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Must be a contracted piece...maybe Seth working stealth mode.
It looks like we have a source of bashers present everywhere. No engineers present on that thread.
Only if new news is released or a news source reports on todays tests with photo's or video...IMO
Here is a report from another news source.
Also look at the thread following the article...these guys need some help.
http://www.broadbandreports.com/shownews/80286
Price Question
Pending a successful launch by eow what do you think the stock price will reflect? Do you think it will substantially increase or is it already priced in and is the SEC investigation or contracts needed to make a significant move?
Just wanting to see your reasoning.
You could be right but
we are set up for a perfect storm of positive news releases. Any one of the company divisions could cause an explosion in price.
I really like the tactic shown by management. Test the waters on stock price movement by sending out a news release on a test launch. Then follow it up with an update on Mexico, Germany or even throw something out about Sacramento or Hotzone forest fire program. And to really set things off wrap up the SEC investigation anywhere between.
Oh, I nearly forgot about 3Q numbers...could be bad or good but neverless something that everyone is waiting to see.
Don't get caught without your piece of the pie...GL to all!
TSUGUY
Financing question...
If GTEM is in need of financing would it be more beneficial to obtain financing before year end on this fiscal year if possible(pending the SEC investigation)or better off waiting to hit next years books? Or is this a not an issue?
Also, is it likely that the SEC will try to resolve the investigation in this fiscal year?
TSUGUY
When is corruption overturned on the AMEX then? Seems like their internal control weakness is one of public interest concern.
(i)The Company’s actions as set forth in paragraphs 2(a) – (h) evidence serious internal control weaknesses which rise to the level of a public interest concern, warranting delisting pursuant to Section 1003(f)(iii) of the Company Guide.
Can you say BONY fiasco...Where were you then AMEX
(h)GlobeTel acted to interfere with the operation of a fair and orderly market and became subject to delisting pursuant to Sections 1002(e) and 1003(f)(iii) of the Company Guide by failing to make timely, accurate and complete disclosure of material corporate developments and engaging in a pattern of materially misleading and overly promotional public disclosure.
And how is this any different than the specialist handling our transactions??? My opinion is we were in corrupt hands from the beginning.
(d)GlobeTel associated with, and continued its association with, two individuals with a history of regulatory misconduct rising to the level of a public interest concern. In one case, the association included entrusting the individual with important corporate functions, despite the fact that the nature of his regulatory misconduct rendered him particularly unfit for such responsibilities. On the basis thereof, the Company became subject to delisting pursuant to Sections 127 and 1003(f)(iii) of the Company Guide.
Looks like Matarrese is at Harbor Wing, but I don't know about him living in Colorado since the company headquarters is Washington.
http://www.harborwingtech.com/company_team.htm
Michael Matarrese
Aerospace Engineer
Prior to founding his own aerodynamics consulting company, Michael Matarrese worked for several years at Scaled Composites, LLC, an aerospace and specialty composites development company with broad experience in air vehicle design, tooling, manufacturing, scaled composite structure design, analysis, fabrication and developmental flight test. There he helped establish in-house computational fluid dynamics and other aerodynamics capabilities. He received his PhD in Aerospace Engineering from the University of Michigan. He has done software development on the VS Aero program for AMI.
How is this for a strong supportive paragraph. Wraps up GTEM's needs all at once.
Mr. DeCarlo also provides advisory services related to: quasi-reorganizations and corporate restructurings and downsizing, internal audit functions, designing, implementing or critiquing internal control and financial reporting systems and certain aspects of operations, assisting management or the boards of directors in the development of business plans and budgets, and preparing forecasts and projections.
http://www.zoominfo.com/Search/PersonDetail.aspx?PersonID=81845524
More info on Michael DeCarlo...Pay close attention to the fraud specilization.
http://www.zoominfo.com/Search/PersonDetail.aspx?PersonID=81845524
1. Mallah Furman & Company P.A. | Shareholders | Michael Anthony DeCarlo, Jr.
www.mallahfurman.com/bio_decarlo.shtml
Published on: 7/28/2003 Last Visited: 7/28/2003
Email: Michael DeCarlo
Mr. DeCarlo is a shareholder and the Director-in-Charge of the Litigation and Forensic Services Group and an Audit Director at Mallah, Furman and Company P.A., a CPA firm principally serving the South Florida area for more than 41 years whose services extend world-wide through its affiliate membership in the international firm of GMN International.
