TORRANCE, Calif., Feb. 22, 2011 (GLOBE NEWSWIRE) -- Global Energy Group, Inc. (Pink Sheets:GENG) announces today that it has filed necessary information to OTC Markets to effect Limited Information Reporting Tier for the publicly traded company. Global Energy Group, Inc. is currently under negotiations for new ownership as a holdings company with a business model focused on alternative and renewable energy development, production and distribution.
OTC Markets has implemented a strict information reporting system for non-reporting companies and rates them in accordance to transparency elements from Caveat Emptor to Current Information for OTC/pinksheet companies (), the Current Info tier being the highest with requirements including Initial Disclosure and Information statements, current share structure, current financials and an attorney letter verifying financial information submitted.
OTC Markets Inc is a privately owned company based in New York that provides a suite of products and services for the U.S. OTC securities market. The company operates electronic quotations, trading, messaging, and information platforms.
The company expects the new Tier status to effect in the next 1-2 days and company execs state that "this is the first step toward Current Information the company is making for overall collective benefit. We plan to make announcements regarding the overall business model toward acquisitions, revenue streams and overall business outlay in the coming days."
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
Global Energy Group, Inc CONTACT:
THE NUEMARK GROUP, LLC
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