GlobeTel Communications Corp. Symbol Changes to GTEM Wednesday October 11, 10:08 am ET
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--GlobeTel Communications Corp. today announced that shares of its stock now trade on the Pink Sheets under the symbol GTEM. The Company will keep its shareholders informed of the date on which trading will commence on the Over The Counter Bulletin Board. ADVERTISEMENT
The Company also announced it intends to issue information within a short time frame related to its current status and state of affairs.
About GlobeTel Communications Corp.
GlobeTel Communications Corp. (Pink Sheets:GTEM - News) develops and provides an integrated suite of telecommunications products and services, leveraging its advances in Stored Value, VoIP and Wireless Access technologies. Individually, each of GlobeTel's business units function as distinct, stand-alone entities. Together they're the components of the Company's SuperHub(TM) worldwide VoIP network concept, which is currently in development. Upon completion, the SuperHub(TM) will consist of the Sanswire Stratellite(TM) airship and other wireless products enabling simpler, cheaper transmission of voice, data and money. Historically focused on developing overseas markets, the Company has begun selling VoIP services and testing wireless networks within the United States. Current and pending operations exist in Asia, Africa, Europe, South America, Mexico and the Caribbean. 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 which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
Contact: GlobeTel Communications Corp., Fort Lauderdale Robert Bleckman, Director of Investor Relations, 954-775-1427
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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Related Quotes Sym. Price Chg. GTEM Trade News 0.27 0 GlobeTel Announces Changes to Management and Board of Directors
October 12, 2006 09:27:30 (ET)
FORT LAUDERDALE, Fla., Oct 12, 2006 (BUSINESS WIRE) -- GlobeTel Communications Corp. (GTEM, Trade) today announced that Peter Khoury has been named interim Chief Executive Officer and a director, succeeding Timothy Huff, who resigned from both positions but remains with the Company through the transition period. Mr. Huff's talents will be focused on deploying the technology of GlobeTel in key deployments. In addition, the Company announced that Przemyslaw L. Kostro, former Chairman of GlobeTel Communications, returns to that position in the interim, succeeding J. Randolph Dumas. Independent directors Dorian Klein and Ambassador Ferdinando Salleo have also agreed to resign; their seats on the Board will be filled by Mr. Khoury and Mr. Kostro.
Mr. Khoury stated, "I've been asked to come onboard during a difficult time in this Company's short history. I believe that Mr. Huff's aggregation of important technology and engineering expertise has given the Company a respectable base of intellectual property and talent. We are not starting from scratch, and there are key relationships the Company has built, but we have to have a better coordinated marketing plan, a more fluid flow of information from the business units to senior management, better adherence to schedules, and overall, a more unified sense of purpose as a company. We will work toward these objectives and implement the changes that are necessary to build a stronger, tighter organization that's able to compete in the global communications marketplace."
Peter Khoury is the founding partner and former CEO of International Consulting Services, a global telecommunications practice focused on assisting companies with entering and effectively competing in an aggressive communications market. Mr. Khoury oversaw ICS's global operations and its business development practices. After graduating from the University of Sydney with an Honours degree in Chemical Engineering, Mr. Khoury obtained additional degrees in Computer Science and Business Administration. His career began as a Systems Engineer at IBM. He later joined companies Andersen Consulting and Digital Equipment, where he managed key assignments in the telecommunications, finance and insurance sectors in Singapore, Hong Kong, Japan, Australia and New Zealand.
Przemyslaw L. Kostro was first elected to the Company's Board of Directors in November 2001. From November 2001 to April 2002, he also served as the Chief Executive Officer of the Company prior to Mr. Huff's appointment. For the past six years, Mr. Kostro has been engaged in international business, and has been providing professional and consulting services to several public and private entities. He also currently serves as Chairman of Wafao S.A., a Polish software company, and as a director of Caterham Financial Management, a Malaysian company.
Mr. Kostro stated, "There's no sense denying the Company is in quite a different situation than it was when I left last November. Today's GlobeTel has much work to do to restore confidence among our shareholders. It's counterproductive to assign blame to any one entity or person or event for the current state of the Company's stock price and low morale among our investor base. Coming back into the role as interim Chairman during this challenging time will mean I will focus on immediate opportunities and working with Senior Management on restructuring the Company in a way that best fits our resources and technologies. I will also focus in the next week on securing the necessary funding to underpin our plans to restructure the Company and complete key projects already underway. Given the nature of the situation, we will be communicating with our shareholders over the next several days and weeks as these changes take place."
