EXHIBIT 99.1
Merger Completed Between Subsidiary and GlobalNet International, Inc.
RENO, Nev.--(BUSINESS WIRE)--May 31, 2000--Rich Earth, Inc. (OTCBB:RCER) (the
"Company"), is pleased to announce the merger of the Company's wholly owned
subsidiary GN Acquisition Corp. with GlobalNet International, Inc. ("GII") (the
"Merger").
Under the terms of the Merger the Company has acquired 100% of the share capital
of GII in exchange for 20,000,000 restricted shares in the capital stock of the
Company being issued to the current stockholders of GII. Further information
about the Merger and GII is contained in the Company's information circular
filed through EDGAR with the Securities and Exchange Commission.
GII is a facilities-based global provider of high-quality voice, fax and other
value-added IP telephony-based services. GII's actively managed network takes
advantage of IP network efficiencies to distribute business and consumer
high-end applications over the Internet and dedicated private network transport
media.
Robert Donahue, Chief Executive Officer of GlobalNet, said, "Our status as a
publicly held company will facilitate our continued expansion."
Name and Symbol Change
The Company, contemporaneously with the Merger, has changed its name to
GlobalNet, Inc. and will commence trading under the symbol "GBNE" on May 31,
2000.
THE SEC AND NASD HAVE NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE. Forward-looking statements and comments in
this press release are made pursuant to safe harbor provisions of the Securities
Exchange Act of 1934. Certain statements which describe the Company's
intentions, expectations or predictions, are forward-looking and are subject to
important risks and uncertainties. The results or events predicted in these
statements may differ materially from actual results or events. Factors which
could cause results or events to differ from current expectations include, among
other things: the impact of rapid technological and market change; general
industry and market conditions and growth rates; international growth and global
economic conditions, particularly in emerging markets and including interest
rates and currency exchange rate fluctuations; and the impact of consolidations
in the technology industry. These risks may further be discussed in periodic
reports and registration statements to be filed by the Company from time to time
with the Securities and Exchange Commission in the future.
