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Number of Total Employees and Number of Full-Time Employees
At present we have 7 full-time employees, including our executive officers and employees of our subsidiaries. We do not believe that we will have difficulty in hiring and retaining qualified individuals in the fields of Internet telephony and other communications projects although the market for skilled technical personnel is highly competitive.
Anyone surprised on this fact????
Mide, I don't disagree but that is not exactly what was released..However Khoury did resign just a week before this PR. Speculation says Khoury and Dohan didn't agree..
FORT LAUDERDALE, Fla., Sept. 12 /PRNewswire-FirstCall/ -- GlobeTel
Communications Corp. (Pink Sheets: GTEM) today announced that it has
engaged Dohan and Company, P.A. CPA's, as its independent auditors for
fiscal year 2004 and 2005, which are being restated, effective September
11, 2007.
"This engagement is a logical and efficient choice for completing the
necessary restatements as Dohan and Company were the auditors of the
original issued reports, and are therefore able to move rapidly in
reviewing the restated financial statements," stated Jonathan D. Leinwand,
Chief Executive Officer. "The execution of this engagement letter is a
vital step for GlobeTel as we try to provide updated and accurate financial
information to the market."
Dohan and Company has agreed to re-engage based upon their confidence
in the new management of the Company.
In regard to Dohan..Everyone should reread the PR's starting in Jan of 2007 when GTEM dismissed them in their 8K filing, also bear in mind that GTEM also stated that there were no disagreements between the 2. Then read the letter Dohan sent to the SEC disputing what GTEM said. Then in March Patrich Heyn(SEC guru) resigns along with DeCarlo(interim CFO),however DeCarlo was given a consulting agreement. So here comes April and Joe M. is fired which within a week GTEM releases yet another filing telling everyone not to rely on previous financials. Thru all this they also state "Quote"The Company has not discussed this issue with its independent auditors.
On May 4, 2007, the Board of Directors of GlobeTel Communications Corp. (the "Company"), in consultation with its outside accounting consultant, determined that the Company will restate its financial statements for the years ended 2004 and 2005.Let's not forget this..McKean Paul Chrycy Fletcher & Co. has declined to accept the engagement as GlobeTel's certifying public accountants. McKean Paul Chrycy Fletcher & Co. had been appointed on January 4, 2007. McKean Paul Chrycy Fletcher & Co. performed no services for the Company and did not have any disputes with the Company.
If anyone thinks Dohan and GTEM are best buds they might want to think again, it is also possible that Dohan is only there because of an SEC request or requirement.
OFFICE OF THE CHIEF ACCOUNTANT
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sir and/or Madam:
We have read the January 4, 2007 statements of Globetel Communications Corp about our firm that is included under Item 4 in its Form 8-K filed with the Securities and Exchange Commission. We do not agree with certain portions of the statement, as stated below:
Globetel Communications Corp is under investigation by the Securities and Exchange Commission and the investigation has not been concluded. Accordingly, we are unable to determine if a disagreement exists on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Dohan & Company, P.A., CPAs,. would have caused them to make reference in connection with their report to the subject matter of the disagreement, will arise as a result of the ongoing investigation.
JMHO along with some facts...
Consider the "Company" getting a Wells Notice vrs. individuals getting one, especially if the individuals got them after resigning or being terminated. First of all the company is not going to publicize that their former execs got notices as it would be considered bad press, secondly if they were no longer employed by the company it would most likely not be 'A Material Event', but one received by the Company is most likely A Material Event.
JMHO
Case BC370248 was updated on Friday with the following:
Does anyone have the details of these filings? TIA
09/21/2007 Abstract of Judgment
Filed by Attorney for Creditor
09/21/2007 Appl for Writ of Execution & Ord
Filed by Attorney for Creditor
09/21/2007 Writ issued (Los Angeles County Possession Only )
Filed by Clerk
Window Rock Capital NOT PGS Pharm.
From what I found many moons ago Bleckman's last job was with Window Rock Capital, which is also in trouble for financial filings, and the CFO is also suing them.
I don't understand how anyone can interpret Sands article where he states Bleckman was the IR guy....Unreal
Looks like Joe has already been to Mexico...
http://www.globalmanufacture.net/home/news/axcess.cfm
Just read on Joe M's site the letters from Klein to Bleckman and Leinwand. First thought is are these real, if so how did Joe get them since he was terminated on 4/27/2007 and the letters were supposedly written in July 07? Let's see Joe didn't like the K men,Leinwand, or Bleckman???