About GlobeTel Communications Corp.
GlobeTel Communications Corp. develops and provides an integrated suite of telecommunications products and services, leveraging its advances in Stored Value, VOIP and Wireless Access technologies. Individually, each of GlobeTel's five business units function as distinct, stand-alone entities. Together they form a powerful alliance of human talent and technological innovation resulting in the SuperHub(TM) worldwide VoIP network, Sanswire Stratellite(TM) platform and products enabling simpler, cheaper transmission of voice, data and money. GlobeTel has historically focused its business development on markets outside of the United States. Current and pending operations exist in Asia, Africa, Europe, South America, Mexico and the Caribbean. For more information, please visit: 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 which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
SOURCE: GlobeTel Communications Corp.
GlobeTel Communications Corp., Fort Lauderdale Robert Bleckman, Director of Investor Relations 954-775-1427 Copyright Business Wire 2006
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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GLOBETEL COMMS CORP (GTEM.PK) On Oct 13: 0.27 0.00 (0.00%) MORE ON GTEM.PK
Income Statement Get Income Statement for:
View: Annual Data | Quarterly Data All numbers in thousands PERIOD ENDING 30-Jun-06 31-Mar-06 31-Dec-05 30-Sep-05 Total Revenue 21,629 22,295 21,133 22,300 Cost of Revenue 21,224 22,214 21,273 22,390
Gross Profit 405 81 (140) (91)
Operating Expenses Research Development 528 524 1,387 159 Selling General and Administrative 3,600 2,842 12,268 5,447 Non Recurring - - - - Others 253 268 995 181
Total Operating Expenses - - - -
Operating Income or Loss (3,976) (3,553) (14,790) (5,878)
Income from Continuing Operations Total Other Income/Expenses Net 8 43 (1,518) (68) Earnings Before Interest And Taxes (3,969) (3,510) (16,308) (5,946) Interest Expense 1 - 123 19 Income Before Tax (3,969) (3,510) (16,431) (5,965) Income Tax Expense - - - - Minority Interest - - - -
Net Income From Continuing Ops (3,969) (3,510) (16,431) (5,965)
posted
GLOBETEL COMMS CORP (GTEM.PK) On Oct 13: 0.27 0.00 (0.00%) MORE ON GTEM.PK Quotes Summary Options Historical Prices Charts Basic Chart Technical Analysis News & Info Headlines Company Events Message Board Company Profile Key Statistics SEC Filings Competitors Industry Components Analyst Coverage Analyst Opinion Analyst Estimates Research Reports Star Analysts Ownership Major Holders Insider Transactions Insider Roster Financials Income Statement Balance Sheet Cash Flow Introducing the new Barron's Online. · Get a new perspective. See what other's don't. · Click here to get a 30-day free trial.
Income Statement Get Income Statement for:
View: Annual Data | Quarterly Data All numbers in thousands PERIOD ENDING 30-Jun-06 31-Mar-06 31-Dec-05 30-Sep-05 Total Revenue 21,629 22,295 21,133 22,300 Cost of Revenue 21,224 22,214 21,273 22,390
Gross Profit 405 81 (140) (91)
Operating Expenses Research Development 528 524 1,387 159 Selling General and Administrative 3,600 2,842 12,268 5,447 Non Recurring - - - - Others 253 268 995 181
Total Operating Expenses - - - -
Operating Income or Loss (3,976) (3,553) (14,790) (5,878)
Income from Continuing Operations Total Other Income/Expenses Net 8 43 (1,518) (68) Earnings Before Interest And Taxes (3,969) (3,510) (16,308) (5,946) Interest Expense 1 - 123 19 Income Before Tax (3,969) (3,510) (16,431) (5,965) Income Tax Expense - - - - Minority Interest - - - -
Net Income From Continuing Ops (3,969) (3,510) (16,431) (5,965)
Entry into a Material Definitive Agreement, Unregistered Sale of Equ
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT See Item 3.02 below. GlobeTel Communications Corp. (the "Company" or the "Registrant") and the several investors (the "Investors") have entered into Subscription Agreements as further described in Item 3.02 below. The identity of the Investors and the dollar amount of their Subscriptions (as hereinafter defined) is set forth below:
-------------------------------------------------- ----------------------------- Investor Subscription Amount -------------------------------------------------- ----------------------------- Hudson Bay Overseas Fund Ltd $60,000 -------------------------------------------------- ----------------------------- Hudson Bay Fund LP $140,000 -------------------------------------------------- ----------------------------- Nite Capital LP $250,000 -------------------------------------------------- ----------------------------- Castle Creek Technology Partners $300,000 -------------------------------------------------- ----------------------------- The Nutmeg Group $100,000 -------------------------------------------------- ----------------------------- Brio Capital LP $125,000 -------------------------------------------------- ----------------------------- Double U Master Fund $100,000 -------------------------------------------------- -----------------------------
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES Beginning on September 6, 2006, Globetel Communications Corp. (the "Registrant") entered into subscription agreements with Hudson Bay Overseas Fund Ltd, Hudson Bay Fund LP, Nite Capital LP, Castle Creek Technology, Double U Master Funder, The Nutmeg Group and Brio Capital LP whereby these investors are purchasing a total $1,075,000 in 7% convertible notes, and were issued the Class A and Class B Warrants described below. The common shares underlying the notes and the warrants carry with them registration rights that obligate the Registrant to register such shares within 30 days.
