and HMNRTH, LLC.
Markets on Main (“MOM”) provides services to its clients inclusive of: inventory management, brand management, fulfillment and drop-ship capabilities, retail distribution and customer service. In September of 2020, the Company announced that MOM was approved as a product and dropship vendor for one of the largest live home shopping networks in the country. The approval allows MOM to begin facilitating the fulfillment of packaging and shipping of certain products sold on live airings and through third party websites. In November of 2020, MOM entered into a non-exclusive Platform License Agreement with Honey Badger Media, whereby Honey Badger was granted access to utilize the Platform, fulfillment opportunities and MOM’s related technologies.
HMNRTH, LLC operates as an online store selling a variety of hemp and CBD related products. The Company’s business model is to bridge the gap between the lifestyle and knowledge components within the cannabis industry. The Company’s goal is to educate every consumer while cultivating an experience by providing quality products, branded cutting-edge content, and diversified product lines for any purpose. Most importantly, we want our clients to discover their inner HMN, redefine their inner HMN and Empower their inner HMN. The Company is in the process of developing two new CBD formulas to bring new product to its ecommerce site.
The Company maintains a twenty five percent ownership in Global Clean Solutions, LLC (“Global Clean”). Global Clean was founded as a special purpose entity in the Personal Protective Equipment Industry during the initial stages of the pandemic in 2020. The Company began realizing income from its investment in Global Clean during Q4 2020 (the Company’s Q2 2021)
The Company is in the preliminary stages of reviewing additional business combinations and acquisitions. As the discussions progress, the Company will keep shareholders informed.
Over the past 60 days, the Company has worked to strength its balance sheet by reducing its accounts payable by $500,000, reducing the outstanding principal due on a note payable to a third party by over $400,000 and retiring another note payable in the amount of $20,000. Neither the note reduction nor the note retirement required any issuance of common stock, thus no dilution involved.
About Global Technologies, Ltd:
Global Technologies, Ltd, based in St. Petersburg, FL, is a holding corporation, which through its subsidiaries, has operations engaged in the online sales of CBD and hemp related products, the acquisition of intellectual property in the safety and security space and as a portal for entrepreneurs to provide immediate access to live shopping, e-commerce, product placement in brick and mortar retail outlets and logistics. For further information, please visit the Company’s website at https://globaltechnologiesltd.info/.
Forward Looking Statements and Disclaimer
Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations.
Global Technologies, Ltd