GTEL Announces Move to the American Stock Exchange
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 20, 2005--GlobeTel Communications Corp. (OTCBB:GTEL) today announced that effective on Monday, May 23, 2005, the Company's shares will be moved to the American Stock Exchange and will trade under the symbol GTE.
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in compliance with all applicable listing standards until the date it begins trading on the Exchange, and may be rescinded if the Company is not in compliance with such standards.
Timothy Huff, CEO of GlobeTel, stated, "Our time has come to move to a more recognized trading exchange. We are looking forward to being listed on the AMEX and look forward to the next chapter in the financial life of the Company."
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.
About GlobeTel
GlobeTel Communications Corporation is a diversified Telecommunications and Financial Services Company. GlobeTel Communications Corporation 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.
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 Placement 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. The above are more fully discussed in the Company's SEC filings. GlobeTel's statements regarding the actual timing of the move and the listing of the company shares shall not be official until the actual start of trading on the American Stock Exchange. The AMEX has the right to continue to review the company to ensure compliance with listing requirements up to and until the time of listing. There may be other factors that contribute to any delay in the listing.
Contacts
GlobeTel Communications Corp., Fort Lauderdale Leigh Coleman, 954-241-0590 investors@globetel.net
-------------------- Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow
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I have 20k of GTEL stock. After the R/S I'll own 1,333.3333. What happens to the 1/3 share if and when I decide to sell???? Don't think you can buy/sell fractional shares.
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Just remember. I think the share price needs to remain above $3 on the AMEX. If for some unknown readon it should dip below that, we may see another R/S to keep the price up. I don't think that the price will suffer like once on AMEX, but we need to keep that in mind.
quote:Originally posted by Peaser01: Just remember. I think the share price needs to remain above $3 on the AMEX. If for some unknown readon it should dip below that, we may see another R/S to keep the price up. I don't think that the price will suffer like once on AMEX, but we need to keep that in mind.
We had to be @ $3 to be listed on AMEX. We closed @.242 today, which equates to $3.63 post split. We do not have to maintain the $3 after beginning of trading on the AMEX board. But IMO we will be heading up anyways, so its really a moot point in the end
-------------------- It is impossible to make anything foolproof because fools are so ingenious.
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They will come out with some news about test flights or something after the move to the AMEX. I think they have been holding news for this moment.
-------------------- If all goes well then great, if not, make it work.
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Good thinking. Early FAA approval would be a surprise to everyone. I was hoping to have FAA and NASA approval in July sometime. It would be sweet if news like that leaked out early.
quote:Originally posted by Peaser01: Just remember. I think the share price needs to remain above $3 on the AMEX. If for some unknown readon it should dip below that, we may see another R/S to keep the price up. I don't think that the price will suffer like once on AMEX, but we need to keep that in mind.
We had to be @ $3 to be listed on AMEX. We closed @.242 today, which equates to $3.63 post split. We do not have to maintain the $3 after beginning of trading on the AMEX board. But IMO we will be heading up anyways, so its really a moot point in the end
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.
Does the above statement refer to GTEL before AMEX listing or GTE after the listing?
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Yes, that 10 to 20 day period ends Monday when we begin trading on AMEX. And since we closed @.242 on Friday, that equates to $3.63 Monday post split. We will be in the clear. Hooray for our side!!!
-------------------- It is impossible to make anything foolproof because fools are so ingenious.
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I think you need to start dialing about 5 minutes before the lightning round begins. We might not like what he has to say, that is why I have been hesitant about calling in. He doesn't usually research penny, under $5 stocks.
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GlobeTel Communications Corporation Appoints J. Streicher & Co. as its AMEX Specialist
By BusinessWire Last Update: 5/23/2005 9:20:02 AM Data provided by
GlobeTel Communications Corp. (GTE), today announced the appointment of J. Streicher & Co., as specialist for GlobeTel Communications shares on the American Stock Exchange.
Timothy Huff, CEO of GlobeTel Communications stated: "Following our meetings with J. Streicher & Co., and their long standing tenure at the AMEX, we moved to appoint them as our specialist. We believe that they truly understand our business and will be an exceptional partner with us as our representative in the capital market at the AMEX."
Jonathan Frey, Managing Partner of J. Streicher & Co., stated: "We welcome a company like GlobeTel to the AMEX and we are truly pleased to have been appointed as the Specialist for GlobeTel shares. We are impressed with the job that management has done, the vision for the future, and the overall direction of the Company."
About J. Streicher & Co. LLC
Founded in 1910, J. Streicher & Co. LLC is a prominent, well capitalized, highly rated, old-line Specialist firm, which makes markets in securities listed on the American Stock Exchange. J. Streicher & Co. LLC is a founding member of the American Stock Exchange and currently makes markets in some 42 diverse equity securities, such as Crystallex International Corp., DHB Industries, Inc., Pain Care Holdings, Inc., and Pioneer Drilling Co.
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