Global Terminates MOU with World Innovation Technologies

Global Trac Solutions, Inc. (OTCPink: PSYC) (“Global” or the “Company”) is announcing that they have terminated the MOU and rescinded their offer to acquire World Innovation Technologies, LLC. (“WIT”).

“From a capitalization perspective, once we took a deep look at the business, it wasn’t justifiable for our business model. We are very impressed with their technology and product offerings but believe a better avenue will be to explore potential business initiative partnerships and synergies outside of an acquisition. While this is regrettable, I am convinced it is in the long-term best interests of the Company,” said Vanessa Luna, CEO.

Source: Global Trac media announcement