An investment group led by Zarvic Brothers is asking GEI Global Chairman and Company CEO Dr. K. Joel Berry to step down from his position with the company.
New York, NY, May 6, 2015 (Newswire.com) - Zarvic Brothers feels GEI Global is on a downward out of control spiral that needs leadership, direction, and accountability to shareholders now.
Zarvic Brothers Mr. Stirpe said "investors have found ourselves in a terrible situation, but the complete disregard for the lack of accountability at GEI Global is some of the most blatant we have seen. We have encountered a situation where we believe we should not even have to run a proxy fight to change the board composition. Rather, we believe that in any sane business environment director(s) would and should simply resign immediately from GEI Global, either out of pure decency or sheer embarrassment at the public exposure at the lack of accountability".
Zero Revenues, Over $2 million in liabilities, Over $5 million in net loss, and, Earnings Growth last year -1,769.83%
Zarvic Brothers Mr. N. Stirpe
the company had 142 million outstanding common shares. However, the company's OTC Markets page currently lists an outstanding share number of 379 million as of September 10. This practically means that in just one month the company managed to dilute its stock by just over 150%.
In 2014 GEI Global issued toxic convertible notes that convert into common stock at various prices, ranging from a percentile discount from an averaged lowest price prior to conversion, to the absolute bottom at $0.0001 per share. The note that converts at $0.0001 was for $9,500. The conversion of that note alone would equal the issuing of 95 MILLION new GEI Global shares that the note holder could dump at will.
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This report includes statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties. Forward-looking statements are identified by words such as "anticipates," "projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events.
Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, the frequency, magnitude and timing of paper and other raw-material-price changes, general business and economic conditions beyond the Company's control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace including the ability to attract and retain customers, results of continuous improvement and other cost-containment strategies, and the Company's success in attracting and retaining key personnel. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information, since these statements may no longer be accurate or timely.
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