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[QUOTE]Originally posted by Edster1: [QB] Chairman of GlobeTel Communications Corp. Issues Letter to Shareholders Business Wire - November 02, 2006 09:30 FORT LAUDERDALE, Fla., Nov 02, 2006 (BUSINESS WIRE) -- GlobeTel Communications Corp. (OTC:GTEM) announced that the Chairman of the Board of Directors, Przemyslaw L. Kostro, has released the following statement: Dear Fellow Shareholders, Since our last letter to shareholders, CEO Peter Khoury and I have begun to implement several changes within GlobeTel that will work toward restoring confidence in our Company. Our aim is a leaner, stronger, more competitive company focused on delivering shareholder value and results by improving our efficiency and follow-through, and substantially reducing the burn rate. Over the past few years, our Company was structured to support multiple business channels to achieve the completion of the SuperHub(TM) concept. We still consider the SuperHub(TM) a worthwhile long-term pursuit and a long-range objective, but are most concerned right now with the present-day opportunities that are within our reach, such as those within wireless, VoIP and Stratellite(TM) deployment. We've redirected our energy toward our core competency in engineering the best ways to deliver telecommunications. In terms of distinct operational changes, restructuring our financial reporting process and the department responsible for these crucial functions is our top priority. We're installing a new reporting structure together with personnel changes. We believe that restructuring our financial reporting functions will have a beneficial effect on the efficiency of the entire organization through increased company-wide fiscal accountability. Related to this matter, in a Form 8-K filed today with the Securities & Exchange Commission, we announced that Lawrence Lynch was no longer the Company's acting Chief Financial Officer. Also during the past few weeks, we've substantially reduced our payroll by re-examining functions within the Company, and eliminated positions that we viewed as unnecessary, redundant or generally not contributing to GlobeTel's value. We also re-deployed our existing resources to where they're needed the most right now -- supporting our wireless products in the field. We view the opportunities available to us in the wireless area to be, by far, the most easily convertible into solid, timely results. We've also re-engineered Sanswire. We are well aware of the mounting frustrations over the past several months with respect to the progress of Stratellite(TM) testing. Therefore, we have taken steps to assure better planning and adherence to schedules. The development of the 2A Technology Demonstrator and, subsequently, being a leader in the near-space vehicle market is our priority. Underscoring this commitment, we've made staffing changes to significantly reduce waste and missed deadlines. We are moving forward, and upward, with the faith that the changes within Sanswire will augment our ability to maintain a first-mover position. We realize there are pre-restructuring issues weighing heavily on the minds of our shareholders, and we will continue to address them internally one at a time. Such changes will be communicated to you on an "as implemented" basis. We'd like to be able to discuss the current Securities & Exchange Commission investigation of our Company, however an investigation of this nature generally does not allow for comment or for the delivery of a deadline. We'd like our shareholders to know, however, that we continue to cooperate fully with the SEC. As always, we're appreciative of the patience and understanding our loyal, long-term shareholders have exhibited. As a new management team and substantially new Board of Directors, we'd like to reaffirm to you our commitment to establishing a better flow of communication to the investment community moving forward. Thank you, Przemyslaw L. Kostro Chairman [/QB][/QUOTE]
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