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Post# of 157299
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followinsnsr

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Re: mide post# 69650

Thursday, 03/29/2007 8:02:56 PM

Thursday, March 29, 2007 8:02:56 PM

Post# of 157299
Previously Posted by: rocky301
In reply to: villas who wrote msg# 68794 Date:3/22/2007 9:35:09 PM
Post #of 69650

villas,

Reporting company--means a company that is obligated to file periodic reports with the Securities and Exchange Commission under section 15(d) or 13(a) of the Exchange Act.

Globetel is definitely a "reporting company" and is obligated to file periodic reports(q's and k's). Because we have delayed filing 3rd qtr 2006 does not make Globetel a non reporting Company.

Globetel would have to meet one of the following criteria to be exempt or suspended from duty of filing said reports.
Rule 12h-3 -- Suspension of Duty to File Reports under Section 15(d)
http://www.law.uc.edu/CCL/34ActRls/rule12h-3.html

You ask, What is you're opinion on the possibility that GTEM just decides not to report and how does that really impact the current situation as we are now on the pinks?

Not being a reporting company would not allow Globetel to
a)solicit certain financing like the private placements we have done and needed many times
b)no acquistions could be made with stock
c)When you are a reporting company and file with SEC, information about your company is made available to the public. Having a means to get information about your business, helps the public evaluate whether or not they want to buy your stock.
d) any intentions of moving up the ladder to the OTC require a
a Company to be reporting.

Let me put it this way, if Globetel were to announce they were no longer reporting I would be gone the second I read it. It is vital for transparency, disclosure and all the things necessary to move forward again. Filings can be wrong but I will take them over nothing any day.

You said, "Many companies on the pinks do not report."
You are right, they are not required to. I know of many companies who have traded for years on the pinks and have never filed one report to the SEC. You cannot find one thing out about financials or anything else in most cases...on the other hand, if a company was fully reporting and no longer files with the SEC as a pink sheet then I would suggest they met the criteria in the link I provided you above.

Note: I have e-mailed the SEC recently and asked what transpires if a company does not meet the criteria from link above and yet does not report for whatever reason whether it is lack of monies to file etc; They almost always call within a few days with an answer or refer me to another department. Will definitely share what I find out in that regard.

http://www.investorshub.com/boards/read_msg.asp?message_id=18136306


"There is no great honor these days in being a long (very long).......
Not a lot of profit either it seems."

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