GolfGear International, Inc. Announces Stock Reductions and Proposes Company Name Change to GEAR International, Inc.
October 03 2011 - 2:20PM
Marketwired
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.
Safe Harbor
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.
Contacts: GolfGear International, Inc. Dale Geck President - CEO
1-888-550-7067Info@gearii.com
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