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Petel Inc Announces Impending Acquisition, Name Change and Reverse Stock Split

^{Published on 2009-12-14 06:08:49 - Market Wire}
 

LONDON--(Marketwire - December 14, 2009) - Petel, Incorporated (PINKSHEETS: [ PTEI ]) today announces an impending acquisition, change of name and reverse stock split.

In anticipation of an acquisition to be closed and announced this week, Petel, Incorporated today announces a change of name to Gleeworks, Inc. and a reverse stock split of one for five hundred effective Monday, December 14th, 2009.

The new trading symbol of Gleeworks, Inc. will be GLWK.

Forward-Looking Statements:

A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. When used in this press release, words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward looking statements.