Globaltech Corporation Confirms Establishment of Independent Audit, Compensation, and Nominating & Corporate Governance Committees

RENO, Nev., Oct. 05, 2026 (GLOBE NEWSWIRE) -- Globaltech Corporation (OTCQB: GLTK) (“Globaltech” or the “Company”), a U.S.-based technology platform company enabling growth in AI, data and frontier technologies, today confirmed the composition of its three standing Board committees – the Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance Committee – and the adoption of a charter for each committee.

The charters and committee appointments were approved by unanimous written consent of the Board of Directors effective January 7, 2026, together with the Company's Code of Ethics and Clawback Policy. The charters are written according to the independence and composition standards of the Nasdaq Capital Market.

Each committee is comprised of directors the Board has determined to be independent in accordance with Nasdaq’s rules which generally require that they are not part of the Company’s management and have no financial relationship with the Company beyond their role as directors.

The Board is chaired by James A. Gibbons, who served as the 28th Governor of Nevada from 2007 to 2011 and before that represented Nevada for five terms in the U.S. House of Representatives. An attorney by training, Governor Gibbons is also a former U.S. Air Force and Nevada Air National Guard pilot.

Committee membership

• Audit Committee: Mehdi Al Abduwani (Chair), James A. Gibbons, and David J. Fox. The Board has designated Mehdi Al Abduwani as the Committee's audit committee financial expert.
• Compensation Committee: Charles J. Bartolotta (Chair), Mehdi Al Abduwani, and Shahid A. Khan.
• Nominating and Corporate Governance Committee: James A. Gibbons (Chair), David J. Fox, and Shahid A. Khan.
  

What each committee does

The Audit Committee oversees the preparation of the Company's financial statements. It hires and supervises the independent auditor, reviews every quarterly and annual report before it is filed, monitors internal controls, approves any transaction between the Company and an insider, and maintains a confidential channel for employees to report concerns. It also oversees the Company's cybersecurity and data-privacy risks.

The Compensation Committee establishes the pay of the Chief Executive Officer and other executive officers and recommends director compensation to the Board. It ties executive pay to performance, administers the Company's equity plans, and oversees the Company's clawback policy, under which certain incentive pay can be recovered if financial results are later restated. No executive takes part in decisions about his or her own pay.

The Nominating and Corporate Governance Committee decides who is nominated to serve on the Board. It sets the criteria for directors, leads the search for candidates, evaluates the performance of sitting directors each year, and keeps the Company's governance guidelines current. Shareholders may recommend director candidates in writing to the Company Secretary.

What this means for our shareholders

In plain terms, the people who oversee the preparation of the Company's financials, set executive pay and choose directors are now overseen by independent directors who have a fiduciary duty to the shareholders. This is the structure investors expect of a company listed on a national exchange, considered best practices and is typically required for a Nasdaq listing.

"A company earns the trust of the market one structure at a time," said Dan Green, Chief Executive Officer of Globaltech. "Independent committees overseeing financial reporting, executive pay and board composition are the foundation of that trust. We have put them in place ahead of our planned move to a national exchange, because our shareholders should not have to wait for a listing to get that level of oversight."

“Good governance is not a box to check. It is how a board earns the right to be trusted with other people’s money,” said James A. Gibbons, Chairman of the Board. “These committees put independent directors in charge of the questions shareholders care about most. Mehdi, Charles and I take those responsibilities seriously.”

Globaltech's common stock was approved for quotation on the OTCQB Venture Market on March 26, 2026, and the Company completed a 1-for-3 reverse stock split on August 27, 2026.

The Company has applied to list its common stock shares on the Nasdaq Capital Market, which application is currently under review. Any listing remains subject to Nasdaq’s review, satisfaction of all applicable initial listing standards and other customary conditions, as well as Nasdaq’s discretionary approval to uplist, and there can be no assurance regarding the timing or completion of the up listing.

About Globaltech Corporation

Globaltech Corporation (OTCQB: GLTK) is a technology platform company building and commercializing AI, data and software solutions through its revenue-generating operating businesses. Its telecommunications and retail operations provide infrastructure, customer relationships and real-world environments to develop, test and scale technology platforms spanning financial technology, enterprise software, e-commerce and sports technology. Through its Center of Excellence, Globaltech evaluates, develops and commercializes technology opportunities across the platform.

For more information, please visit www.globaltechcorporation.com.