Mr. DeCarlo graduated in 1977, from Florida State University, earning a BS Degree with a major in Accounting. In 1981, the State of Florida Board of Accountancy granted Mr. DeCarlo his C.P.A. Certificate.
Mr. DeCarlo's career spans 25 years, and is comprised of experience in the public accounting and private sectors, principally providing the following services:
Litigation advisory services, forensic accounting, investigations and dispute resolution. Auditing and accounting. Due diligence in connection with mergers, acquisitions and divestitures. Business advisory and consulting. Litigation Advisory Services, Forensic Accounting, Investigations and Dispute Resolution Since 1981, Mr. DeCarlo has extensive experience in a diverse range of commercial litigation and various civil and criminal matters that require the use of his audit intuitiveness, and his investigative, forensic accounting and litigation consulting skills. Mr. DeCarlo is selected by recognized national, regional or local law firms and corporations to represent plaintiffs or defendants and has been qualified in the Federal and State courts as an "expert in accounting and forensic." Matters in which Mr. DeCarlo has experience includes, but are not limited to, the following:
...
Mr. DeCarlo has directed the fraud investigations and applied forensic accounting techniques that unraveled some of the more complex frauds perpetrated against investors and financial institutions in South Florida, and he has also consulted or testified on regulatory matters, including those of the Securities and Exchange Commission, and cases prosecuted by the Economic Crimes Division of the State Attorney's Office.
In connection with a number of investigations and forensic accounting cases, Mr. DeCarlo has coordinated the preparation of insurance claims, including fidelity and employee theft bond recoveries and the tracing, locating and recovery of diverted or misappropriated assets.
Auditing and Accounting Experience Between 1979 and 1995, Mr. DeCarlo's "Big 5" international accounting experience includes the firms now known as Deloitte-Touche, Ernst & Young and Berkowitz, Dick Pollack and Brant were he served as the Senior Auditor, Audit Manager and the Director-in-Charge of Auditing and Accounting, respectively.
Mr. DeCarlo has also accumulated extensive audit experience in a diverse range of industries and businesses including: Burger King Corporation, General Cinema Corporation, Pepsi, Sysco-Plantation Foods, Belcher Oil Company, a subsidiary of Coastal States Oil, Mr. Sinai Medical Center, North Shore Medical Center and South Miami Hospital, Continental National Bank and the C&S Landmark and Sun Bank-Flagship mergers.
His extensive and diverse auditing experience includes, but is not limited to, audits of the financial statements of SEC registrants and reporting companies, multi-national corporations, and privately-owned not-for-profit organizations in such industries as:
...
Mr. DeCarlo also provides advisory services related to: quasi-reorganizations and corporate restructurings and downsizing, internal audit functions, designing, implementing or critiquing internal control and financial reporting systems and certain aspects of operations, assisting management or the boards of directors in the development of business plans and budgets, and preparing forecasts and projections.
Due Diligence in Mergers, Acquisitions and Divestitures Mr. DeCarlo has been engaged by international clients, SEC registrants and closely-held business to provide due diligence in connection with contemplated asset or stock purchase transactions that require strong analyses, evaluation and investigation skills blended with an audit, forensic accounting and litigation mind-set. For instance:
Mr. DeCarlo was hired by the two shareholders, of a closely-held insurance agency, in the sale of 100% of their stock in exchange for 144 stock of the buyer, a large SEC registrant. The buyers requested that Mr. DeCarlo perform due diligence procedures regarding the financial capability and the reliability of the financial reporting in order to report to the seller's. Mr. DeCarlo was engaged by a closely-held company specializing in commercial furnishings and fixtures with annual sales in excess of $150 million that was involved in a reverse acquisition into a SEC registrant specializing in renovations of national and international hotel and motel chains. Mr. DeCarlo identified certain unrecorded contingencies and federal tax liabilities that resulted in purchase price adjustments of more than $2 million dollars. Mr. DeCarlo was engaged by the buyer, a SEC registrant whose principle business is the sale and distribution of computer components in the US and Central and South America, to study and analyze the financial condition, results of operations and the accounting and business processes of the seller, a Mexican company with 6 subsidiaries throughout Mexico and one US subsidiary whose consolidated sales exceeded $65 million. As a result of the work performed, the buyer was able to identify significant adjustments to the purchase price. Mr. DeCarlo represented the buyer, a multinational conglomerate headquartered in the United Kingdom, in its bid to successfully acquire a US based company that produced wood laminates. Mr. DeCarlo was responsible for conducting, among other things, the evaluation of the creditworthiness of a large national bank's loan and investment portfolio consisting of acquisition, development and construction loans and real estate, mortgage, commercial and consumer loans and credit card accounts, with branches located on the west coast of Florida. This bank merged with a larger national bank, which in turn merged with a larger regional national bank headquartered in Atlanta, Georgia. At the time, this set of transactions resulted in one of the largest bank-holding companies in the southeast. Mr. DeCarlo was involved with another large bank merger of two other national banks. Private Industry Experience In 1977, Mr. DeCarlo joined Tenneco Oil Company, a wholly-owned subsidiary of Tenneco, Inc. the 15th largest company in the Fortune 500, in Atlanta, Georgia, as an Accountant in the Management Development Program. This Program included an initial assignment to Tenneco's internal audit department where Mr. DeCarlo traveled throughout the US performing operations audits in its wholesale fuel oil, retail service divisions, oil refinery operations, pipeline distribution, and tank farm fuel storage facilities. Upon completion of the Program, Mr. DeCarlo was assigned to the accounting and financial reporting department responsible for price differentials on fuel exchanges with other Fortune 500 oil companies.
