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GLBT on news: GLBT $14 million stock cancellation
Common Shareholder Dilution Covered by Equity Concessions from Majority Shareholder
Tuesday , November 02, 2004 09:32 ET
THE WOODLANDS, Texas, Nov 2, 2004 (BUSINESS WIRE) -- GlobalNet Corporation (OTCBB:GLBT) (www.gbne.net), a major provider of international telecommunications services, today announced that it had consummated a transaction whereby its major shareholder Growth Enterprise Fund, S.A. (GEF) has surrendered to the Company for cancellation 100,000 shares of Series A Convertible Preferred Stock, which represents all of the Company's outstanding preferred stock. The preferred stock is valued at over $14 million and was redeemable monthly for cash payments totaling $250,000 or 156,250,000 shares of common stock, which the Company has been making since January 1, 2004. The cancellation represents a monthly cash savings for the Company of $250,000 and a total cash savings of over $14,000,000. It eliminates the need for the Company to reserve 8,750,000,000 common shares as collateral for payment, and eradicates the chance of further common shareholder dilution due to the convertibility of the outstanding preferred stock into common stock.
The Company also announced that it has received an additional $1.2 million investment from an institutional investor. The new investment is in form of convertible notes bearing a nominal interest rate of 12% per annum and mature two years from issuance. The notes are convertible into shares of the Company's common stock at a rate equal to the lower of $0.0016 per share or 40% of a floating conversion price determined by the 20 trading days immediately prior to the conversion.
With this latest tranche, institutional investors have invested approximately $6,185,000 in convertible debt in the Company in the last two years. At the current market price for the Company's common stock, full conversion of the institutional investors would result in the Company issuing approximately 3.7 billion shares to the funds. To effectively eliminate the dilution to the public shareholders that would result from the conversion, GEF last week surrendered to the Company 3.5 billion of its common shares of the Company for immediate cancellation. This surrender immediately reduces GEF's percentage common share ownership from approximately 76% to approximately 56% and brings the total outstanding common stock to approximately 4.2 billion shares from 7.6 billion shares. Over 85% of the Company's outstanding common stock is held in certificate form and is tradable only under the "dribble out" provisions of SEC Rule 144.
In commenting on the transactions, Mark T. Wood, Chairman and Chief Executive Officer of the Company, stated: "We are pleased to report these developments, which reflect a substantial improvement in GlobalNet's financial condition. The cancellation of the $14 million of Series A Convertible Preferred Stock, which represents over half of our remaining debt, provides GlobalNet with substantial cash flow benefits. This combined with a 40% reduction in our outstanding common stock and new institutional investments reflects the confidence our majority shareholder and institutional investors have in our future prospects. We now look forward to executing against our revised business model."
About GlobalNet Corporation
GlobalNet Corporation is one of the top ten U.S. service providers of outbound traffic to Latin America and counts among its customers more than 30 Tier 1 and Tier 2 carriers. GlobalNet provides international voice, data, fax and Internet services on a wholesale basis over a private IP network to international carriers and other communication service providers in the United States and internationally. GlobalNet's state-of-the-art IP network, utilizing the convergence of voice and data networking, offers customers economical pricing, global reach and an intelligent platform that guarantees fast delivery of value-added services and applications. More information may be obtained from our website at http://www.gbne.net.
Safe Harbor for Forward-Looking Statements:
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price, volatility, product demand, market competition, risk inherent in the Company's domestic and international operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings.
SOURCE: GlobalNet Corporation
CONTACT: GlobalNet Corporation
Mark T. Wood, 630-652-1300
investors@gbne.net
or
Osprey Partners
Mike Mulshine, 732-292-0982
osprey57@optonline.net
GLBT up to 50% already! Smoking!
EMIT volume going up on news: Miniature Technology, Protecting Children and the Elderly -- Basil Meecham, Director of Environmental Technologies International Inc., Talks with Traders Nation
10/27/2004 12:54:00 PM
PHOENIX, Oct 27, 2004 (BUSINESS WIRE) -- Traders Nation is pleased to announce that it has completed an interview with Basil Meecham, director of Environmental Technologies International Inc. ( EMTI ) and that the interview is available at http://www.tradersnation.com/emti.shtml. Meecham updates listeners with current events of the company, which include miniaturized technology, protecting children and the elderly, computer protection and safeguarding data, securing hardware, worldwide distribution and much more.
