GolfGear International, Inc. Announces Additional Stock Reductions and Pursues Company Name Change to GEAR, International, Inc.
October 13 2011 - 10:00AM
Marketwired
GolfGear International, Inc. (PINK SHEETS:GEAR) announces that it
has cancelled an additional 415,000,000 Common shares through
voluntary stock cancellations. These cancellations, in conjunction
with the recent cancellation of over one billion shares, have
reduced the Company's issued and outstanding stock from a previous
total of 1,660,593,683 shares to a balance of 245,199,683
shares.
Dale Geck, President of GolfGear International, remarked, "Over
the past several weeks, Management has successfully reduced the
Company's issued and outstanding stock by 1,415,394,000 shares
through a voluntary share cancellation program. These remarkable
reductions should assure shareholders that the Company is serious
about its commitment to increase stock value on behalf of its
shareholders. Additional opportunities for stock reductions
continue to be pursued. Management emphasizes again that no reverse
stock split is anticipated."
The Board of Directors has recently approved 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 Company has
referred this matter to its legal counsel for review and 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 Mine 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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