Peer Review and Government Auditing Experience Mr. DeCarlo has earned the designation as a "Team Captain" by the SEC Practice Section of the AICPA and has performed peer and quality reviews on CPA firms throughout the US and Puerto Rico. He is also qualified under the standards of the Government Accounting Office and the Single Audit Act to report on entities receiving federal and state financial assistance and cost-reimbursement awards.
Memberships and Community Involvement Mr. DeCarlo has served previously as an appointed member of the Accounting and Auditing Committee of the Florida Institute of Certified Public Accountants.
Mr. DeCarlo has served as an adjunct instructor of financial and managerial accounting and income taxes during a ten-year period at Miami-Dade Community College.
Mr. DeCarlo is the immediate past president of the Board of Directors of Miami-Dade Area Health and Education Centers (AHEC) having served two terms.
Mr. DeCarlo also provides pro-bono lecturing services to the "Put Something Back" program sponsored by the Dade County Bar Association. Mr. DeCarlo has lectured on various business and tax aspect of not-for-profits in seminars attended by attorneys and industry personnel and qualifies for continuing legal education credits.
Continuing Professional Education Mr. DeCarlo has completed the five-day course necessary to qualify as a Certified Valuation Analyst and is a member of the National Association of Certified Valuation Analyst and the association of Certified Fraud Examiners.
Mr. DeCarlo remains versed in the aspects of his practice areas by regularly attending courses sponsored by the AICPA, FICPA and the SEC Institute.
Nil, You got your green close but it was definitely for a reason being only 100 shares.
Almost 30 minutes and no trade.eom
Hopefully it means that the two of them will be working diligently long days to see the projects to market.
TSU
NEWS!
GlobeTel Communications' Chairman of the Board Issues Statement
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Oct. 18, 2006--GlobeTel Communications Corp. (OTC:GTEM) announced that the Chairman of the Board of Directors, Przemyslaw Kostro, has released the following statement:
Dear Fellow Shareholders:
I return as Chairman to deal with the recent events that have had a negative effect on the Company and to resolve them -- a goal which I am working toward. Also, I'm moving the Company forward by helping with additional investments that will assist us during this rebuilding process. I can assure you these funds will be used responsibly and focused on bringing tangible benefits to the Company and the shareholders.
I believe in our technology and in the abilities of Mr. Peter Khoury, our new Chief Executive Officer, or I wouldn't continue to bring new investors into a difficult situation. Peter Khoury is a proven talent who has worked with telecommunications companies throughout the world and has helped roll out a range of products. He has the expertise and the vision to create and implement a business plan that may require many immediate changes and sacrifices on our part, but will ultimately deliver our exciting technology and products to market with the best possible chance for acceptance and success.
We will review each and every fiber of the Company's current business channels in order to find the best way to create shareholder value. The production of tangible results has never been so important and this is our priority during the rebuilding process. I realize that many of you have questions, however I would like to communicate to you through our actions instead of just our words.
As I previously stated, our challenges are many and they should not be underestimated, but we will work hard and work smart. This is my commitment to our shareholders that have invested in our Company in good faith.
