quote:Originally posted by George: Sorry guys but I have lowered my re-entry to the 1.20 range. 1.70 came too fast and it looks to go a lot lower. I will be watching closly.
Ouch!!! If it gets down to the 1.20 level I'll only need a $1.60 price increase just to breakeven.
IP: Logged |
imakmony2005
unregistered
posted
Got 500 more at 1.64. Next buy set at 1.44 Hope i dont get it.
IP: Logged |
posted
FYI, I'd look for GTE to make their AMEX required response to the MF article AH today, or pre-market Monday. Should kick off a relief rally when that occurs. GLTA!!
-------------------- It is impossible to make anything foolproof because fools are so ingenious.
IP: Logged |
imakmony2005
unregistered
posted
Thanks Pagan. Heck might get something going right here.
IP: Logged |
posted
I think your dead on Pagan. They can't let this just fall without a response any longer. I suspect something is being written up right now. I'm couldn't wait anymore...back in at 1.67. I would say look for low 2's easy on Monday.
IP: Logged |
quote:Originally posted by stockaholic: I think your dead on Pagan. They can't let this just fall without a response any longer. I suspect something is being written up right now. I'm couldn't wait anymore...back in at 1.67. I would say look for low 2's easy on Monday.
Actually they don't have a choice in the matter of responding, it's an AMEX regulation.
From the AMEX: Clarification or confirmation of rumors and reports: Whenever a listed company becomes aware of a rumor or report, true of false, that contains information that is likely to have, or has had, an effect on the trading in its securities, or would be likely to have a bearing on investment decisions, the company is required to publicly clarify the rumor or report as promptly as possible.
-------------------- It is impossible to make anything foolproof because fools are so ingenious.
IP: Logged |
posted
Thanks for the info...well I would think it has to be coming at the latest Monday morning the way things are going. That will surely cause a jump back into the 2's.
IP: Logged |
posted
GlobeTel Communications Updates Status of Joint Venture with LLC Internafta
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 13, 2006--GlobeTel Communications Corp. (AMEX:GTE) today provided a brief update on the status of the Russian network negotiations.
CEO Timothy Huff stated, "On March 2, we advised our shareholders that Internafta requested an additional delay in the closing of the funding until the week of March 6. Since then, GlobeTel has provided Internafta and its banks with a significantly expanded business plan outlining in detail the company's program for equipment manufacturing, delivery, installation, testing, monitoring, staffing, progress payment requirements, and other pertinent information. Internafta advised us that its funding has been approved by its bank syndicate, subject only to the bank's final review and analysis of this GTE business plan.
"Although the contract signed between GlobeTel and Internafta did not specify such a financing of Internafta's funding obligation, and while GlobeTel did not anticipate that such a financing by Internafta would emerge as it has, we have agreed to a continuance of the contract with Internafta until the end of this week, pending a final decision by Internafta's bank regarding a funding commitment secured by Internafta's assets.
"Should such a funding commitment not be forthcoming by the end of this week, or unless the banking syndicate provides written assurances to GlobeTel of the imminent delivery of such commitment, GlobeTel will have no choice but to exercise its right to default the contract for non-payment. This outcome would be unfortunate given the time and effort that our entire staff has dedicated to this transaction. However, we're committed to more than twenty other GlobeTel Wireless network projects requiring our time and attention. Further delays in the closing of the Internafta transaction would only serve to distract our team from these immediate opportunities."
IP: Logged |
posted
Sorry--that's not new--but, it says that they would have to end the contract if they didn't get payment by the end of the week. Should we assume they canceled the deal, and are just not saying anything now?
IP: Logged |
imakmony2005
unregistered
posted
No, They gave them more time.Going up!!!!!!!!
IP: Logged |
GTE, , ) announced that it has launched its money remittance service program offered in conjunction with Travelex Currency Services, Inc., as previously planned. GlobeTel's technology has been deployed to enable remittance functions through Fidelity Express, a national leader in money order generation and walk-in bill payment solutions with a growing merchant base of more than 5,000 locations in 22 states.
