Global Concepts Ltd. (OTC BB: GCCPE) is reporting today on the present status of the company and its future prospects.

As stated in our lawsuit, Global Concepts has been the victim of a huge and fraudulent scheme allegedly perpetrated by Dominique De Maio, who headed all of Global's operations in France, and others working with De Maio in France. Our U.S. management discovered the scheme in October, and their huge scam quickly unraveled. Since then, almost each day we discover new instances of illegal activities, all to the detriment of Global Concepts.

Global has now filed in France a massive criminal and civil complaint against Dominique De Maio. The acts alleged in the complaint run the gamut from lies, forgeries, improper usage and movement of funds, to false and misleading financial reports and information. We intend to amend this complaint as additional causes of action are revealed, and to add additional defendants who participated with De Maio in this conspiracy. "If convicted, these guilty parties can expect long jail terms," stated Mike Margolies, Global's Chairman.

The civil portion of the suit does not as yet ask for a specific dollar amount, but we conservatively calculate Global's damages in the many millions of dollars. However, our ability to collect a judgment from the defendants is unknown at this time.

It was important for management to devote almost 100% of its time and efforts over the past weeks with the forensic accountants it had hired for this specific task, as well as finding and working with the most qualified legal team available.

The car preparation portion of our subsidiary, CLTA, is being operated by a court appointed trustee, who will put it up for sale within the next few months. Global Concepts could not justify proposing a rehabilitation plan as the actual and final size of the defalcation was not known, and may not be known for some time. We have not made a final determination as to whether we want to buy this remaining operation of CLTA, or as to whether we are even qualified to buy (French law may prohibit a shareholder from being a purchaser). However, it is not likely that we will do so.

Our other French subsidiaries, which are known collectively as "SLATE," were recently put into the French equivalent of an American Chapter 11 reorganization proceeding. An administrator has been appointed, but Global Concepts continues to operate the 3 SLATE entities. We have already started to formulate a reorganization plan which will be presented for the court's approval. If approved, this would allow SLATE to emerge from under the court's jurisdiction and continue to function. Completion of the reorganization, however, will require that we provide working capital for SLATE. Our expectation is that the court will require approximately $250,000. Unless we are able to raise such funds, Global Concepts will also lose its ownership interest in SLATE.

Because CLTA has lost its management and is now controlled by the court, we are unable to obtain financial statements for CLTA that meet the requirements for filing with the Securities and Exchange Commission. As a result, Global Concepts does not expect to be able to file its Quarterly Report on Form 10-QSB for the period ended September 30, 2005 or its Annual Report on Form 10-KSB for 2005. As a result, we expect Global Concepts' common stock to be delisted from the OTC Bulletin Board.

We will make every attempt to keep our shareholders informed as to whatever transpires in our attempt to stay alive.

The information in this Press Release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will provide to be correct. Factors that could cause results to differ include, but are not limited to successful performances of internal plans, the impact of competitors, and general economic risks and uncertainties.