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I think you are right here, Mide:
"We will not know about the first [part of the financing] until the second is completed, because if the first is announced the SEC would view it as a "solicitation".
Check with your corporate lawyers, but I believe this would be considered the correct business practice.
Actually, they have taken some significant steps recently to get back on the right track re filings, test flights, CWID/Trident, TAO partnership, etc. Since you just arrived two days ago, I suggest you catch up and take some time to read some of of the latest news.
Given the recent, successful test flights of SAS-51, I look forward to test results from Sanswire/TAO on the Sky Sat and Sanswire2 airships:
"We'll continue to demonstrate our capabilities through additional free flight demonstrations of the SAS-51 as well as other vehicles with the goal of proving the potential for such vehicles in a real world environment."
"The next steps for the Sanswire 2A will be reassembly and a refitting of the airship's automated flight controls, telemetry systems, and ultra light- weight components that include new rear fins. Readying the 2A for flight- testing, initially in the mid-altitude range of 15,000 to 30,000 feet, will also require that propulsion and the automated stability systems be re- evaluated and possibly upgraded.
'Both TAO and GlobeTel/Sanswire are eager to complete work on the 2A, and give our technology partners a more comprehensive insight into the properties and capabilities of the 2A,' stated Jonathan D. Leinwand, Chief Executive Officer. 'We believe very strongly in our business plan to build and market airships for flight at all altitudes, and we look forward to completing the formation of Sanswire-TAO as soon as possible.'
If you have a margin account, brokerage houses can and will "borrow" your shares to short them. Posters have even reported experiences of having GTEM shares shorted when those shares were held in cash accounts, if the person had any other margin account with the brokerage firm. Check your accounts and make sure you hold GlobeTel shares in a cash account and that the brokerage firm is not shorting them based on your having any margin accounts.
"Constructed and tested . . . Sky Sat prototypes . . .." in Palmdale. You're right Optimist - this is news and it has never been mentioned or discussed before. As Nilremerlin pointed out, Trident 2008 is a little over six months away. It will be interesting to see if free flight testing of the SkySat in Stuttgart occurs and is announced before then.
Trident 2008 is some months (nine) away; they have plenty of time!
I wonder if we'll have news of test flights of other airships before Christmas?
Dr. Bernd Kroplin, President of TAO Technologies, stated, "The first of several planned tests was successful. We realized the results we were hoping to see and the results needed to support and execute upcoming missions effectively. SAS-51 is a mature technology based on a long term development of TAO and its partners and the University Stuttgart. We are happy to conduct these flights under the recently closed license agreement with GlobeTel."
Jonathan Leinwand, GlobeTel CEO, added, "This flight was a significant step toward demonstrating the technical maturity of the airship and its controls. We'll continue to demonstrate our capabilities through additional free flight demonstrations of the SAS-51 as well as other vehicles with the goal of proving the potential for such vehicles in a real world environment."
Elisra? Raytheon? Those are my first two guesses, and perhaps one or two unnamed investors. IMO, funding should be coming shortly.
Flight data from 11/22/07:
Video of the SAS-51 SAS-51 Main Info Flight Data
Date of flight: November 22, 2007
Time of flight: 10:38am
Location of flight: Stuttgart, Germany
Size of team: 11 members
Number of launches and landings: 9
Objective of flight: Conduct Extreme Flight Maneuvers
Accomplishments
Flight at full throttle
● Maximum climb during takeoff
● Spiraling flight at maximum rudder throw & thrust vector angle
● Flight at maximum elevator throw and thrust vector angle
● Spiraling flight with smallest curve radius at maximum flight speed followed by spiraling fight in the opposite direction resulting in maximum structure and actuator loads
● Testing of all fail-safe functions including telemetry, functions of the airship and the remote control operations
Just one potential (huge) market: monitoring the millions of miles of oil and gas pipelines around the world to detect and prevent attacks, leaks, etc. There are many more applications, military and non-military.
P.S. noted the "closed" reference as well -- looking good . . .
Other vehicles? SkySat? Skydragon (airchain)? Sanswire2? The SkySat was listed as a Trident 2008 "Network Initiative". IMO, due to the Trident 2008 link, we would not be apprised of any tests results or reports related to the SkySat, should it be among those "other vehicles" mentioned today.