To net these 2 letters out Klein wants 50k for Bleckman releasing stuff about Uli that was supposedly not true and also wants another 10 million for the pr and commments from Globetel. If they don't meet all the demands they are going to take it to court. I am no legal expert or even close but this does smell like blackmail plus the fact that I can't comprehend any lawyer writing something like this.
Lastly, Joe M's conduct thru all this is so unprofessional and vindictive it's impossible to believe anyone would think of him as an executive whether former or current. I did some dd on him and his association/capacity with Total Axcess is frightening at best.
This is just my opinon based on unknown sources and questionable data....
Jet, I missed that reply. The other thing I remember when all these people from Rubikon started showing up at Globetel is the same time when they deleted all info from the rubikon site. The other character that I had forgotten about was Leo Daly III, which was also from Rubikon. Quite a gig they had going, I can't think of one thing any of them ever did, expecially the ring leader "Dumas".
Jetmek,Wind, Kissinger was a co-founder of Rubikon Partners..
http://investing.businessweek.com/businessweek/research/stocks/private/person.asp?personId=588711&am....
Justfrank, remember....Dumas surfaced with GTE, Sanswire/Europe on March 05 of 2005, he and John A. Jensen, Jr(Rubikon Partner), to both manage the new operation. Dumas came aboard(11/30/2005) as Executive Vice Chairman, director, and a joint venture partner in Sanswire Europe. Bear in mind he was one of the founders of Rubikon Partners. On Jan. 11,2006 Dorien Klein is brought in as a director on the board to serve on the Audit, Compensation and Nominating Committees, he is also a managing partner from Rubicon. May 16,2006 Ferdinando Salleo, Former Italian Ambassador to the United States, Joins GlobeTel Communications' Board of Directors, guess what, he was on the highly distinguished “Advisory Board of Rubikon”
Yes Globetel bantered around Kissinger's name with all the previously mentioned PR's. Besides, Kissinger's reputation is not exactly as clean as most think....
Danielle, Please provide the DGR link you posted yesterday, the one which you verified with your Tel Aviv contact? TIA
But wait there's more recent Joe M.
http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=269442&....
BACKGROUND*
Joseph J. Monterosso has been President of TotalAxcess.com Inc. since November 25, 1996 and serves as Chief Executive Officer. Mr. Monterosso served as Chief Operating Officer of GlobeTel Communications Corp. from November 17 2006 to April 27, 2007. His primary functions were to work toward ensuring that GlobeTel Communications's operations continue to be aligned with its business strategy, revenue and profit objectives. Mr. Monterosso has been an entrepreneur since ... an early age; operating businesses of various sizes throughout the world. His involvement with GlobeTel began in 2004. Mr. Monterosso has used his entrepreneurial skills to launch a variety of companies over the past 25 years, culminating with National Pools Corporation in 1992. Prior to NPC, Monterosso embarked upon fulfilling his lifelong dream of producing his own automobile after attending the Geneva Auto Show in 1986. Mr. Monterosso headed AutoItalia SpA, of Turin, Totalaxcess Com Inc. that produced the automobile. He supervised the redesign of the automobile to meet U.S. Department of Transportation specifications and market expectations. In June 1979, he was named Sales and Operating Vice President for Tony Ward, Inc., an importer of forklifts from Japan. He left Tony Ward, Inc. to found North American Forklift, Inc. in July 1980. While living in Australia from 1970 to 1979, Mr. Monterosso founded three successful firms including a company that manufactured custom wheels and imported accessories for off-road sport vehicles, which was subsequently sold to Ford Motor Corporation in 1979. He has been Chairman of TotalAxcess.com Inc. since August 8, 1997 and its director since November 25, 1996.
Some Classic Good Ol Joe M.
Guess who was CEO/COB and President of Totalaxcess? Here's an interesting post from the board moderator at the time...Ticker at the time was txcs...
http://investorshub.advfn.com/boards/board.asp?board_id=188
Moderator: gdb81 Assistants: None
Boardmarks: 0
Created: 9/12/2000 12:03:13 AM
Update: 2003 - This company was a huge scam, I apologize to anyone who listened to me in testifying as to it's legitimacy. They have had no contact with shareholders in over two years, their telecom licenses have been revoked in 18 of the 20 or 21 states they did business in. I highly doubt you can even buy shares if you wanted to as bankruptcy proceedings are underway
2005 - Totalaxcess has officially been dissolved via adversary involuntary bankruptcy. Total assets to be liquidated: 0
Though the SEC never revoked the stock, it has been inactive since 2001 and is now officially worthless.
Risk, I talked to them twice today. They were not able to find any info in regard to working with Globetel. When I spoke with them on 6/17 I do not remember who I talked to but he difinitely verified working with globetel....
