WILMINGTON, NC -- (Marketwire) -- 05/19/11 -- In the news release, 'Pacific Coast Plaza Inc. Executes Letter of Intent to Purchase 3.6 Million Metric Tons of Coal Valued at Over $300 Million From Global Earth Energy & Modern Coal JV,' issued earlier today by Global Earth Energy Inc. (OTCQB: GLER), we are advised by the company that numerous wording changes have been made to the headline and first and second paragraphs. Complete corrected text follows.
Pacific Coast Plaza Inc. Has Issued a Letter of Intent to Purchase a Potential 3.6 Million Metric Tons of Coal Valued at Over $300 Million From Global Earth Energy & Modern Coal JV
WILMINGTON, NC -- May 19, 2011 -- Global Earth Energy, Inc. (OTCQB: GLER) (OTCBB: GLER) and its joint venture partner Modern Coal, LLC are pleased to announce that Pacific Coast Plaza Inc. has issued a Letter of Intent to purchase 100,000 metric tons of coal for one month, with one 36-month renewal option subject to the execution of a satisfactory purchase agreement setting out all of the terms and conditions of the proposed purchase of the coal. The price of the coal is expected to be approximately $85 per metric ton potentially valuing the deal at over $300 million. The current plan is to have the coal loaded on barges from a suitable port yet to be determined.
Syd Harland, CEO of Global Earth Energy, commented, 'We are extremely excited to have developed this relationship with Pacific Coast Plaza Inc. and are looking forward towards a long term, prosperous relationship. Due to this new Letter of Intent, GLER will be looking to raise additional capital to purchase other coal sites in the area.'
About Modern Coal
Modern Coal is primarily an oil and gas company located in Midland, Texas. Brad Lamar is the CEO, with Hershiel Hayden and Thomas J. Sawarynski as his primary consultants. Together they have over 80 years of coal and energy experience.
About Global Earth Energy Inc.
Global Earth Energy Inc. provides renewable energy solutions. In addition, the Company is pursuing joint venture agreements with green solution providers worldwide.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words 'believes,' 'expects,' 'anticipates' or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. Certain risks are detailed in the Company's Form 10-K and other periodic filings with the Securities Exchange Commission at www.sec.gov. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Sydney A. Harland
Global Earth Energy
Modern Coal, LLC
5411 Ridgemont Court
Midland, Texas 79707-9115