Under the funding arrangement, the notes are convertible into common stock of the Registrant at $0.36939 per share. Prior to any notice of conversion the Registrant has the right, under certain circumstances, to redeem the notes at a premium for cash, subject to a right to convert by the investor.
The investors will receive one Class A Warrant to purchase one share of common stock for every two shares that the notes were convertible into on the closing date as well as one Class B Warrant to purchase the identical number of shares. The Class A Warrants are exercisable for a purchase price equal to 150% of the market price on the day prior to closing and the Class B Warrants are exercisable for a purchase price equal to 200% of the market price on the day prior to closing. The Warrants have a 5 year term
The Placement Agent for the transaction, Westor Capital Group, has the right to raise up to $3 million for the Registrant under the terms and conditions set forth above.
Exhibits.
Exhibits included are set forth in the Exhibit Index pursuant to Item 601 of Regulation S-K
-------------------- Give me your Money.
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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October 18, 2006 08:34 PM Eastern Time GlobeTel Communications’ Chairman of the Board Issues Statement
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--GlobeTel Communications Corp. (OTC:GTEM) announced that the Chairman of the Board of Directors, Przemyslaw Kostro, has released the following statement:
Dear Fellow Shareholders:
I return as Chairman to deal with the recent events that have had a negative effect on the Company and to resolve them — a goal which I am working toward. Also, I’m moving the Company forward by helping with additional investments that will assist us during this rebuilding process. I can assure you these funds will be used responsibly and focused on bringing tangible benefits to the Company and the shareholders.
I believe in our technology and in the abilities of Mr. Peter Khoury, our new Chief Executive Officer, or I wouldn’t continue to bring new investors into a difficult situation. Peter Khoury is a proven talent who has worked with telecommunications companies throughout the world and has helped roll out a range of products. He has the expertise and the vision to create and implement a business plan that may require many immediate changes and sacrifices on our part, but will ultimately deliver our exciting technology and products to market with the best possible chance for acceptance and success.
We will review each and every fiber of the Company’s current business channels in order to find the best way to create shareholder value. The production of tangible results has never been so important and this is our priority during the rebuilding process. I realize that many of you have questions, however I would like to communicate to you through our actions instead of just our words.
As I previously stated, our challenges are many and they should not be underestimated, but we will work hard and work smart. This is my commitment to our shareholders that have invested in our Company in good faith.
Sincerely,
Przemyslaw Kostro
Chairman of the Board
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 which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
-------------------- w i k i s t o c k . c o m Posts: 234 | From: Gainesville, FL | Registered: Feb 2005
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Sanswire 2A Technology Demonstrator Testing Moves Outside Business Wire - October 19, 2006 09:20 First Structural Float Test Performed
PALMDALE, Calif., Oct 19, 2006 (BUSINESS WIRE) -- Sanswire Networks LLC, subsidiary of GlobeTel Communications Corp. (OTC:GTEM) today announced that its Sanswire 2A technology demonstrator completed its first outdoor, low altitude, float test. During the first float, the structural integrity and overall balance of the airship were tested in uncontrolled atmospheric conditions.
Sanswire expects to test the airship over a period of at least 90 days. The testing will be performed to evaluate the entire integrated airship system. The first test of the structural loads and lifting qualities has been completed and will soon be followed by further airframe tests to ensure airship readiness for a dynamic flight environment. Upon installation of the avionics suite and propulsion system, a series of low altitude tethered tests and then, a series of high altitude tests will take place. At each stage of testing, Sanswire's engineers will evaluate the airship's flight qualities to determine if the airship is working within its design parameters. Throughout the systems testing data will be analyzed to qualify the airship design, with redesign accomplished as needed.