Sincerely,
Przemyslaw Kostro
Chairman of the Board
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 Securities Litigation Reform 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.
CONTACT: GlobeTel Communications Corp., Fort Lauderdale
Robert Bleckman, Director of Investor Relations,
954-775-1427
SOURCE: GlobeTel Communications Corp.
What is our baggage looking like on LII above .50? Can we get a pre hearing rally going or is there too much resistance above?
tsuguy
Pit, is there news or are you just speculating this action upward is from a leak? Also, how do you know it is BIG NEWS?
Still learning here, so please advise!
tsuguy
Show me a contract with some $$$,$$$,$$$
TSUGUY
Pit, Mide, Others?
Thinking back to the action this morning I remember seeing the large block orders on the ask. Would you say that the manipulation started then to try and shake some weak no-news blues hands?
Also, how does it work with confidentiality as for people being involved in media positions like this that do a story hours/days/weeks in advance knowing that it is going to either help/hurt the stock price?
CNBC pre-records their programs by nearly an hour, probably more in some instances. If they did mention Sanswire I would think that some already know this, now let's hope there is some mention of Globetel.
TSUGUY
The driving force...
What do we have to lose, money? Well that is nothing compared to an entire Board of Directors, employees, and investment partners reputations, not to mention their investment of money and time. I for one am sticking around to see how this "plays out."
If anything I know I have a lot of knowledge to take away from this entire situation GlobeTel has made all of us learn.
Ask yourself this question...Why would Huff and company not be trying their hardest to make this company succeed and see their life work put to use?
If this was a scam company there wouldn't be cars lined up in the parking lot of Palmdale, new space rented in Pembroke Pines, and surely wouldn't have any chance to have the great names/working experience associated with the company we have representing us.
TSUGUY
Vern,
Have you filled one of these questioneers out through NASA before? If so what time fram would you put on a project like Sanswire. Is it in the realm of a 1-3 years and do you think that the services stated in the contract with NASA could have been done without them afterall?
http://www.nasa.gov/offices/ogc/about/samanual.html
1.2. AGREEMENT WORKSHEET I
(Questions to be answered by a NASA Project Manager)
Please provide a title to the project.
Identify the parties: Name, address.
Does this project continue an effort previously performed under an existing arrangement with the participant? If yes, please identify the instrument(s).
Does the participant intend to use subcontractors to perform any of its responsibilities under the project?
Will NASA be substantially involved in the performance of the project? If yes, does NASA plan on using contractors to perform any of its responsibilities under the project?
Is NASA providing money to the participant? If yes, how much?
Is the participant providing money to NASA? If yes, how much?
Is this a cost-shared effort? If yes, describe the participant`s contribution. (such as money and inkind) Please provide the participant`s percentage of contribution.
How long is the project expected to take?
Succinctly describe what each party is expected to do under the project.
Participant responsibilities.
NASA responsibilities.
Are follow-on projects anticipated? If yes, please briefly describe those efforts.
This project falls under what NASA mission?
Will the participant be using NASA facilities under this project? If no, will the participant be using any other Federal Government facility for carrying out its responsibilities under the project?
Is existing Government equipment to be furnished to the participant?
Is existing Government data and/or software to be furnished to the participant?
Is existing proprietary data to be furnished to the participant?
Does NASA require the delivery of any hardware under the project?
Other than reports, does NASA want data produced under the project to be delivered to NASA? If yes, describe the type of data wanted and for what purposes the data is to be used by NASA.
Is there a high or low probability that inventions may result from the activities to be carried out by NASA?
Are any of the results of this project to be protected from disclosure? If information is to be protected, please describe the desired extent to which the information is to be protected and the desired length of time it is to be protected.
Are any of the results of this project to be publicly disseminated? If so, please describe the type of resulting data that is to be disseminated and any specific repository to which the data should be sent.
1.3. AGREEMENT WORKSHEET 2
Answers to the following questions will help in the selection of the proper type of agreement and the minimum necessary provisions for accomplishing the proposed cooperative effort. Before attempting to draft an agreement, NASA personnel should answer the following questions and consult with the Office of Chief Counsel. A draft document will be returned to you for further dialogue and discussion.
Name and description of the proposed partner (specify whether partner is a large or small business, nonprofit, educational, research, or other entity).
Brief description of project purpose (explain in general terms).
What effort (i.e., funding, technical expertise, equipment, and facilities) will NASA contribute to the project?