Anyone, please help in locating the PR that talked about RedChip and Globetel. The timeframe would have been a couple weeks before June 16,2007. I spoke with Redchip on that date and they verified there was a relationship just starting. The PR that contained the blip with Redchip was only a sentence or 2 that contained their phone number and contact, in fact the PR was not in regard to them. It seems that the PR has vanished from existence...Does anyone recall reading this announcement? Thanks in advance....
I believe the Navy has lots of life-boats, they just might lend them one for towing. As this is next year, I am a lot more concerned about what they accomplish now to remain in business. I have seen to many of these type of Pr's with absolutely no follow thru. The SP is a direct reflection of how much credibility and trust is left, nobody is buying the PR or the stock...JMO
Skyvision, were you able to view anything on the LA site? I tried the case number and nothing came up...TIA
Jim, ya I caught this on the Company information link on their new site....They obviously did some cut/paste and didn't update it..
Due to the quality of our advanced wireless technologies, GlobeTel Wireless has established relationships and recently signed agreements with leading companies in our target markets. GlobeTel Wireless currently has numerous projects planned in 2006-2007.
Warp, I spoke with someone at GTEM last Friday and Kostro was back in Poland and Khoury was in the Florida location. They apparently come and go based on their other careers,Gtem needs, and whatever US rules there are.....
Danielle, lighten up a bit. I don't disagree with what you are saying but both these guys have other jobs. Diplomacy is an art..
Just some observations regarding the current state of Globetel.
I had noticed back on March 14 PR that they added the following statement to their PR's...These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including an ongoing formal investigation by the U.S. Securities and Exchange Commission and delayed filings of quarterly results...etc.
I for one don't believe that happend all by itself. Patrick Heyn was brought in back in Oct. for a very specific talent...SEC investigations. He is now gone along with the temp CFO, and most recently Huff. I am under the belief that the SEC is behind most of these changes due to some serious negociating with them. The SEC is most likely dictating what GTEM must do if they are to continnue. Let's be honest here in that GTEM doesn't have much of a choice and not exactly a good foundation to stand on...Just watch for the first PR that lacks the above statement.
Now for the "K Men"...Interesting that neither is a citizen of the US, Kostro from Poland and Khoury from England. How much time are the 2 key players devoting to GTEM while they both have a home/family in another country along with another career? Besides how long can they stay here before they must go back home for a while? I wonder what the expense accounts look like for both, a CEO and a COB don't exactly stay in a flop house, eat at Mickey D's or drive a KIA, especially for extended periods of time.
What this company really has and what level of employees are there is a big mystery to me, but that's what GTEM has been all about. Survival mode is never pretty or is it?...JMHO
Vern, I asked you for some clarification back in Feb (post#65843), perhaps you missed it. If that employment contract was not broken then you are still an employee of GTEM. TIA
First, he is unemployed and will most likely encounter legal fees out of his pocket for current and future law suits. 2nd, if the company is nothing but his fluff why would he hold them? Only possibility is that the SEC might consider him selling based on insider information at this point. JMHO
If Huff is officially gone can he start selling his 4 plus million shares now? This question would also pertain to all the others who have stage door right...TIA
Design, no doubt, you can bet shareholders are not on top of their list now. They are in survival mode and will take care of the network and big money. If we get dragged along for the ride that will be a bonus. JMHO
Does anyone really think Mexico did not do their DD on this venture with GTEM? How could they possibly trust Huff after everything that has happened to this company in the last couple years. "Huff" pivotal to this deal? I think not, Huff was most likely kept for the SEC. JMHO
Jim, my guess is there is not a lot left of this company, what bothers me even more is that they are not backfilling any positions they discharge. Plus the fact the "K" men are only there on a temp basis too. They can not come off the pinks,no CFO,CTO,independent directors, audit committee. There is no doubt in my mind that there is/was serious negociating with the SEC, we are just seeing pieces of the "Deal". If you remember when this investigation started they brought in Patrick Heinz, who was known for his expertise with the SEC. He was let got a few weeks ago, that should be enough to realize something is coming to a close.
What is the real agenda of GTEM at this point and what does it mean to shareholders? JMHO
Reminds me of "Nasa" cutting their ties, only difference was that I remember some comment from GTEM saying it was just GTEM doing some house cleaning, in reality it was NASA distancing themselves from the company. Don't worry though, the SEC is going to save all us shareholders. They better hurry up as there isn't much left...JMHO
Scion, I am thinking the "K" men have changed their agenda. To no avail they have been trying to dress this pig up, based on the SP they have failed miserably on restoring any shareholder confidence.