Peter Khoury, GlobeTel's interim CEO, stated, "In the past, the Company has tried to give its shareholders milestones on the progress of Sanswire, but this has been difficult given the nature of aerospace projects and the unique set of program objectives. The Company's goal is to provide its shareholders with current information in a format that does not set unrealistic expectations or assumptions for a cutting edge aerospace program. The Company cautions that delays must be expected from time to time, but progress in the program is its bottom line goal."
The Company intends to announce the completion of each test stage, and following the completion of the low-altitude tethered flights, free-flight tests at the Air Force Test Range at Edwards Air Force Base will ensue. Additionally, Sanswire is preparing to file provisional patents covering the intellectual property associated with the airship, and upon accomplishment of that objective, a priority for the Company, it will organize an invitational media day, presently anticipated for late October.
"The results of our first float test are encouraging," stated Doug Murch, Lead Engineer for the project. "The combined rigid hull/envelope structure behaved according to design resulting in a successful test during its first float outside of our hangar. Our primary test objectives were focused on the newly designed empennage, or fin/rudder system, in order to gain additional insight into the airship's structural and load bearing qualities in the open air. The resulting test data will be invaluable in order to prepare for our series of flight tests."
Posts: 230 | From: Virginia | Registered: Mar 2005
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Looks like .32-.33 is the best we will do today. Probably will start falling here shortly - may end the day up maybe .01 or so.
Posts: 230 | From: Virginia | Registered: Mar 2005
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Looks like the MM's are really screwing with the price on this. How low can this thing go and still have any rebound hope?
Posts: 49 | From: Springfield, Va. | Registered: Nov 2005
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Lots of volume today with very little price action. Almost 800,000 shares traded. Must be something in the mix here. Maybe some more news coming out soon. Posts: 49 | From: Springfield, Va. | Registered: Nov 2005
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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
Posts: 49 | From: Springfield, Va. | Registered: Nov 2005
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Telecommunications Developer GlobeTel Communications Corp. Sells MagicMoney Program Business Wire - November 08, 2006 12:36
FORT LAUDERDALE, Fla., Nov 08, 2006 (BUSINESS WIRE) -- GlobeTel Communications Corp. (OTC:GTEM) today announced that it has sold its MagicMoney stored value card division to Gotham Financial, LLC.
Under terms of the agreement, Gotham acquired substantially all of the assets, which include the stored value program, financial processing switch and contracts, and assumed the liabilities of MagicMoney. GlobeTel will receive a revenue share over a period of years as payment.
Peter Khoury, Chief Executive Officer, stated, "The sale of MagicMoney provides us with three distinct benefits: focus on our core business; lowering our expenses and the ability to continue to participate in the stored value business if we so desire. It is our intention to focus our attention on our core competencies in the wireless, VoIP and traditional long distance segments, as well as on the continued development of near-space solutions to deliver voice and data. We expect to realize annual savings of about $1.3 million, not including additional capital expenditures that were anticipated. As mentioned in Przemyslaw L. Kostro's November 2 letter to shareholders, our priorities are to reduce our burn rate and to use our resources efficiently for the delivery of telecommunications. The sale of MagicMoney is consistent with those priorities."
Mr. Khoury continued, "This transaction will provide us with the ability to realize future revenue of up to $4,000,000 from Gotham's operation of the platform. It also obligates Gotham to give us full access to all capabilities of the platform at the 'most favorable' rates."
In addition to reducing our burn rate, the transaction contemplates the Company's continuing participation in MagicMoney through revenue sharing over three years with a possible extension to six years, if certain minimum payments are not made during the initial term. Revenues earned by GlobeTel will be based on the successful rollout of the platform by Gotham and on user fees following a formula that considers the total number of transactions on a Stored Value card and use of the card at any ATM, POS or other transaction, under closed and committed contracts GlobeTel had at the time of sale, and the number of transactions utilizing the Financial Processing Switch.
Thought this was one of the profitable portions of GTEM. Don't think it is a good sign that they sold it off.
Posts: 49 | From: Springfield, Va. | Registered: Nov 2005
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Looks like the market doesn't like this sale. Lots of sell pressure building up - we may be lookinh ahead at a fairly large price drop here.
