Financial Press Releases
Financial Press Releases

Global Realty Development Corp. to Acquire The TFM Group; Company Launches Television, Film & Music Production Division

July 06, 2006 | Press Release

CORAL SPRINGS, Fla., Jul 06, 2006 -- Global Realty Development Corp. (GRLY, Trade), today announced that it has executed a Share Exchange Agreement to acquire the TFM Group, ( "TFM" ) a joint venture of 5 Star Entertainment, Inc. of Chicago, Il., and Creative Licensing, Inc. of Agoura Hills, CA., for consideration consisting $2.5 million USD in cash, the guarantee of an additional $7 million in employment agreements over a five year period, and the issuance of 4,000,000 shares of restricted stock of Global Realty. Additionally, upon completion of the acquisition, Global Realty is expected to grant one board seat to TFM. The completion of the acquisition is subject to board approval and other predetermined customary conditions to closing,

Through the acquisition of TFM, Global is expected to acquire 100% of the rights to their Latin entertainment catalog, following which it intends to launch a new Television, Film and Music production division that will encompass various entertainment programs around the world. Existing seasoned entertainment executives of TFM will manage the new subsidiary for Global Realty.

Roy A. Sciacca, President of Creative Licensing Inc., stated, "Our group is thrilled and excited to partner with Global Realty. Our goal is to launch a worldwide entertainment division consisting of unique and original television, music and film productions, and we believe that Global Realty's goals are synergistic with ours. We have been working very closely with Global Realty for the past three months and find their focus, energy and contacts on a worldwide basis to be extremely beneficial to the successful implementation of our joint business plans. Furthermore, our goal is to become a very profitable and successful business enterprise for Global Realty. We believe that together we will be able to produce many more projects than we ever could on our own."

Commenting further, Mr. Sciacca stated "Our initial project "Recreating A Legend " will be the launch of the first ever "World Cup Style Music Television" reality show, creating a true international competition. This competition is expected to span three continents and be a fierce showdown during the 13 episodes that are anticipated to be produced. Nations will vie for the top coveted spot. We believe that our SMS text message component will be the first ever to span a world wide multi-carrier voting campaign. The final winner will become the newest member of the international music sensation; Los Ultimos Heroes (the Ultimate Menudo Generation). TFM is currently entertaining numerous offers from major television networks around the globe for distribution of "Recreating A Legend". The fall of 2007 will reveal the newest member of the Latin music sensation, Los Ultimos Heroes, which we hope will spawn a new CD, world tour and a global merchandising campaign that will make history. We believe that the importance of creating our distinctive brand is the key driver that will fuel our unique and enduring entertainment and marketing ventures"

Robert Kohn, Chairman and CEO of Global stated, "We are delighted to have the opportunity to partner with such an extremely experienced group of entertainment entrepreneurs, and we believe that this acquisition will provide us with the opportunity to launch our television, film and music group division with some of the most exciting worldwide content I have ever seen."

About Global Realty Development Corp.

Global Realty Development Corp. is an international land development company operating through various real estate development subsidiaries. The Company is primarily engaged in the acquisition and development of real estate in Australia, and is pursuing projects in the United States, South America and the Far East. Global intends to focus its future on the entertainment and gaming industries.

Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of GLOBAL officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future GLOBAL actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and GLOBAL has no specific intention to update these statements.

« back to news list

Financial Press Releases Archive: 2008 | 2007 | 2006 | View All