Fidelity Express accepts payments through authorized retailers, primarily supermarkets and convenience stores, on behalf of utility companies such as Reliant Energy, TXU, Verizon, Atmos Energy, Westar Energy, Alabama Gas Company, Centerpoint Energy, Garland Power and Light, AquaSource, Northland Cable TV, Vycera Communications; municipalities such as City of Lake Worth, FL, City of Lakeland, FL, City of Atlanta, GA, City of Dallas Water; and government services such as Texas Child Support.
"Fidelity Express' locations provide an excellent built-in money transfer agent network for our state-of-the-art technology, which is part of the Travelex Money Transfer program," stated Timothy Huff, CEO of GlobeTel. "The rollout of our remittance technology helps Fidelity Express retain its leadership position in this fast-growing segment of commerce. Creating a one-stop shopping experience for our customers is consistent with the GlobeTel mission of providing unmatched expediency and convenience for anyone, anywhere at any time. This consistency follows through from our communications platforms and delivery systems to our remittance technologies."
Pat Odom, Division Manager of Fidelity Express, added, "Offering money remittance adds a product to our services that exactly meets the needs of many of our current customers and will attract many new customers to Fidelity Express locations, further increasing customer traffic and generating additional revenue for our retailers. Money orders, in-person bill payment and other Point Of Sale financial services offer a valuable service to consumers, while at the same time help to increase customer traffic and generate additional revenue for our retailers. Industry reports indicate that at least 20 percent of the U.S. population pays its bills in person in retail locations around the country. One of our payment location providers, the second largest supermarket chain in North America, reports 66 percent of all people who come into its stores to pay their bills buy something."
IP: Logged |
posted
Well it looks to me like the Russian deal is DOA. Back on 13 March Huff gave the Russians until the end of THAT week to to pay-up or the deal would be cancelled. Guess what --- here it is the 18 April and GTE hasn't let anyone know what the acutal status is. Is it cancelled or what???? If GTE gave them "more time" why hasn't it be made known. What is the deadline now - if there is a new one??? The lack of information leads me to believe that the deal is DEAD and GTE is just not admitting it. Once they do - watch out, this stock will really drop!!!!!!!
IP: Logged |
quote:Originally posted by Edster: Well it looks to me like the Russian deal is DOA. Back on 13 March Huff gave the Russians until the end of THAT week to to pay-up or the deal would be cancelled. Guess what --- here it is the 18 April and GTE hasn't let anyone know what the acutal status is. Is it cancelled or what???? If GTE gave them "more time" why hasn't it be made known. What is the deadline now - if there is a new one??? The lack of information leads me to believe that the deal is DEAD and GTE is just not admitting it. Once they do - watch out, this stock will really drop!!!!!!!
There was an additional PR after the 3/13 PR.
GlobeTel to Revise Payment Terms of Agreement with Internafta, Extend Time for Payment FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 17, 2006--GlobeTel Communications Corp. (AMEX:GTE) today announced that based upon differences between the Company and Internafta on the financing process, the parties have agreed to revise their agreement to more accurately reflect the timing of payments GlobeTel expects to receive for the build out of the 30 city wireless network in Russia and allow Internafta additional time to begin making payments.
Internafta has informed GlobeTel that its bank recommends that smaller, more frequent, progress payments be established so that the necessary staged payments can be delivered to GlobeTel as and when the network is delivered and installed. These smaller, more frequent, staged payments do not reduce the total capital value of the agreement with GlobeTel Wireless or change any other terms of the agreement. GlobeTel will still receive $600 million for deployment of the network. The exact amount of the new proposed initial deposit, and the size and timing of the new proposed progress payments, will be discussed and agreed with GlobeTel once the bank has completed its due diligence and when the bank group formally accepts the terms of Internafta's proposed banking instrument.