Posts: 49 | From: Springfield, Va. | Registered: Nov 2005
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New President Named for GlobeTel Wireless Europe GmbH
Nov 9, 2006 14:42:11 (ET)
FORT LAUDERDALE, Fla. & BAD RAPPENAU, Germany, Nov 09, 2006 (BUSINESS WIRE) -- As part of the previously announced restructuring of its operations, GlobeTel Communications Corp. (GTEM, Trade ) announced that Sigwald Leder was named President of GlobeTel Wireless Europe GmbH (GTWE), a subsidiary of the Company's GlobeTel Wireless division. Mr. Leder replaces Klaus Bonn, who left the Company on October 31.
Mr. Leder joined GTWE in October 2006, having previously worked with GlobeTel Wireless president Uli Altvater at Altvater GmbH Systementwicklung. He was a member of the system engineers group, where he designed and managed computer networks. Later, Mr. Leder formed his own company in which he built and managed networks for small and mid-sized businesses, and provided a suite a telephony services. He earned a Master's degree in Computer Science from the Universitat Karlsruhe, one of Germany's more notable technology research institutions. Currently, Mr. Leder is evaluating the projects under GTWE's management, including the current state of the Heilbronn network, and will make recommendations to GlobeTel management regarding future strategies and actions.
Peter Khoury, Chief Executive Officer, "Similar to the restructuring of other units within GlobeTel, the changes made within GTWE reflect our desire for increased efficiency, and to give us a stronger base of operations in Europe. Our changes within GTWE have been solely managerial in nature, and we look forward to continuing the operation of GTWE in Germany. I have the utmost of confidence in Siggy's capabilities, and believe his leadership will be valuable moving ahead."
About GlobeTel Wireless
GlobeTel Wireless focuses on the accelerated global deployment of advanced wireless networks and the delivery of cost effective broadband, mobile telephony and video services. Formerly called HotZone Wireless, GlobeTel Wireless uses its branded line of HotZone wireless products and services. The newly developed HotZone 4010 WiMax/WiFi wireless base station, created through many years of R&D, is able to provide more bandwidth for less money than other wireless solutions on the market. This solution allows clients to implement advanced voice services, high-speed Internet and quality video applications. It is the only integrated base station that combines the functionality of Wireless LAN, DECT and WiMax. Our proprietary wireless access points differ tremendously from other available Hot Spot installations, due to their extended range capabilities and ability to work inside and outside of buildings. This WiMax solution is completely scalable, has a point-to-point range of up to 35 miles and will work effectively with existing Wi-Fi end user equipment and future WiMax standards.
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 which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
SOURCE: GlobeTel Communications Corp.
GlobeTel Communications Corp., Fort Lauderdale Robert Bleckman, Director of Investor Relations, 954-775-1427
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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GlobeTel Communications Corp. Files 12B-25 for Extension to File Third Quarter 10-Q
Nov 12, 2006 12:27:16 (ET)
FORT LAUDERDALE, Fla., Nov 12, 2006 (BUSINESS WIRE) -- GlobeTel Communications Corp. (GTEM, Trade ) announced that it would delay filing its quarterly report on Form 10-Q due November 14, 2006 and that it would delay the press release announcing the financial results of the third quarter of fiscal 2006 which ended September 30, 2006.
The reason for the delay is to allow the Audit Committee of the Board of Directors additional time to complete their work relating to their previously announced review of certain of the Company's financial statements, and to make changes, if any, to those statements or the 10-Q that may be required. The Company will file a Form 12b-25 for an extension in connection with the delayed filing.
About GlobeTel Communications Corp.
GlobeTel Communications Corp. develops and provides an integrated suite of telecommunications products and services, leveraging its advances in VoIP and Wireless Access technologies. Individually, each of GlobeTel's business units function as distinct, stand-alone entities. Together they're the components of the Company's SuperHub(TM) worldwide VoIP network, currently in development and to consist of the Sanswire Stratellite(TM) platform and products enabling simpler, cheaper transmission of voice and data. Historically focused on developing overseas markets, the Company has begun selling VoIP services and testing wireless networks within the United States. Current and pending operations exist in Asia, Africa, Europe, South America, Mexico and the Caribbean. 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 which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
SOURCE: GlobeTel Communications Corp.
GlobeTel Communications Corp. Robert Bleckman, 954-775-1427 Director of Investor Relations
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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FORT LAUDERDALE, Fla., Nov 13, 2006 (BUSINESS WIRE) -- Further to Chairman Przemyslaw L. Kostro's November 2 statement regarding the restructuring of the Company's financial operations, GlobeTel Communications Corp. (GTEM, Trade ) today announced the appointment of Michael DeCarlo to the position of interim Chief Financial Officer.
