Related Quotes Sym. Price Chg. GTEM Trade News 0.22 0.01 GlobeTel Communications Readies HotZone for Further Military Demonstrations
May 29, 2007 09:57:00 (ET)
FORT LAUDERDALE, Fla., May 29, 2007 /PRNewswire-FirstCall via COMTEX/ -- GlobeTel Communications Corp. (Pink Sheets: GTEM) announced that it is overseeing its contractor as it finalizes HotZone installations to be demonstrated at Space and Naval Warfare Systems Command (SPAWAR) in San Diego, CA in conjunction with the 2007 Coalition Warrior Interoperability Demonstration (CWID). CWID is the Chairman of the Joint Chief of Staff's annual event for demonstrating command, control, communications, computers, intelligence, surveillance, and reconnaissance technologies to combatant commanders from US armed services, NATO, and our English speaking allies.
GlobeTel was invited to CWID to demonstrate its proprietary HotZone 4000 Series in support of the Homeland Security side of the demonstration, for these specific objectives:
1. Enhance coalition information and knowledge sharing capabilities among Allied, coalition partners and other bandwidth disadvantaged users, focusing on a robust, joint and combined, interoperable and multilingual information sharing capability.
2. Enhance the commander's capability to command, control and coordinate across joint and coalition forces, government agencies, NGOs, and first responder.
GlobeTel will show that its HotZone 4000 Series can provide the user a low cost, efficient, high speed, high data rate communications and high data relay using WiFi, WiMAX and VoIP protocols. The systems are easily transported, set up and used in both fixed and mobile configurations (such as GlobeTel's Sanswire Networks subsidiary's proposed SkySat and Stratellite products) providing Homeland Security first responder, and potentially military units from forward to rear areas access to critical data, secure and unsecure, needed to conduct operations. The HotZone system will be demonstrated at SPAWAR over a two-week span. Participation in these trials are done in a simulated, real world environment without monetary assistance from the government, and do not guarantee a procurement contract.
According to Barry Reed, Chief of Flight Operations for Sanswire Networks, "CWID 2007 concentrates on demonstrating solutions where gaps and challenges exist for Homeland Defense and Homeland Security. These objectives are cross domain sharing, and integrated intelligence, operations, logistics, planning and communications. Our HotZone technology will demonstrate its abilities in support of integrated communications and operations by participating in various simulated natural disasters and terrorist scenarios, revealing to our sponsor and distinguished visitors the full capabilities of our HotZone technology."
"We're honored to have been invited to showcase the capabilities of our HotZone system to the United States and allied military community in support of their critical communications objectives," stated Peter Khoury, Chief Executive Officer of GlobeTel Communications.
About GlobeTel Communications Corp.
GlobeTel Communications Corp. develops and provides an integrated suite of terrestrial and aerospace telecommunications products and services, leveraging its advances in VoIP and Wireless Access technologies. Its proprietary HotZone and Sanswire platforms enable simpler, cheaper transmission of voice and data. For more information, please visit: http://www.globetel.net .
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward- looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including an ongoing formal investigation by the U.S. Securities & Exchange Commission and delayed filings of quarterly results, any of which could cause the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
SOURCE GlobeTel Communications Corp.
Robert Bleckman of GlobeTel Communications Corp., +1-954-607-1295
quote:Originally posted by jordanreed: wheres the blimp?
POPPED,LOL
jordanreed
posted
bastages
ruthie
posted
bastages?
George
posted
This sucker will be back down to my first entry price of .05 cents pretty soon....I wonder if it will be a play again at that point...rode it to a 25k profit...
IMAKEMONEY
posted
GTEM.PK > SEC Filings for GTEM.PK > Form 8-K on 10-Sep-2007 All Recent SEC Filings
Show all filings for GLOBETEL COMMUNICATIONS CORP | Request a Trial to NEW EDGAR Online Pro
Entry into a Material Definitive Agreement, Unregistered Sale of Equ
Item 1.01 Entry into Material Definitive Agreement Concurrent with the resignation of Peter A. Khoury as GlobeTel Communication Corp.'s (the Company) Chief Executive Officer as set forth in Item 5.02(b), below, the Company entered into a "Mutual Release and Separation Agreement" with Mr. Khoury.