The December 2005 contract called for four equal payments of US$150 million each, of which the first payment, representing an initial deposit, was to be received by GlobeTel in January 2006. On January 23, 2006, Internafta presented to GlobeTel a document represented to be a Standby Letter of Credit drawn on Banco do Brasil S.A. (Rio de Janeiro) in the amount of $300 million. This Standby Letter of Credit was provided to facilitate the first phase of the network construction. The banking instrument had a maturity date of two years and needed to be confirmed and accepted by a correspondent bank before GlobeTel could receive any funds from the instrument. The terms and conditions of what constituted an acceptable and functional banking instrument as it related to the December 2005 contract became a matter of interpretation between the parties. After extensive negotiations, Internafta agreed to take sole responsibility for facilitating the financing of their banking instrument in order to be able to present readily-available funds to GlobeTel.
Timothy Huff, CEO of GlobeTel stated, "We are in constant communication with Internafta and believe that so long as we feel they are continuing to work in good faith and so long as substantive progress is being made on the transaction, it is in the best interests of GlobeTel and its shareholders to allow the process to continue to its ultimate conclusion. This is a very large transaction that requires solutions to many commercial issues, the implementation of tailored banking facilities, and the conformance to many international treaties, regulatory requirements and legal matters. The parties continue to work in good faith and remain committed to building a state-of-the-art wireless network in Russia. We feel that the process must be given every reasonable opportunity to succeed given the commercial stakes involved."
GlobeTel is in regular contact with Internafta, both in person and via a series of telephone conference calls, concerning the progress of the transaction. Floyd Bradley, Managing Director of GlobeTel Wireless, met with Maxim Chernizov, the Director General of Internafta, on March 13th and again on March 15th in Germany in order to represent GlobeTel's interests in the ongoing banking process.
During those discussions, Internafta informed GlobeTel that its banking instrument is being syndicated by a consortium of banks and that the lead institution is a major European bank, instead of the bank that GlobeTel had started the process with. Internafta has stated that the banks have successfully completed their due diligence regarding the underlying assets of Internafta's shareholders that collateralize the banking instrument. The remaining financing procedures are now under the control of the lead bank, and GlobeTel has been told by Internafta that all financial institutions involved in the syndication process are attempting to facilitate the transaction on a "time-is-of-the-essence" basis.
However, Internafta has also informed GlobeTel that the lead bank requires additional time in order to secure an external expert opinion to verify both the feasibility of, and GlobeTel's ability to implement, the business plan for the Russian network. GlobeTel has been told that the bank and its external expert advisors are currently evaluating the business plan that was developed by GlobeTel as part of the commercial justification of the planned Russian network. This expanded version of the business plan was recently delivered to Internafta as required by the lead bank's project financing and due diligence process.
-------------------- It is impossible to make anything foolproof because fools are so ingenious.
IP: Logged |
posted
Frank, you seem to be a "metals" guy, judging from your past posts. Wondering why you show up here antagonizing? Just FYI, "having fun" is cool...being belligerent? not so much...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
IP: Logged |
posted
Just remember this. People and places like Motley Fool shoot their mouths offs about a stock to feed two things...their insatiable ego or their pocketbook. Places like Motley Fool have to draw attention because the people that pay them, look at the size of the audience they have. The larger the audience the bigger the contract. More people come to see a guy that's just fallen 10 stories than a boyscout helping an old lady across the street. Negative sells more than positve, period. Always has, always will. Take what these negative guys are saying with a grain of salt. If you did DD before you invested, than your decision to trade GTE is probably more solid than you think. Trading is a numbers thing not an emotional thing. I make money when I work the numbers and lose almost every time I get emotional. Good luck to everyone. Holdin' big for big things to come!
-------------------- BE HUMBLE, DON'T STUMBLE!
IP: Logged |
posted
Does anyone have any thoughts as to when (and if) GTE will issue a reclama against that latest Fool's article which sent GTE into a nosedive?
IP: Logged |
Topic Closed
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