"We'll continue to demonstrate our capabilities through additional free flight demonstrations of the SAS-51 as well as other vehicles with the goal of proving the potential for such vehicles in a real world environment."
No, he's living in the past. There was never a "free flight" of anything under Huff's watch, nor CWID trials, Trident, Elisra, Mexican JV, etc. The current management is working very hard to produce positive results. Frankly, IMO, it's pretty amazing what they have overcome.
The only reason I believe they have continued to fight so hard for this company against such odds is a real belief in the technology, which others (Elisra, TAO, Joint Chiefs (CWID), U.S. Navy (Trident), etc. appear to confirm (e.g. see 2007 CWID review).
IMO, the updated financials are coming out sooner rather than later, based on all of the activity with TAO, the detailed SEC complaint against Joe M., etc. I agree with Ken that they want to have financing and good news lined up when the numbers are released, to show us the way forward.
They are working on it. The very detailed recent 2004 filing will make the subsequent filings go much faster, IMO, which I understand was the intent. Hard to believe they would proceed with TAO, etc., and not fully intend to follow through with updating the filings, as they have indicated they are doing.
Iraq, O.K., Pakistan, sure, but border security in the Homeland sure comes to mind:
On November 27, 2007, GlobeTel and TAO announced that they had entered into an exclusive airship licensing agreement for territories including the US, Canada, Mexico and Chile.
Pending favorable weather conditions during upcoming weeks, additional free flight demonstrations of the SAS-51 will include missions carrying payload integrations of video surveillance equipment energized by onboard solar-powered electrical systems; all guided from the ground by proprietary flight control systems.
Precisely - yet some here wonder what in the heck S2 has to do with TAO's airships. It's the technology, stupid!(The last sentence is a take off on a past presidential campaign slogan - not a specific poster, for those who need explanations).
Crash, what are you talking about????? At the beginning of my first post mentioning S2, I indicated that Sanswire/TAO has been testing AIRSHIPS since they MOVED Sanswire2 to Germany. The point of that entire statement was that indeed, they had been conducting airship tests, EXACTLY as they had indicated that they would be, that testing has been going on since October, a GOOD thing on many levels, i.e. this venture with TAO is the real deal, it has been ongoing (not just on paper), that it appears the parties will reach an agreement, that the source for cash to consummate the deal may well be related to the free flight test success, etc. (see Showmebill's comments - that too! - it's all good; this technology can be applied to S2).
What is so hard for you/and or others to understand about that? I really didn't think I needed to spell it out in such detail!!!!
Excuse me? My posts today are specifically related to the airships/today's news release (and responding to misinformation). Sorry, I don't know what the heck you are talking about.
Crash, Sanswire/TAO has multiple airships, not just the S2A. That fact, plus the fact that it doesn't appear GlobeTel is going out of business, bothers some people immensely. LOL
Somehow, I think the cash to consummate the Sanswire/TAO deal, may come from this flight announced today (i.e. potential customers/financing):
FT. LAUDERDALE, Fla. and STUTTGART, Germany, Nov. 27 /PRNewswire/ -- GlobeTel Communications Corp. (Pink Sheets: GTEM) and TAO Technologies GmbH today announced that, pursuant to their previously announced agreement in principle, TAO has agreed to convey to GlobeTel, within 10 days, certain licenses and sales rights to its lighter-than-air, remotely operated airships for a combination of cash and GlobeTel shares. The second phase of the transaction, which will include the formation of Sanswire-TAO GmbH as previously contemplated, is expected to occur within ninety days.
This first completion phase provides the Company with an exclusive license to market and sell low, medium, and high altitude platforms and other products conceived by TAO to interested commercial, governmental and military clients in the United States, Canada, Mexico and Chile.
My last post to you. For the last time, I stated that
they were obviously conducting airship tests, as they indicated that they would be doing in their Oct. 15th news release, NOT tests of the 2A.
The way I interpret this news release, coupled with the others (think Chile, military, etc.), it seems, IMO, that there are potential customers lined up for this low-altitude airship. I also recall that recent unmanned aerial conference (billed as the largest in the world) which GlobeTel executives attended along with Elisra!
