MISSION VIEJO, Calif., May 12, 2015 (GLOBE NEWSWIRE) -- Global Future City Holding, Inc. (OTCQB:FTCY) (the "Company") announced that it filed a Form S-1 Registration Statement under the Securities Act of 1933 ("S-1") on May 8, 2015 for the initial registration of 10 million shares of its common stock. The initial offering price of the securities will be determined by the Company's Board of Directors prior to the effectiveness of the S-1. Among the factors considered in determining the public offering price of the shares will be: the industry in which we operate; our past and present operating results; recent prices at which we have attracted capital and the general condition of the securities markets at the time of the offering.
The S-1 relating to the registration of these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the effectiveness of the S-1. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.
The Company will use the proceeds from the offering to concentrate on acquiring real estate projects using its recently purchased EB-5 Regional Center, the International EGD Loyalty Reward Program, working capital and other general corporate purposes the Company's Board of Directors deems to be in the best interests of the Company. EGD is a form of cryptoasset and reported trading activity can be reviewed at www.egdmarket.com. Because the use of crypto-assets like EGD have only been recently used in business operations, the Company has filed a Request for No-Action Letter ("No Action Letter") with the Securities Exchange Commission ("SEC") to seek further guidance since the legal and accounting treatment for crypto-assets like EGD will continue to develop. An EB-5 Regional Center is an organization, designated and regulated by USCIS, which facilitates investments in job-creating economic development projects by pooling capital raised under the EB-5 immigrant investor program.
About Global Future City Holding, Inc.
Global Future City Holding, Inc. (OTCQB:FTCY) (the "Company") is currently a holding company focused on implementing an EB-5 immigrant investor program for foreign investors who are interested in acquiring lawful permanent residence in the United States, and the marketing and deployment of an EGD loyalty-based retail program. As a result of recent transactions with Sky Rover Holdings, Ltd. ("Sky Rover") and the acquisition of a designated EB-5 regional center approved by the USCIS ("EB-5 Subsidiary"), the Company intends to expand its operations into several new areas. The Company plans to focus its initial efforts on acquiring real estate projects that will fit the purchase of the recently acquired EB-5 Subsidiary and the development of its loyalty program using its recently acquired E-Gold crypto-assets ("EGD"). The Company intends to ultimately have six (6) wholly-owned operating subsidiaries once audits are completed. Of the six (6) intended subsidiaries, two (2) have been incorporated as of the date of this press release, two (2) are not yet subsidiaries of the Company but may be pending the satisfactory audit of the entities, and two (2) have not yet been incorporated. Ultimately, the Company intends to drive its EGD loyalty-based retail program through retail sales via its Merchant, Energy Drink and Mobile Subsidiaries with the Software support of its IP Subsidiary and the asset-based financial support of its EGD Subsidiary (collectively, the "Proposed Business Model").
The Company has also recently formed Global Modern Enterprise Limited ("EGD Subsidiary"), a Hong Kong entity, which was transferred 4,000,000 EGD acquired in the Sky Rover Stock Purchase Agreement, and plans to begin selling this EGD only to foreign individuals and entities located outside the United States. Initially, the EGD Subsidiary will operate mainly to provide financial support to the Company's operations. Additional information regarding EGD may be viewed at http://www.egoldcoin.com/index.html.
Information about Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company pursuing digital currency, which could have fluctuations in demand and pricing, the introduction and impact of new competitive products or digital currency, the Company's ability to maintain customer and strategic business relationships, growth in targeted markets, and other information that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting the Company, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.