The chairman on 11/2/06 stated they were going to reduce the burn rate, ok maybe they did that one. How about their "Top Priority" of restructuring the "Financial Reporting Process"? They did a stellar job on that one to the point of having nothing currently in place.
Lets not forget cleaning out the dead weight on the BOD, so far they did that one twice and nobody is left but insiders, perhaps they are going next.
Didn't they say this about wireless???We view the opportunities available to us in the wireless area to be, by far, the most easily convertible into solid, timely results. So where are these results after 5 months of work? Just more of the same BS from GTEM, to me it seems it really doesn't matter who runs this company the results have all been the same. JMHO
No question, the past is the past. However, in the case of GTEM the SEC is investigating the past. Depending on what they find will dictate what happens to GTEM in the future or lack there of. Sounds like an absolute to me. JMHO Salute...lol
To be listed on the big 3 exchanges it is a requirement to have independent directors, internal audit committees, coporate code of conduct and others. Neither the Pink Sheets nor the OTC Bulletin Board has listing standards, although the SEC requires companies to be current in their filings before their stock can be quoted on the OTCBB.
Back to the OTC? I think not, they aren't going anywhere until the SEC is done with them and hopefully it ends there. The SEC has them by their jewels and unfortunately the shareholders are the ones paying the price. Regardless of current management and whatever their vision is today means nothing to what the SEC is investigating. Previous management laughed at the AMEX, paid no attention to their rules, and got what they deserved. The SEC isn't going to tolerate that behavior...JMHO
Vern, I must be picking at words but based on what you stated I am confused. "She asked me, point blank, whether Uli and I ever had a contract with Sanswire." I told her that at the time of the Atlanta demonstration, neither Uli or myself were under contract to Molen."
Timeline: Globetel purchases Sanswire 3/2004, Sanswire demo in Atlanta 7/2004. And from the 10QSB for 3Q2004.
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001094596-04-000022&Type=HTML
In connection with the Stratodyne agreement, the Company entered into a three-year key employment agreement with Vern Koenig, Stratodyne's principal shareholder, to perform services including, but not limited, to telecommunications services and other services that Mr. Koenig serves as Sanswire-FL's Chief Design Engineer, and is responsible for development of the Stratellite. Mr. Koenig will receive a salary of no less than $75,000 per year, plus grants of stock options based on performance evaluations given annually by the Company.
Also......
Stratellite Build-Out Memorandum of Agreement (MOA)
An MOA between the Company and Mr. Koenig dated August 23, 2004 stated the following: Mr. Koenig agreed to resume and expedite the build-out of the prototype of the Stratellite; the Stratellite is a proprietary technology acquired by the company as part of the asset purchase agreement with Sanswire; when completed, the prototype will be used for demonstration and testing for commercial use; the expected completion of the build-out agreement is January 15, 2005; Company agreed to provide funding to complete the build-out process of the Stratellite prototype; and the Company agreed to provide a total of $200,000 due as follows:
August 23, 2004 $70,000
September 23, 2004 $50,000
October 25, 2004 $30,000
November 23, 2004 $30,000
The above amounts scheduled to be advanced to date were paid timely. The Company has provided amounts to or on behalf of Sanswire-FL in excess of the above amounts, including approximately $300,000 through September 30, 2004, and an additional approximately $60,000 through the date of the filing of this quarterly report.
I am not disputing what you said but in the way you answered it. As this whole company is begining to become a blurr of information whatever happend to the 3 year employment contract?
Sirius, check your date here again, also I've been a long since Jan of 04, I been posting on the other board since then. Please stop with the references to the Pr's, I have read them all several times and most of them up to this point are pretty much worthless, in fact they are exactly what has hurt this company the most. I have more than paid my dues with this stock...
Vern, thx for the response, Problem is nobody knows where Globetel is at anymore. We can't even verify where the home office is if there is one. And I wonder who is left in the company/divisions. Has the SEC tied this company up in knots, it sure seems so. About the only thing I do know is that from researching companies under SEC investigation is that there is no average time-frame it takes to complete, and of course that all depends on their cooperation and where their digging leads to. Pretty scarey that some of these investigations have gone on for years. The longer globetel ignores it's shareholders the worse it will get...JMHO
Hey Vern, question regarding the SOC/AFFTC at Edwards..
