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morning all, well, nothin like a good nights sleep sometimes......I've been saying for weeks the split was coming......Just could'nt figger out the size of it.......Management still leaves a lot to be desired, but what company is perfect?.....In my opinion they still behave like the Key Stone cops of old, but I have [ as many of you know ] kinda of a bent sense of humor....Might be the on set of old age!!!!!...I might be a buyer again, just waiting to see what happens...
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FORT LAUDERDALE, Fla.--(Business Wire)--May 10, 2005-- GlobeTel Communications Corp. (OTCBB:GTEL), today announced that it has raised an initial $2.358 million in investment from a group of accredited investors. GlobeTel announced today that it has accepted Subscription Agreements by certain large institutional investors and other accredited investors. The funds will be used for general corporate purposes and will allow the company to further accelerate its operational growth objectives. Timothy Huff, CEO of GlobeTel stated: "This is a very positive event for us. This investment was raised on a straight Common Stock purchase with a very small discount to the investors, which was based on the previous five days VWAP share price. We also provided warrants to the investors to purchase up to 70% of their initial investment, at a price of 150% of the market price of our shares, which based on yesterday's close equals approximately .3838 per share. Assuming the exercise of the warrants, the total investment could be as much as $5.65 million." Huff continued to say: "The access to capital to GlobeTel is becoming more and more favorable to a company of our size. We are extremely pleased to have some large institutions participate with us as shareholders. We further feel that while we did not need investment at this time that it was prudent for us to further strengthen our balance sheet, increase our cash position which would allow us to continue the rapid expansion that we have been going through. We strongly feel that our move to the American Stock Exchange, which we announced earlier, will continue to open the doors to large funds and quality, long term investors, alike."
About GlobeTel
GlobeTel Communications Corp. is a diversified Telecommunications and Financial Services Company. GlobeTel Communications Corp. operates business units in Stored Value debit cards, as a certified MasterCard processor, the sale of Carrier grade VOIP of Long Distance to major Long Distance re-sellers, VOIP Technology and development, and high altitude airship research and development. These self contained business units were developed to operate independently of each other. The symbiotic relationship however, provides value to each of the other business units. This strategy offers GlobeTel financial diversity and risk mitigation while striving toward its operating objectives. Operating on a global basis, GlobeTel has historically focused its business development on markets outside of the United States. Current operations and business relationships exist in Asia, Europe, South America, Mexico and the Caribbean. Additional information concerning other areas and topics of GTEL can be found on our web site at http://www.globetel.net.
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FORT LAUDERDALE, Fla.--(Business Wire)--May 10, 2005-- GlobeTel Communications Corp. (OTCBB:GTEL), today announced clarifications on yesterday's news concerning the move to the American Stock Exchange. The Amex granted approval to their exchange contingent upon the Company affecting a 1 for 15 reverse stock split. Further, this approval is contingent upon the Company remaining in compliance with all applicable listing standards on the date it begins trading on the Exchange, and may be rescinded if the Company is not in compliance with such standards. It is expected that the process will take 10 days to complete but may be as many as 20 days depending on regulatory issues and filing times. So the company must maintain to meet the listing criteria during this 10 to 20 day period. GlobeTel meets the requirements today and has received approval from the Amex contingent upon affecting the reverse. We have given the Amex a representation letter that we will perform the reverse and it is a requirement for us to do before our listing on the Exchange.
About the American Stock Exchange
The American Stock Exchange (Amex) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 155 ETFs, the Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit http://www.amex.com.
Timothy Huff, CEO of GlobeTel stated: "We are proud that the Amex has approved our listing to their exchange and I believe that it is a big step in building real value for our long time shareholders. The OTCBB has served its purpose. But those of us that long for building a world class company with increasing value are glad to see the start of our next generation with this move. A reverse split is a positive event for GlobeTel. While it may seem overwhelming or confusing, this is a normal part of a restructuring and as it is here, coupled with a move to the AMEX, a very positive event. While there will be those that express dissatisfaction with this move, it is important to question their real motives by their actions." Huff continued: "This closes a chapter in GTEL's history and opens a new door that will enable us to grow in real shareholder value as we accomplish our goals while attracting new investment opportunities by large funds and institutions."
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Can someome post a link that clarifies the $3 minimum a couple of you have been talking about?
that's what i found when i looked up their requirements.... they may allow them to stay on if they go below 3$, but they say they want 3$ for admission....
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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quote:Originally posted by glassman: that's what i found when i looked up their requirements.... they may allow them to stay on if they go below 3$, but they say they want 3$ for admission....
So basically we're good down to 20 cents. And I don't think that is a coincidence 20 cents is a safe support level for this stock and they want to make sure the AMEX listing goes through -- because it isn't a done deal! They HAVE to maintain 20 cents (pre split) / $3 (post split) to get on.
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d6 veteran ......In my mind I am a pumper when I own it!!!!...,Then I sell, and in my mind I am a basher!!!...Made some fast bucks on it this morning....Now I don't care what it does!!!...Now, does that sound familiar folks...
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20 cents is a safe support level for this stock and they want to make sure the AMEX listing goes through -- because it isn't a done deal! They HAVE to maintain 20 cents (pre split) / $3 (post split) to get on.