Can contributions described above be provided by commercial or other sources? If so, what is the rationale for NASA involvement?
What effort will the partner contribute to the project?
What deliverable or ultimate result does NASA expect/desire at the end of the project? (e.g., a collection of data? A product or product prototype? Simply a report?)
What ultimate result does the partner expect/desire at the end of the project?
1.4. AGREEMENT WORKSHEET 3
(Questions to be answered by the other party)
Provide a short description of what you want to accomplish. What is the purpose of the proposed agreement with NASA?
Is NASA funding sought? If so, how much?
Is NASA support other than funding sought?
Time and effort of NASA personnel/NASA contractors (to work at NASA?)
Use of facilities
Use of equipment
Briefly describe NASA`s responsibilities under the agreement. Is NASA expected to participate substantially in the effort?
Is there a demonstrable NASA mission or program requirement for this activity?
What divisions of NASA (Strategic Enterprises) or Centers would be involved?
Have Division/Center program managers shown support for your activity?
Are the contributions of NASA unique, i.e., developed in-house and not generally available on the commercial market from any source (to include NASA contractors)?
Briefly describe your responsibilities under the agreement. Demonstrate required expertise and financial viability.
Is your contribution adequate compared with NASA`s contribution (taking into account full cost accounting methods)?
Target cost share (funding or inkind resources) is at least 50%.
What are the risks associated with this activity?
Is liability allocated according to potential reward and NASA`s interest in the activity?
What type of entity are you?
Domestic or foreign; public or private; corporation or partnership; nonprofit; other.
Do you currently have a Space Act agreement/cooperative agreement/grant or contract with NASA?
If yes, describe briefly the terms of the arrangement.
When do you hope to have this agreement in place? What is driving the proposed timeline?
How long would you like the agreement to remain in effect?
Space Act agreements should generally not exceed 3 years.
Are you still in a proof-of-concept phase? Is so, the first step is usually a technical exchange agreement, which permits access to copies of publicly available information, on a noninterference basis, as determined by NASA.
NASA's Space Act Agreement Manual
Some info I thought to be important listed below.
1.2.5. SCHEDULE AND MILESTONES: This section sets forth items such as key dates and/or events, and objectives, etc., on the anticipated progress of the agreement.
1.2.12. TERM OF AGREEMENT: This section sets forth the duration of the agreement, specifying beginning and ending dates. Usually the effective date is the date of last signature but, in all cases, the effective date may not occur before both parties have executed the agreement. Because of uncertainties as to rate of progress, the ending date is frequently delineated by some event, such as the date of NASA's acceptance of final payment under a reimbursable agreement, or the completion of some test or report under a nonreimbursable agreement. However, the agreement may specify a certain date as an alternative, because circumstances may arise under which the specified event never occurs.
Space Act agreements entered into by NASA should generally not exceed 3 years in duration. NASA's ability to commit resources far into the future can be difficult given the uncertainty of its budget and the dramatic changes in the way NASA is conducting its business. Resources available today might be greatly diminished or nonexistent several years hence. Therefore, providing a modification near the end of a 3-year term to extend the agreement is preferable to a long-term commitment by NASA. If a longer commitment is essential to the fundamental objectives of the agreement, the agreement drafter should consult with the Office of the General/Chief Counsel before specifying a duration.
Sample Clause, see appendix 1, clause 1.2.o.o. "Term of Agreement" Sample Clause.
1.2.13. RIGHT TO TERMINATE: This section should delineate the terms and conditions under which an agreement can be terminated. For simple agreements, it often makes sense to permit either party to terminate unilaterally after sufficient notice, generally 30 days as a minimum, has been provided. At the other end of the spectrum, if either party is going to commit significant resources under the agreement, the parties' ability to terminate should be limited.
Sample Clause, see appendix 1, clause 1.2.p.p. "Right to Terminate" Nonreimbursable Agreement Sample Clause.
Sample Clause, see appendix 1, clause 1.2.q.q. "Right to Terminate" Reimbursable Agreement Sample Clause.
Sample Clause, see appendix 1, clause 1.2.r.r. "Right to Terminate" Reimbursable Agreement Requiring High Certainty of Support Sample Clause.
1.2.14. CONTINUING OBLIGATIONS: The agreement should specify which obligations of the parties survive termination or expiration of the agreement, for example, obligations to share scientific data or to protect intellectual property, waivers of liability for damage to property located at a facility. For reimbursable agreements, obligations to pay for work performed prior to termination, or to make payment pursuant to a final billing, should also survive termination or expiration.