Company Contact

Dan Green
Chief Executive Officer, Globaltech Corporation
investors@globaltechcorporation.com
Toll Free: (888) 760-7067
USA: (775) 624-4817

Forward-Looking Statements

Forward-looking statements in this release include certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements that involve a number of risks and uncertainties, including statements regarding the Company’s planned uplisting to the Nasdaq Capital Market, its ability to satisfy Nasdaq’s initial listing requirements and obtain listing approval, and other matters. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation: (a) our ability to uplist our common stock to Nasdaq, including the fact that we do not currently meet Nasdaq’s initial listing requirements, may not meet such requirements in the future, may not obtain approval of our application to list our common stock on Nasdaq on a timely basis, if at all, even if we meet all of the required quantitative listing requirements; (b) our strategic plans and treasury management initiatives; (c) risks relating to previously disclosed debt defaults and our ability to extend or refinance such debt, our need for additional capital, the terms of such capital and the potential dilution to stockholders caused thereby, including through the issuance of additional shares of common stock or upon conversion of outstanding convertible notes; (d) changes in consumer preferences, purchasing behavior, competitive conditions, and industry trends; (e) macroeconomic, geopolitical, and financial market conditions, including inflation, interest rates, tariffs, and consumer spending levels; (f) disruptions to sourcing, manufacturing, supply chain, logistics, labor availability, and the cost or availability of raw materials and finished goods; (g) the Company's ability to successfully manage inventory, respond to changing fashion trends, maintain the strength of its brands, and execute its retail and growth strategies; (h) foreign currency exchange losses, fluctuations and translation risks related to our business in Pakistan and the United Kingdom; (i) the international economic environment, geopolitical developments and unexpected global events, including economic downturns in Pakistan, the United Kingdom and globally, changes in inflation and interest rates, tariffs, increased borrowing costs and potential declines in the availability of funding; (j) the greater political, legal and economic risks associated with operating in emerging markets as compared to more developed markets; (k) the unpredictability of our revenue performance, including because a significant majority of our customers have not entered into long-term fixed contracts with us; (l) our ability to compete in highly competitive markets, which we expect to become increasingly competitive, and our ability to expand our customer base and retain existing customers; (m) our ability to keep pace with technological changes and evolving industry standards; (n) cyber-attacks and other cybersecurity threats that may lead to compromised or inaccessible telecommunications, digital and financial services, leaks or unauthorized processing of confidential information, and the potential loss of customer confidence resulting therefrom; (o) the highly capital-intensive nature of the telecommunications industry and the substantial and ongoing capital expenditures required to operate and grow our business; (p) the terms of our interconnect agreements and our access to third-party-owned infrastructure and networks over which we have no direct control; (q) increases in license fees and our ability to obtain, maintain, renew or replace licenses, which may be suspended or revoked; (r) risks related to our ability to continue conducting our activities in a manner that does not cause us to be deemed an investment company under the Investment Company Act of 1940, as amended; (s) the loss of important intellectual property rights or third-party claims alleging infringement of intellectual property rights; (t) our substantial indebtedness and debt service obligations, which could materially decrease cash flow and adversely affect our business and financial condition; (u) our ability to maintain ownership and control of Worldcall Telecom Limited and 123 Investments Limited, as well as our status as a controlled company; (v) conflicts of interest; (w) our ability to comply with the extensive variety of laws and regulations applicable to our business and the uncertain judicial and regulatory environments in which we operate; (x) the fact that our operating subsidiaries, assets and certain of our officers and directors are located in Pakistan and the United Kingdom, which may affect shareholder rights, including the ability to enforce civil liabilities under U.S. securities laws; (y) the outcome of legal disputes, claims, investigations and litigation involving regulators, competitors and third parties; (z) risks relating to future divestitures, asset sales, joint ventures and acquisitions; (aa) the absence of an active trading market for our common stock and the risk that such a market may not develop or be sustained; (bb) future operating results; and (cc) other plans, objectives, expectations and intentions contained in this release that are not historical facts.

Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in Globaltech’s publicly filed reports, including, but not limited to, Globaltech’s Annual Report on Form 10-K for the year ended December 31, 2025, the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, future Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q. These reports are available at www.sec.gov. Globaltech cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to Globaltech or any person acting on behalf of Globaltech are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on Globaltech’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Globaltech cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Globaltech undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by Globaltech. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.