A certified public accountant since 1981, Mr. DeCarlo brings to GlobeTel an extensive base of international accounting and auditing experience at firms now known as Deloitte-Touche, Ernst & Young, Berkowitz Dick Pollack and Brant, and Mallah Furman and Company. His full 28-year career comprises the public accounting and private sectors, principally providing forensic accounting, litigation advisory services, investigations and dispute resolution; auditing of public companies and multi-national businesses; due diligence in connection with mergers, acquisitions and divestitures; and business advisory and consulting services.
Mr. DeCarlo has served as an appointed member of the Accounting and Auditing Committee of the Florida Institute of Certified Public Accountants, and is a member of the Association of Certified Fraud Examiners and the Association of Forensic Accountants. He is also past president of the Board of Directors of Miami-Dade Area Health and Education Centers.
Peter Khoury, Chief Executive Officer, stated, "Implementing positive change within our Company necessitates a new breed of Chief Financial Officer for GlobeTel. I expect Michael DeCarlo's proven track record of accurate financial reporting, acumen in financial and operational analysis and impressive skill will enable us to follow through on our mission to restore credibility and build shareholder value."
About GlobeTel Communications Corp.
GlobeTel Communications Corp. develops and provides an integrated suite of telecommunications products and services, leveraging its advances in Stored Value, VOIP and Wireless Access technologies. Individually, each of GlobeTel's five business units function as distinct, stand-alone entities. Together they form a powerful alliance of human talent and technological innovation resulting in the SuperHub(TM) worldwide VoIP network, Sanswire Stratellite(TM) platform and products enabling simpler, cheaper transmission of voice, data and money. GlobeTel has historically focused its business development on markets outside of the United States. For more information, please visit: 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 which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
SOURCE: GlobeTel Communications Corp.
GlobeTel Communications Corp., Fort Lauderdale Robert Bleckman, Director of Investor Relations 954-775-1427
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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FORT LAUDERDALE, Fla., Nov 14, 2006 (BUSINESS WIRE) -- GlobeTel Communications Corp. (GTEM, Trade ) today announced that former Chief Executive Officer Timothy Huff has been appointed Chief Technology Officer.
Peter Khoury, Chief Executive Officer, stated, "We consider Tim's engineering background, combined with his intimate knowledge of our technological assets and their applications, and his involvement with their potential end users, to be an ongoing benefit both to management and our shareholders. Tim will continue to develop and apply our technologies and provide guidance to our engineering teams, and will help us differentiate our business and technology within the industry."
Timothy Huff has over 20 years of telecommunication experience. He's held several positions during his career as a senior technical specialist, technical trainer, fiber optic technician, national accounts support engineer and a network design engineer. His technical background includes: VOIP, SIP, X.25, Frame Relay, LANs, WANs, Fiber Transport, SONET, ATM Transport, FDDI, DACS Specialist, Voice Switching Systems, Fiber Multiplexing, T-1 based systems, E-1 based systems, in addition to various voice compression techniques, Sub-rate Data, EDI systems, Web/Internet Technology, TCP/IP Transport systems, Managed Router Networks, RF engineering, digital microwave and Customer Premise Equipment.
Shortly after entering the telecom industry, Tim became involved with the building and operations of MCI's first International Gateway, and later the development of the Fiber Optic network of US Sprint, a significant new platform that signaled the future focus of the industry to digital from analog. Being involved firsthand in this transformation helped shaped his unique perspective on what the telecommunications world can be. Subsequent projects centered around the design, integration and maintenance of private voice and data networks, as well as the building of one of the first VoIP commercial grade networks into Mexico, prior to his joining GlobeTel.
Przemyslaw L. Kostro, Chairman, added, "As I stated in my letter to shareholders, our priority is to deploy our assets where they're most needed. Related to that concept is the placement of talent within the right role. We believe in Tim as Chief Technology Officer and we expect he will prove his exceptional value to the Company and our shareholders."
About GlobeTel Communications Corp.