Sample Clause, see appendix 1, clause 1.2.s.s. "Continuing Obligations" Sample Clause.
http://www.nasa.gov/offices/ogc/about/samanual.html
Read this
Could NASA involvement in the way descibed below be more limited for GTE's international expansion of our products? Also, the access from this agreement looks to be more open for other agencies other than NASA from what is stated below. You think we have leaks now, imagine what it would be like with more government agencies examining what was created...no tight lips anywhere.
GlobeTel Signs Letter of Intent with NASA for Future Business Ventures
MIAMI, Jan. 19/Satnews Daily/ — GlobeTel Communications Corp. (OTCBB:GTEL) announced Tuesday it has signed a Letter of Intent (LOI) with the National Aeronautics and Space Administration (NASA). The agreement with NASA's Dryden Flight Research Center at Edwards Air Force Base in California, according to GlobeTel, positions the company for future governmental partnerships and business development ventures.
The LOI will create a framework for creation of a Space Act agreement between GTEL, the developer and provider of the Stratellite, a High Altitude Platform (HAP) Airship, and NASA Dryden Research Center. GlobeTel said it envisions that the agreement will employ provisions for joint advocacy and proposal development efforts in the pursuit of future new business opportunities of mutual benefit.
The agreement also provides NASA and other agencies the access to the stratellite for the installation, integration, and deployment of NASA sponsored sensors and other projects. Under the proposed agreement, other government agencies may, in cooperation with NASA Dryden, utilize the stratellite for their projects and requirements.
Timothy Huff, CEO of GTEL said the Space Act agreement will give GTEL access to additional capable personnel and technology, accelerating the growth of both GTEL and our wholly-owned subsidiary, Sanswire Networks LLC, and take advantage of the opportunity that lies ahead.
A stratellite is similar to a satellite, but is stationed in the stratosphere rather than in orbit. At an altitude of 10 to 13 miles above the Earth, each Stratellite will have clear line-of-sight communications capability to an entire major metropolitan area as well as being able to provide coverage across major rural areas.
According to GlobeTel, several stratellites linked together could cover many hundreds of thousands of square miles. The stratellite will allow subscribers to easily communicate in "both directions" using readily available wireless devices. In addition to voice and data, proposed telecommunications uses include cellular, 3G/4G mobile, MMDS, paging, fixed wireless telephony, HDTV, real-time surveillance and others.
http://www.satnews.com/stories2005/091.htm
Biggest concern from July 13th NR...
NASA was to work on simulations, which GTE may be capable of doing themselves without opening up the project for outside review.
It is expected that the first task agreement will call for NASA Dryden to develop piloted and unpiloted simulations of the Stratellite airship. The simulations would incorporate the airship's aerodynamics, propulsion and control features based upon data provided to NASA Dryden by Sanswire.
GlobeTel Signs Formal Agreement with NASA
June 13, 2005
FORT LAUDERDALE, Fla.--June 13, 2005--GlobeTel Communications Corp. today announced that the company has signed a formal agreement with the National Aeronautics and Space Administration (NASA). The terms of the agreement with NASA's Dryden Flight Research Center at Edwards Air Force Base in California establish that NASA Dryden will provide assistance in GlobeTel's development and flight testing of the Stratellite, the company's high altitude Remotely Operated Airship (ROA).
Under the agreement, NASA Dryden will provide specialized technical support to GlobeTel's subsidiary, Sanswire Networks LLC, for the firm's development and flight testing of the Stratellite via a series of task agreements.
It is expected that the first task agreement will call for NASA Dryden to develop piloted and unpiloted simulations of the Stratellite airship. The simulations would incorporate the airship's aerodynamics, propulsion and control features based upon data provided to NASA Dryden by Sanswire.
GlobeTel plans to provide NASA and other agencies access to the Stratellite for the installation, integration, and deployment of NASA-sponsored sensors and other projects.
The agreement between NASA Dryden and GlobeTel is authorized under the Space Act of 1958 under which NASA was established.
"It is a great honor to be working with an organization such as NASA," said Timothy Huff, Chief Executive Officer of GlobeTel. "The NASA Space Act Agreement allows NASA's Dryden Flight Research Center to support GlobeTel Communications Corp. in the development and flight test of a High Altitude Remotely Operated Airship."
