Science & Technology
Science and Technology
Science and Technology
Wed, February 1, 2012
GuangZhou Global Telecom Back on Track -- TALLAHASSEE, Fla., Feb. 1, 2012 /PRNewswire/ --
GuangZhou Global Telecom Back on Track
GZGT satisfies settlement with Enable Growth Partners
TALLAHASSEE, Fla., Feb. 1, 2012 /PRNewswire/ -- GuangZhou Global Telecom (OTC BB: GZGT) is pleased to announce that the company, as of November 23, 2011, has officially satisfied its settlement with their equity partner, Enable Growth Partners. The settlement with an Index No. 104262-2010, in the Supreme Court of the State of New York, required GuangZhou Telecom to pay $1,415,306.16 to Enable. Overcoming this hurdle now allows GZGT to move forward with company operations and its future plans to expand within the telecom business of China.
GuangZhou's primary business is the sale of international pre-paid calling cards and the distribution of mobile handheld-devices in certain cities of the People's Republic of China. GZGT, while being committed to mobile communications services, is also involved in other sectors such as the mobile telecommunications business cards marketing, research and development of electronic technology, computer technology, environmental protection and software technology, telecommunications projects and investment planning. They also focus on asset restructuring of the telecommunications industry, communication equipment, computer network technology development, design, sales and maintenance. Major partners of GZGT include China Mobile, China Telecom and China Unicom.
GuangZhou Global Telecom's CEO, Ms. Yankuan Li, signed a long term contract with First Wall Street Capital International and its CEO, Glenn Myles. FWS has been responsible for over $15 Billion in closings, with its major focus on real estate, oil, gas and alternative energy. Notable deals include the refinance of the Canary Wharf, construction of the Hard Rock Biloxi Casino/Hotel, acquisition of the original retail giant TSS Seedman's with the Pritzker family and Fox Studios with Marvin Davis Companies. First Wall Street Capital will be providing advisory and consulting services including investor relations to GuangZhou Global.
GuangZhou Global Telecom is a publicly traded company on the OTC BB with a symbol of GZGT. As of Tuesday, January 24, 2012, the company had 149,500,000 shares outstanding and a market cap of $717,500.
Contact: Kunal Kohli, 516-707-2589
SOURCE GuangZhou Global Telecom
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