GlobeTel Communications Corp. develops and provides an integrated suite of telecommunications products and services, leveraging its advances in VoIP and Wireless Access technologies. Individually, each of GlobeTel's business units function as distinct, stand-alone entities. Together they're the components of the Company's SuperHub(TM) worldwide VoIP network, currently in development and to consist of the Sanswire Stratellite(TM) platform and products enabling simpler, cheaper transmission of voice and data. Historically focused on developing overseas markets, the Company has begun selling VoIP services and testing wireless networks within the United States. Current and pending operations exist in Asia, Africa, Europe, South America, Mexico and the Caribbean. 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 which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
SOURCE: GlobeTel Communications Corp.
GlobeTel Communications Corp., Fort Lauderdale Robert Bleckman, Director of Investor Relations 954-775-1427
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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posted
Been away for a few days. Lots of PR releases over the past few days. Financial reporting delays - NOT GOOD!!! Re-hire of the HUFFSTER - DEFINITELY NOT GOOD!!! You may get your wish IMA and be able to buy some more GTEM as it passes thru .20 pps.
Posts: 49 | From: Springfield, Va. | Registered: Nov 2005
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GlobeTel Communications Corp. to Delay 10-Q, Review Accounting
Nov 17, 2006 10:26:37 (ET)
FORT LAUDERDALE, Fla., Nov 17, 2006 (BUSINESS WIRE) -- GlobeTel Communications Corp. (GTEM, Trade ) today announced that the Board of Directors has decided to delay the filing of the Company's third quarter report on Form 10-Q beyond November 19, 2006 and conduct a comprehensive review of the Company's accounting policies.
The Company had previously stated in its notice of late filing filed with the SEC, that it was delayed in filing its 10-Q due to issues related to the recording and carrying amounts of assets acquired in certain transactions that could lead to a restatement of prior financial statements.
Przemyslaw Kostro, Chairman, stated, "With the appointment of our new CEO and CFO and the already commenced investigation by the Audit Committee, the Board determined that a comprehensive review of the Company's accounting policies would be the next important step in restoring confidence in our company."
""The review by the Audit Committee is additionally looking at revenue recognition policies with a view toward making any corrections that may be necessary. In conjunction with the investigation by our Audit Committee and the SEC, we will be conducting a comprehensive review of all our accounting policies including the recording and carrying amounts of assets acquired and revenue recognition policies. The Company cannot determine when the review will be complete, but intends to move as quickly as possible to provide its third quarter report and any restatements, if necessary," said Peter Khoury, Chief Executive Officer of GlobeTel Communications Corp.
About GlobeTel Communications Corp.
GlobeTel Communications Corp. develops and provides an integrated suite of telecommunications products and services, leveraging its advances in VoIP and Wireless Access technologies. Individually, each of GlobeTel's business units function as distinct, stand-alone entities. Together they're the components of the Company's SuperHub(TM) worldwide VoIP network, currently in development and to consist of the Sanswire Stratellite(TM) platform and products enabling simpler, cheaper transmission of voice and data. Historically focused on developing overseas markets, the Company has begun selling VoIP services and testing wireless networks within the United States. Current and pending operations exist in Asia, Africa, Europe, South America, Mexico and the Caribbean. 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 which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
SOURCE: GlobeTel Communications Corp.
GlobeTel Communications Corp., Fort Lauderdale Robert Bleckman, Director of Investor Relations 954-775-1427
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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Joseph Monterosso Named Chief Operating Officer of GlobeTel Communications Corp.
Nov 17, 2006 13:01:17 (ET)
FORT LAUDERDALE, Fla., Nov 17, 2006 (BUSINESS WIRE) -- GlobeTel Communications Corp. (GTEM, Trade ) today announced that Joseph Monterosso, president of its Centerline subsidiary, has been named Chief Operating Officer of the Company.
Peter Khoury, Chief Executive Officer, stated, "Joe Monterosso brings extensive management experience to the position, as well as a proven commitment and passion for our mission. His background in providing guidance to the numerous GlobeTel constituencies, as well as his systems experience and knowledge of operations are valuable resources for our Company's future."
Mr. Monterosso's primary functions are to work toward ensuring that the Company's operations continue to be aligned with its business strategy, revenue and profit objectives, providing a daily escalation point to diffuse any potential problems that hinder the Company's achievement of its strategy and to work with GlobeTel's suppliers, and customer support to ensure they provide the highest quality services to support the Company's goal of providing the best possible services to its clients. Mr. Monterosso has been an entrepreneur since an early age; operating businesses of various sizes throughout the world.
Mr. Monterosso's involvement with GlobeTel began in 2004 when the Company began to migrate international wholesale carrier operations to Centerline and its subsidiaries. Since that time, Mr. Monterosso has developed a larger corporate presence within the Company, lending his managerial skills, production talent and leadership to the Company's other business segments.