EMTI is looking at a run on news: Miniature Technology, Protecting Children and the Elderly -- Basil Meecham, Director of Environmental Technologies International Inc., Talks with Traders Nation
10/27/2004 12:54:00 PM
PHOENIX, Oct 27, 2004 (BUSINESS WIRE) -- Traders Nation is pleased to announce that it has completed an interview with Basil Meecham, director of Environmental Technologies International Inc. ( EMTI ) and that the interview is available at http://www.tradersnation.com/emti.shtml. Meecham updates listeners with current events of the company, which include miniaturized technology, protecting children and the elderly, computer protection and safeguarding data, securing hardware, worldwide distribution and much more.
CWON what a monster pick up to 600% from .0009
TTCS 72 barrels of oil WOOOOOOOOOO http://www.triggernews.com/businesswire/20041025/20041025005765.html
BMEU and CWON doing great! 500%!!!!!
CWOn up 500% ! LOL wow! TTCS 72 barrels of oil WOOOOOOOOOO http://www.triggernews.com/businesswire/20041025/20041025005765.html
MBEU and CWON are doing nicely!
MBEU and CWON are doing nicely!
TTCS News out Titan Consolidated, Inc. ( TTCS ): Titan reports that it has resumed oil production on its No. 1 well. The well was opened shortly after 3:00 p.m. on Wednesday and shut down for the night at 5:30 p.m., with 20 barrels of oil produced. Production resumes today.
TTCS OIL Stock broke the .022 resistance yesterday but retreated. No prediction...but looks good for a run...when i'm not sure...
TTCS .02 x .025
TTCS .02 x.025
TTCS is moving on news and good volume - Titan Consolidated Resumes Oil Production
10/21/2004 10:30:00 AM
SAN ANTONIO, Oct 21, 2004
Titan Consolidated, Inc. ( TTCS ): Titan reports that it has resumed oil production on its No. 1 well. The well was opened shortly after 3:00 p.m. on Wednesday and shut down for the night at 5:30 p.m., with 20 barrels of oil produced. Production resumes today.
Do your own DD
TTCS is moving on news and good volume - Titan Consolidated Resumes Oil Production
10/21/2004 10:30:00 AM
SAN ANTONIO, Oct 21, 2004
Titan Consolidated, Inc. ( TTCS ): Titan reports that it has resumed oil production on its No. 1 well. The well was opened shortly after 3:00 p.m. on Wednesday and shut down for the night at 5:30 p.m., with 20 barrels of oil produced. Production resumes today.
Do your own DD
TTCS is moving on news; lots of volume - Titan Consolidated Resumes Oil Production
10/21/2004 10:30:00 AM
SAN ANTONIO, Oct 21, 2004
Titan Consolidated, Inc. ( TTCS ): Titan reports that it has resumed oil production on its No. 1 well. The well was opened shortly after 3:00 p.m. on Wednesday and shut down for the night at 5:30 p.m., with 20 barrels of oil produced. Production resumes today.
Does CLBE still room to grow SSP?
Thanks Good Captain, and my sorry A$$ missed ATEG yesterday with too many screens up..Congrats!!!
BEFORE ANYONE POUNCES ON ME, LET ME POUNCE ON MYSELF AND SAY I'M SORRY for the CLBE (over .02) POST...HAVE TOO MANY DAMNED SCREENS UP!!
ISME No predictions, but 2 Double baggers in one day?!?!
Go ISME - 30 minutes till bar time! LOL
Volume looks great no predictions but a big smile!
Thsi pig is off the ground! ISME is moving again!
The fat lady hasn't sung today! ISME is starting to roll! Great volume.
One more for Friday! ISME is burning hot!
TTCS back on the road again! Finally
Okay hate to brag GAWY triple bagger today!
TTCS news out next week...getting in at the bump!
GAWY already a double bagger! weeeee
GAWY double bagger today!
TTCS not much volume - owners holding for next weeks PR
GAWY is cranking hot!
wow GAWY is smoking!
TTCS news next week. Oil flowing - GAWY nice volume end the week.
TTCS volume was large and in charge! weeeee
Finally TTCS is rolling!
TTCS is looking nice on good volumn.
TTCS is rolling volumn good
ITCV was a triple bagger for those that got in five days ago!