I tried to find out if the SOC has an expiration and had no luck.Do you know how that process works? Since they didn't use it last year did they end up paying for it anyway? Also, since they started the SOC in Feb of last year and were granted in July, if they have to redo this will it take just as long? TIA
Justfrank,Taboada was fined 25K and suspended for 6 months.
http://www.nasd.com/web/groups/enforcement/documents/oho_disciplinary_decisions/nasdw_012550.pdf
(2) For issuing sales literature that omitted material information and contained misleading
information in violation of NASD Conduct Rules 2110, 2210(d)(1)(A), and 2210(d)(1)(B), Taboada is
suspended for six months from associating with any member firm in any capacity and fined $25,000.
(2) Taboada’s suspension shall become effective at the
opening of business on May 3, 2004, and end at the close of business on November 3, 2004.
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001094596-04-000022&Type=HTML
On August 20, 2004, the Company agreed to sell 500 shares of Series C Preferred Stock of GlobeTel Communications Corp. ("GTEL") to Paul E. Taboada for a total investment of $500,000. Mr. Taboada, an individual investor, has also been providing consulting services for the Company for over four years. The Company intends to use this $500,000 investment for working capital and purchase of equipment for Sanswire, LLC, necessary to launch the prototype of the Stratellite.
The purchase price shall be payable in five (5) installments of $100,000, payable no later than August 30, 2004, September 30, 2004, October 30, 2004, November 30, 2004, and December 30, 2004. The Purchaser has a three-day cure period to remit the monthly payments.
As of the date of this report, the Company has received $300,000 as agreed upon and expects to receive the remaining $200,000 before the established time periods.
Justfrank, do you honestly think the SEC would disregard why the AMEX gave them the boot? I do not believe the SEC would turn their head to anything, in fact I believe they would be talking to them and sharing information. But thats just my opinion....
JustFrank, I am not trying to confuse anyone with what I posted or stating that it's a focus of the SEC investigation. Like you say nobody knows what the SEC is looking at and nothing is off limits. When the rocks get turned over the path can lead anywhere...JMHO
Coast, I have come to the same conclusion on King and Taboada.
I had been wondering about which exec the SEC was unaware of, good catch on that one.
I agree on all your discoveries with just a question on King's leaving Globetel, I could be wrong but I thought something was announced on that. Also, is Taboada still providing consulting services, haven't found anything to go either way on that one.
If you are interested I have a pretty detailed file on Taboada, with links. He was also listed as a private investor who was supposed to front 500K which I only saw a portion actually come to GTEM. Taboada just this past August applied for Securities Salesperson License which was denied in September.
http://www.com.state.oh.us/press/display.asp?ID=921
You will love this next piece of info.....
Paul Eric Taboada
CRD No. 2033981
2916 Riverside Drive
Wantagh, NY 11793
Here's where it gets very interesting, does anyone remember hearing of Mandalay Industries Inc? Guess where they reside?
http://www.manta.com/comsite5/bin/pddnb_company.pl?pdlanding=1&referid=4490&id=gv6mwm
Mandalay Industries Inc
Address: 2916 Riverside Dr, Wantagh, NY, United States
Phone: (516) 409-5062
SIC: Manufacturing Industries, NEC
Line of business: Mfg Misc Products
Mandalay Industries Inc - Detailed Company Profile Year Started: 2003 State of Incorporation: NY URL: N/A Location type: Single Location Stock Symbol: N/A Stock Exchange: N/A Trade Style Names: N/A NAICS: All Other Miscellaneous Manufacturing Est. Annual Sales: $90,000 Est. Employees: 2 Est. Employees at Location: 2 Contact Name: Paul Taboada Contact Title: Principal
Do a reverse lookup and this is what you get..
Taboada, Sandra
2916 Riverside Dr
Wantagh, NY 11793
516-409-5062
Here's a link to the insider transactions from 7/2003 to 7/2005
http://finance.yahoo.com/q/it?s=GTEL.PK
Info for Taboada and Mandalay from the above link.
INSIDER TRANSACTIONS REPORTED - LAST TWO YEARS
Date Insider Shares Type Transaction Value*
16-Mar-05 MANDALAY INDUSTRIES INC.
9,135,630 Direct Planned Sale $2,500,0001
28-Feb-05 MANDALAY INDUSTRIES INC
641,478 Direct Planned Sale $195,0001
5-Dec-04 MANDALAY INDUSTRIES INC
9,134,964 Direct Planned Sale $685,0001
1-Dec-04 TABOADA, PAUL E.
1,334,964 Direct Planned Sale $95,0001
8-Nov-04 TABOADA, PAUL E.
6,198,991 Direct Planned Sale $465,0001
3-Feb-05 TABOADA, PAUL E.
266,045 Direct Planned Sale $43,0001
TOTAL
$3,983,000
Not bad for a consultant,broker,private investor. JMHO