About GlobeTel Communications Corp.
GlobeTel Communications Corp. develops and provides an integrated suite of telecommunications products and services, leveraging its advances in VOIP and Wireless Access technologies. Individually, each of GlobeTel's business units function as distinct, stand-alone entities. Together they form a powerful alliance of human talent and technological innovation resulting in the SuperHub(TM) worldwide VoIP network, Sanswire Stratellite(TM) platform and products enabling simpler, cheaper transmission of voice and data. GlobeTel has historically focused its business development on markets outside of the United States. For more information, please visit: 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 which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
SOURCE: GlobeTel Communications Corp.
GlobeTel Communications Corp., Fort Lauderdale Robert Bleckman, Director of Investor Relations 954-775-1427
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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Related Quotes Sym. Price Chg. GTEM Trade News 0.26 0 Dr. Alice H. Muntz Joins GlobeTel Communications' Board of Directors
Nov 20, 2006 09:25:13 (ET)
FORT LAUDERDALE, Fla., Nov 20, 2006 (BUSINESS WIRE) -- GlobeTel Communications Corp. (GTEM, Trade ) is pleased to announce the addition of Dr. Alice H. Muntz, Ph.D. to its Board of Directors.
Dr. Muntz has more than 20 years of diversified experience in strategy, operations, business development, product development, marketing, and M&A. She has served as a leader, manager, system architect, consultant, advisory board member, and director of IT systems and solutions for organizations ranging from small companies to mid- and large-size enterprises, educational institutions, and government entities. Specific projects include knowledge search technology and commerce platform, wireless handset applications, diabetes sensing devices, collaborative networks, legacy system migration, re-engineering, enterprise system integration, infrastructure planning and deployment, business process re-engineering and integration, data warehousing, distance learning, network infrastructure, data centers, ERP, CPD, CRM, logistics networks, search engines, and e-commerce networks.
In addition to her IT related projects, Dr. Muntz has also successfully raised funding through a diversity of venues, including proposals, venture capitalists and corporate grants. She has held leadership positions and built teams from the ground up and has also led teams of more then 200 people in IT, sales, marketing, operations, and finance within industry and academic institutions that include, among others, the University of California at Los Angeles (UCLA), Raytheon Co., Hughes Aircraft Co., NCR-Teradata and Xerox Corp.
Dr. Muntz is the Associate Director of Development and Chief Operating Officer of the Institute for Cell Mimetic Space Exploration (CMISE). In 1999, she founded Vizional Technologies, developer of what is generally considered to be the most advanced collaborative commerce platform available today.
"We believe that the addition of Dr. Muntz to the GlobeTel Board will provide depth to our entire organization. She possesses an impressive level of accomplishment and experience, combined with unique knowledge and the ability to convert research and technology into viable market solutions," stated Przemyslaw Kostro, Chairman. "Furthermore, we feel privileged that a person of Dr. Muntz's stature expresses confidence in our ability to move forward, giving me a very high level of comfort as we move deeper into our business plan."
Dr. Muntz has served as a member of several advisory boards including the Industrial Advisory Board of the UCLA Henry Samueli School of Engineering, Raytheon Electronic Systems Commercial Ventures, the Sally Ride Science Camp, and the Supply Chain Council of the Aerospace and Defense Steering Committee. She has been published, quoted or recognized in numerous industry journals, and is frequently a guest lecturer at industry related conferences, workshops and symposiums. Her scholastic achievements include a B.E. from National Chiao-Tung University in Taiwan, a M.S. and Ph.D. in Computer Science from the University of Southern California (USC), completion of the Executive Management Program at the Kellogg School of Business, and the Directors Training Award from UCLA.
About GlobeTel Communications Corp.
GlobeTel Communications Corp. develops and provides an integrated suite of telecommunications products and services, leveraging its advances in VOIP and Wireless Access technologies. Individually, each of GlobeTel's business units function as distinct, strong stand-alone entities: Together they form a powerful alliance of human talent and technological innovation resulting in the SuperHub(TM) worldwide VoIP network, Sanswire Stratellite(TM) platform and products enabling simpler, cheaper transmission of voice and data. GlobeTel has historically focused its business development on markets outside of the United States. For more information, please visit: 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 which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
SOURCE: GlobeTel Communications Corp.
GlobeTel Communications Corp. Investor Relations: Robert Bleckman, Director, 954-775-1427
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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