The Agreement calls for the payment of Mr. Khoury's outstanding expenses, accrued unpaid salary in the amount of $83,333, and severance in the amount of $125,000. These cash amounts will be paid out over the course of 12 months. However, should the Company raise funds through a financing, Khoury would receive a lump sum payment 10% of the first financing and 15% of any subsequent financing as payment towards the amounts owed.
The agreement also calls for the issuance of 1,333,333 options to purchase GlobeTel Common stock at $.36 per share representing a pro-rata amount of options due under his employment agreement; 500,000 options to purchase common stock at $.26 per share also due under his employment agreement; and 801,045 shares of common stock for accrued stock compensation. He will forfeit 657,894 options with an exercise price of $.19 that were issued in May 2007 and retain 657,895 options then granted.
The Agreement provides for a mutual release between Khoury and the Company and reiterates the Company's indemnification obligations pursuant to the Company's by-laws.
Item 3.02 Sale of Unregistered Equity Securities Pursuant to the "Mutual Release and Separation Agreement" as set forth in Item 1.01, above, the Company is issuing 801,945 common shares, and 1,333,333 options to purchase common stock at $.36 per share and 500,000 options to purchase common stock at $.26 per share. The options have a 3 year term.
Item 5.02(b)
Peter A. Khoury has resigned as the Company's chief executive officer and from the Company's board of directors. Mr. Khoury had no disputes with the Company.
Item 5.02(d)
The Board of Directors appointed Jonathan Leinwand as the Company's Chief Executive Officer. Mr. Leinwand was already a member of the Board of Directors and the Company's General Counsel.
Mr. Leinwand joined GlobeTel as General Counsel in June 2005 and became a director in August 2005. Prior to joining Globetel, he was in private practice since 1996 concentrating in the areas of corporate and securities law, representing a number of public companies. As part of his practice, Mr. Leinwand also served as a deal-maker for several US and foreign corporations arranging strategic alliances and funding both in the US and abroad. Mr. Leinwand graduated from the University of Miami with honors degrees in Political Science and Communications and graduated cum laude from the University of Miami School of Law.
Item 7.01 Regulation FD On September 7, 2007 the Company disseminated a press release announcing changes to the Company's management and Board of Directors
Item 9.01 Financial Statements and Exhibits. (d) Exhibits
GlobeTel Communications Corp. Appoints New CEO Monday September 10, 9:15 am ET
FT LAUDERDALE, Fla., Sept. 10 /PRNewswire-FirstCall/ -- GlobeTel Communications Corp. (Pink Sheets: GTEM - News) today announced that Jonathan D. Leinwand has been named Chief Executive Officer, following the departure of interim Chief Executive Officer Peter A. Khoury. ADVERTISEMENT
Przemyslaw L. Kostro, Chairman of GlobeTel's Board of Directors, stated, "I've known Mr. Leinwand since he joined the company over two years ago, and I've always considered his resourcefulness and intelligence a key GlobeTel asset. I'm proud to stand firm with our dedicated employees in support of him as CEO as we continue to bring the Company back into compliance and help restore shareholder confidence in the Company's future."
Mr. Leinwand, formerly the Company's General Counsel, and a director, is a cum laude graduate of the University of Miami School of Law. Prior to joining GlobeTel, he was a private practice attorney concentrating in corporate and securities law; facilitating transactions both domestically and internationally.
"My immediate tasks include guiding the Company through the final stages of the restatement of our financial statements, and executing plans to provide competitive products in the marketplace," stated Mr. Leinwand, "I look forward to reporting to our shareholders more about our plans, and about our movement forward as a Company."
Mr. Kostro concluded, "We would like to acknowledge Mr. Khoury's efforts during a difficult time in GlobeTel's history. His work led to the formation of new relationships for the Company and his contributions helped bring us closer to compliance."
About GlobeTel Communications Corp. and Sanswire Networks
GlobeTel Communications Corp. develops and provides an integrated suite of terrestrial and aerospace telecommunications products and services, leveraging its advances in VoIP and Wireless Access technologies. Sanswire Networks is focused on the construction of the Stratellite(TM) and SkySat(TM) airship platforms, capable of carrying payloads that transmit various types of wireless communications and security solutions. For more information, please visit the GlobeTel websites: www.globetel.net,www.sanswire.com and www.globetelwireless.com .
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward- looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including an ongoing formal investigation by the U.S. Securities & Exchange Commission and delayed filings of quarterly results, any of which could cause the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
posted