Global Technologies Secures Interim JV with Forcara, Adding $12,500 Monthly Fee and 50/50 Profit Split
Summary
Global Technologies has entered into a binding Letter of Intent for an interim joint venture with Forcara, which includes an immediate $12,500 monthly management fee and a 50/50 profit split. This follows the 8-K filed just prior to this news, and comes after recent disclosures of significant revenue decline, a going concern warning, and ineffective internal controls. The $150,000 annual fee and potential profit share represent a material new revenue stream for a company with a market capitalization under $1.5 million. The parties plan to negotiate a definitive transaction, but completion is not assured.
At the time of this announcement, GTLL was trading at $0.00 on OTC in the Technology sector, with a market capitalization of approximately $1.5M. The 52-week trading range was $0.00 to $0.00. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Wiseek News.