"The NASA agreement will give GlobeTel access to additional capable personnel and technology, accelerating the growth of both GlobeTel and our wholly-owned subsidiary, Sanswire Networks LLC, and take advantage of the opportunity that lies ahead of us," Huff stated. "The information gained from ROA development efforts will be of mutual benefit to both NASA and GlobeTel."
A Stratellite is similar to a satellite, but is stationed in the stratosphere rather than in orbit. At an altitude of 10 to 13 miles above the Earth, each Stratellite will have clear line-of-sight communications capability to an entire major metropolitan area as well as being able to provide coverage across major rural areas. Several Stratellites linked together could cover many hundreds of thousands of square miles. The Stratellite will allow subscribers to easily communicate in "both directions" using readily available wireless devices. In addition to voice and data, proposed telecommunications uses include cellular, 3G/4G mobile, MMDS, paging, fixed wireless telephony, HDTV, real-time surveillance and others.
For more information, please go to http://www.sanswire.com or 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.
--------------------------------------------------------------------------------
Contact:
GlobeTel Communications Corp., Pembroke Pines, Fla.
Steve King, 954-241-0590
Email: investors@globetel.net
Morning release on Fiday does give some hope to recover with any good news pending for the remainder of the day and weekend. A contract that states "neither party has actively participated in any tasks under the agreement" is more welcoming than GTE solely.
My opinion is GTE gets this announcement out of the way pre Strat launch as a possitive vs. real negative after launch.
No chance Huff would leave after NR last night. He would have left before the release of delay and probably after a good NR if the company is smart about it. Everyone has much to lose when you have a shakeout from the top, so do it with the easiest hit below the belt you can.
GTE Hotzone partnership or competitor???
http://www.airspan.com/press_main.aspx
Airspan Provides Yozan Contract Update and Revises Outlook
BOCA RATON, Florida – June 29, 2006 – Airspan Networks, Inc. (NASDAQ: AIRN), a leading world-wide provider of WiMAX-based broadband wireless access networks and carrier class Voice over Internet Protocols (VoIP) and Wi-Fi Hotzone systems, today announced that it has agreed with Yozan Inc. to amend the terms of a supply contract which had provided for Airspan to supply Yozan with $42.9 million of WIMAX equipment by the end of the second quarter.
Under the amendment, approximately $16.8 million of equipment already delivered against cash payments of the same amount are deemed accepted; approximately 40% of the remaining deliveries will be delayed and are subject to revised payment and other terms; and the balance of the remaining deliveries are subject to mutually satisfactory renegotiation and may be cancelled.
The financial and accounting impact of the amendment on Airspan has not yet been fully determined, but management anticipates that inventory levels will rise to reflect components already ordered from subcontractors to satisfy the original supply contract, and that provisions may need to be taken for inventory that may become excess. Based on its preliminary estimates, management also expects to seek additional working capital of approximately $10 million to bolster liquidity while the Company carries larger than anticipated inventory balances.
Notwithstanding the Yozan contact amendment, the Company is on track to deliver approximately $41 million of products and services in the second quarter of 2006. As stated during the last investor update, management has not yet completed the process with its independent auditors of assigning a fair value to the Yozan Tri Band contract and accordingly, the Company may still be unable to record any of the $16.8 million revenue in the second quarter for any products shipped to Yozan. If no such revenues are recorded, Airspan's second quarter reported revenues are likely to be consistent with its first quarter results, as it expects to deliver $24 million of products and services to its other customers.
"The Company is focusing on continued growth," said Eric Stonestrom, president and CEO. "We remain encouraged by the WIMAX product launch and the progress we have achieved in many markets. With the introduction of our new MicroMAX – SOC product, which we shipped for the first time this quarter, we have introduced the first low-cost WiMAX solution to the carrier, enterprise, and defense markets, and we expect even more strength in future quarters as a result.