Re-read my post. I did not state that they were testing S2A - I stated that they were obviously conducting tests SINCE the S2A was shipped to Germany, precisely as they indicated they would be doing in the Oct. 15, 2007 news release announcing the move. I am referring to the "current and scheduled flight plans" comment in that news release - one which, as I recall, was ridiculed by some here:
"The decision to continue the development and testing of the 2A in Stuttgart was attributed to the vast resources and knowledge of the TAO organization. The addition of the 2A to TAO's and Sanswire's current scheduled flight plans rounds out GlobeTel's atmospheric arsenal of low to medium to high altitude platforms."
"The SAS-51 is the first Sanswire branded product ready for commercialization, resulting from the Sanswire/TAO relationship."
Obviously, they have been conducting tests since Sanswire 2A was shipped to Germany, precisely as they indicated they would be doing in that October 15th news release announcing the move:
"The decision to continue the development and testing of the 2A in Stuttgart was attributed to the vast resources and knowledge of the TAO organization. The addition of the 2A to TAO's and Sanswire's current scheduled flight plans rounds out GlobeTel's atmospheric arsenal of low to medium to high altitude platforms."
How sweet it is, longs. Remember all of those dire predictions from Vern, Sands, and other ex-employees? What say you, Vern? LOL
Great news. Explains why Elisra, Raytheon, the U.S. Navy, other military customers, Chile, Canada, etc. might be interested in little ol' GlobeTel!
Nice find. Thanks. And Joe himself confirmed that GlobeTel has been working with Raytheon.
Cole, the SEC has shown me that you can't trust any document "generated" by "cut'n'paste, highly creative" Joe M. and that includes alleged "emails" . . .
Agree. Based on the very specific allegations by the SEC against Joe M. and Vargas, the just-announced TAO agreement involving the transfer of shares within the next 10 days, the impressive CWID review and invite to CWID 2008 and to Trident 2008, it is fair to say that it appears the SEC investigation is coming to a close and GlobeTel expects to remain in business.
That's the way I read it as well, Nilremerlin. And I don't believe they would get financing without the restatements and getting clearance/settlement with the SEC, nor does it seem likely that they would move ahead on this 10-day time frame unless they were certain restatements, etc. would be done.
Note the reference to the military (think Trident 2008/CWID 2008):
This first completion phase provides the Company with an exclusive license to market and sell low, medium, and high altitude platforms and other products conceived by TAO to interested commercial, governmental and military clients in the United States, Canada, Mexico and Chile.
Based on Joe's penchant to flood his website with every possible slur, innuendo, negative suggestion, and libel that he could muster, all "documented", of course, I find this suggestion rather farfetched:
"2. That POSSIBLY, Monterosso/Vargas will have documents proving that they did not act alone."
Cole, you are trying too hard. The formula included a "customer" being assigned to GlobeTel in exchange for stock, not just the gross margin you mentioned.
According to public records, he was terminated last April, thus "caught". Judging by the constant stream of venom on his website against his former company/employers (funny from someone who ripped them off to the tune of hundreds of thousands), if he had anything on anyone else, he would have spilled the beans long ago . . .
According to the SEC, at least the way I interpret the complaint, Joe and Vargas stole more than $300,000 from the company and from the shareholders:
"The complaint alleges that Monterosso and Vargas received hundreds of thousands of dollars in payments from GlobeTel - including about $300,000 in cash that Vargas withdrew from CSI's bank accounts and gave to Monterosso."
Anyone that brazen may attempt to disappear into Mexico to join his friends. I wonder if the Galindos benefited from their relationship with Joe?
My, my, my; according to the SEC Joe M. is a liar and thief - ripping off the company and the shareholders.
We will be updated when the rest of the financials are restated, IMO. Judging by today's action, I think that may happen sooner rather than later . . .
Maybe someone who had to pay some legal bills, Cole, assuming it was an "insider" . . .
There certainly is a buyer - part of a financing deal, perhaps?
Good try. You claim it doesn't exist. You provide the proof. Just like those CWID trials and Trident 2008. Keep trying to pretend it's not real. That recent CWID review was impressive, wouldn't you agree? No wonder GlobeTel was invited back to the 2008 CWID trials.