CGLO Coro Global Inc (CE)

Canglobe International Inc. (OTCBB:CGLO), CEO, Mr. Donald Sampson is pleased to update previously announced releases. 1. Medical Waste Treatment The Company has been operating the medical waste treatment plant at Beiseker, Alberta since June 1st, 2005. Since commencing operations, the Company has started installing three autoclave units and one gasification unit. Installation is expected to be completed within the next 60 days. Once completed, the Beiseker plant will be able to increase its treatment capacity by three to four times while significantly reducing its operating expense. The Company will expend approximately $1.2 million in upgrading the plant to accommodate the increased capacity and to rebuild the existing incinerator technology. 2. PET Recycling Plant The Company, upon acquiring the manufacturing and marketing rights to recycle PET (clear and green plastic derived from post consumer soft drink and water bottles) into flake, pellets, and sheeting, has commenced sourcing and acquiring the requisite processing systems for operations to be installed in Las Vegas. The Company expects to have production commencing within the next 90 days. 3. Water and Soil Remediation Due to the high precipitation in Alberta during June, testing of the Company's soil and water remediation capabilities was delayed and will be commencing within the next 7-10 days. The Company's technology allows for the remediation of hydrocarbons and salt from the soil through the use of microbes and other proprietary technologies. Based on the field testing of this capability, the Company will commence commercialization of the technologies. 4. Financing Initial financing of $3 million has been arranged whereby the provider of the financing will receive 1 million restricted shares, warrants allowing the holder to acquire up to 500,000 shares for a two year period at $0.50, and a convertible debenture with an annual interest rate of 8% that are convertible to common shares after 12 months at a base price of the greater of market or $0.50 per share. The convertible debenture will be secured by mortgage on the Beiseker treatment plant. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains statements that plan for or anticipate the future, called "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of those terms and other comparable terminology. These forward-looking statements include statements about: -- our market opportunity; -- revenue generation; -- our strategies; -- competition; -- expected activities and expenditures as we pursue our business plan; and -- the adequacy of our available cash resources. These statements appear in a number of places in this press release and include statements regarding our intent, belief or current expectations, those of our directors or officers with respect to, among other things: (i) trends affecting our financial condition or results of operations, (ii) our business and growth strategies, (iii) the Internet and Internet commerce and (iv) our financing plans. Although we believe that the expectations reflected in the forward-looking statement are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2004. Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.