About Airspan Networks
Airspan Networks provides fixed and wireless voice and data systems and solutions, including Voice Over IP (VoIP). Its wireless products serve operators around the world in both licensed and unlicensed frequency bands between 700 MHz and 6 GHz, including both PCS and 3.5GHz international bands. Airspan has a strong wireless product roadmap that includes offerings compliant with the 802.11 a/b/g and the WiMAX 802.16-2004 standard, including software upgradeability to Mobile WiMAX (the 802.16e-2005 standard). Airspan is on the Board and is a founder member of the WiMAX Forum and a member of the Wi-Fi Alliance. The Company has deployments with more than 350 operators in more than 100 countries. Airspan’s wireless systems are based on radio technology that delivers excellent area coverage, high security and resistance to fading. These systems can be deployed rapidly and cost effectively, providing an attractive alternative to traditional wired communications networks. Airspan’s new AS.Tone VoIP system is a carrier class, turnkey solution that provides carriers with Class 4, Class 5 and IP-Centrex solutions and has a Softswitch and Gateways supporting SIP/H323 and SIP. AS.Tone’s design provides customers; carriers, next-generation telcos, cellular providers and ITSP with a wide range of solutions with the best price/performance system for IP telephony. Airspan also offers radio planning, network installation, integration, training and support services to facilitate the deployment and operation of its systems. Airspan is headquartered in Boca Raton, Florida with its main operations center in Uxbridge, United Kingdom.
More information on Airspan can be found at http://www.airspan.com
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, including statements regarding our strategy, future operations, financial position, future revenues, projected costs, prospects, plans and objectives of management, may be deemed to be forward-looking statements. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions or negative variations thereof are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Investors and others are therefore cautioned that a variety of factors, including certain risks, may affect our business and cause actual results to differ materially from those set forth in the forward-looking statements. These risk factors include, without limitation, (i) a slowdown of expenditures by communication service providers; (ii) increased competition from alternative communication systems; (iii) the failure of our existing or prospective customers to purchase products as projected; (iv) our inability to successfully implement cost reduction or containment programs; (v) the potential loss of Axtel and Yozan as our largest customers; and specific to this press release, (vi) our potential inability to locate and secure additional sources of capital at the time and in the amount needed; (vii) the possibility that Yozan will materially delay or cancel future equipment orders; (viii) our inability to cancel certain component orders and/or to use or sell any excess inventory we accumulate as a result of the Yozan contract amendment. The Company is subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended 31 December, 2005 and its Form 10-Q for the quarter ended April 2, 2006. You should read those factors as being applicable to all related forward-looking statements wherever they appear in this press release. We do not assume any obligation to update any forward-looking statements.
For media or Investment inquiries, contact:
Airspan Networks:
Peter Aronstam
Chief Financial Officer
Tel: +1 561 893-8682
Fax: +1561 893-8681
Email: paronstam@airspan.com
Link to other securities lawsuits and outcomes. http://securities.stanford.edu/
23melons another find for you!
Look here at what was just posted on Friday of last week.
Your post about Globetel's job opening got me thinking that other companies that we signed agreements with should be hiring others as well right? Well take a look and tell me if this is just a coincidence or is there a connection that is paying off.
http://www.globalcrossing.com/jsp/global/jobdetails.jsp?job_id=SA06-15149
Here are a few key points that I found interesting.
The Major Account Manager is responsible for the acquisition and growth of major Global Enterprise accounts. Products include Global Converged IP services such as VOIP, IPVPN, IPVideo, dedicated internet access and remote VPN as well as network services such as Private Line, Frame Relay and ATM.
A minimum of 5-8 Years recent telecommunications sales experience (Voice, Global Data, IP, ATM/Frame Relay, etc.)
Low,
Thanks for confiming reality once again!
Who says that there isn't a pr for open on Monday??? Is it worth it to take a chance that Monday won't bring the same fruits? This company hasn't been perfectly understanable by T/A.
Data.island is showing lack of trading as well...
http://data.island.com/ds/data/stockstats/stockstats.jsp?width=500&links=false&html=true&...
Could that mean some well deserved news? I hope you are right pit.
Why is there a stop in trading???
http://datasvr.tradearca.com/arcadataserver/JArcaBook.php?Symbol=gte&x=10&y=7
I have not found anything on the company either which seems strange for what services they offer in such a great community...however this was discovered on the president of the company. He has a love for art.
http://www.iwakuni-art-museum.org/en/topic.php
Low...I am a first time poster, but a long time reader. I have been reading up on your TA links listed above and about ready to pull the trigger on investing myself. Currently I invest through my broker (informed me of GTE over a poker game about a year ago) but would like to begin more trades on my own. I have read much about trading stocks of all sizes and boards, but have not read much about the online trading accounts available. I would appreciate it if someone could guide me in the right direction for which online trading company best fits trading stlyes of penny stocks all the way up to the nasdaq.
Any advice offered is appreciated!
THX...TSUGUY