Global Asset Management Group Executes Nonbinding LOI for Proposed Acquisition and Redevelopment of Former Rockford Memorial Hospital Campus
ROCKVILLE, Md. — September 22, 2026 — Global Asset Management Group, Inc. (OTC: GAMG) ("GAMG" or the "Company"), a diversified asset management company focused on strategic acquisitions, real estate development and long-term value creation, today announced that it has executed a nonbinding Letter of Intent ("LOI") outlining a proposed transaction involving the acquisition, development control and redevelopment of the former Rockford Memorial Hospital campus located at 2400 N. Rockton Avenue in Rockford, Illinois.
The proposed transaction is consistent with GAMG's strategy of evaluating large-scale real estate opportunities where disciplined acquisition, redevelopment, financing and active asset management may create long-term value.
The LOI is preliminary and largely nonbinding. The proposed transaction remains subject to the negotiation and execution of definitive agreements, satisfactory completion of due diligence, financing, title and survey review, analysis of the existing deed restriction and other recorded matters, environmental and building-condition review, appraisal and fair-market-value analysis, insurance availability, zoning and regulatory review, legal, tax, entity and organizational analysis, required corporate and third-party approvals, and other customary and transaction-specific closing conditions. There can be no assurance that definitive agreements will be executed or that the transaction will be completed on the terms currently contemplated, within any anticipated timeframe or at all.
Proposed Adaptive Reuse and Redevelopment Evaluation
The former Rockford Memorial Hospital campus represents a substantial existing real estate footprint that GAMG believes may support a significant redevelopment opportunity. Preliminary architectural materials provided in connection with the project identify approximately 708,749 square feet across the broader building complex. GAMG has not independently verified this figure, and the final measurement may differ following survey, architectural and due-diligence review.
GAMG expects to evaluate a range of potential adaptive-reuse and redevelopment alternatives, which may include healthcare, clinical, residential, community-oriented and other complementary uses consistent with market demand, zoning, building conditions, financing availability and applicable approvals. Any redevelopment plan will remain subject to due diligence, construction feasibility, regulatory requirements, financing and other applicable conditions and approvals.
GAMG intends to evaluate the property as a comprehensive redevelopment opportunity rather than solely as a traditional real estate acquisition. If definitive agreements are executed and the applicable closing conditions are satisfied, the contemplated structure would provide GAMG, or a designated project entity, with responsibility for and control over key aspects of development, financing, construction, leasing, operations, management and potential disposition, subject to agreed lender rights, applicable law and required corporate and third-party approvals.
"The former Rockford Memorial Hospital campus presents a large and complex redevelopment opportunity that aligns with the types of real-asset transactions GAMG is evaluating," said Richard Balles, Chief Executive Officer of Global Asset Management Group. "Our immediate focus is on disciplined diligence, transaction structuring and determining whether the property can support a viable, financeable and sustainable redevelopment plan."
Disciplined Diligence and Transaction Structuring
The Company emphasized that execution of the LOI is an important preliminary milestone but does not constitute completion of the proposed transaction. Remaining workstreams include title and survey review; analysis of the existing deed restriction and other recorded matters; authority and capacity review; appraisal and fair-market-value analysis; environmental and building-condition diligence; financing and collateral structuring; insurance placement; zoning and regulatory review; legal, tax, entity and organizational analysis; negotiation of definitive agreements; and required Board, lender, counterparty and related-entity approvals.
"We believe it is important for shareholders to understand both the potential scale of this opportunity and the work required to complete a transaction of this complexity," said Balles. "GAMG is applying a disciplined review process to the legal, financial, environmental, valuation, financing and governance considerations associated with the proposed transaction. We intend to provide additional updates if and when material milestones are achieved."
About Global Asset Management Group, Inc.
Global Asset Management Group, Inc. (OTC: GAMG) is a diversified asset management company focused on strategic acquisitions, real estate, asset optimization and long-term value creation. GAMG seeks opportunities where experienced management, disciplined capital allocation, and active asset management can unlock value across businesses and real assets.
Forward-Looking Statements
This press release contains forward-looking statements, including statements concerning the proposed transaction involving the former Rockford Memorial Hospital campus, the negotiation and execution of definitive agreements, financing, due diligence, potential redevelopment plans, potential uses of the property, future leasing and operating activities, and the Company's ability to satisfy applicable closing conditions.
The executed LOI is nonbinding except with respect to certain provisions identified therein, and there can be no assurance that definitive agreements will be executed, financing will be obtained, closing conditions will be satisfied or waived, or that the transaction or any contemplated redevelopment will be completed or achieve anticipated results. Actual results may differ materially because of risks and uncertainties relating to deed restrictions; title defects, liens and other recorded matters; environmental or hazardous-material conditions; building deterioration and capital requirements; zoning and regulatory approvals; financing availability and cost; insurance availability; construction cost and timing; tenant demand; market conditions; third-party and Board approvals; seller authority; definitive-document negotiations; and other risks described in the Company's public disclosures. The transaction remains subject to material execution, financing, title, environmental, valuation, governance, regulatory and other conditions.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any security, nor does it constitute an offer or solicitation relating to the proposed real estate transaction.
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