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From Globetel's website (my bold):
"Constructed Airships - Several platforms ready for demonstrations including a Stratospheric airship test planned in October."
I don't recall hearing about a specific month for this test other than it being at the end of the year.
http://www.globetel.net/sanswire-tao-benefit.htm
Don
Haven't posted in awhile, but always reading those that do.
I just wanted to also express my amazement that Globetel failed yet again to fulfill a promise. And yes, although it may be a bit naive but I consider PR's to be akin to promises, especially their last one.
I've been holding shares of Globetel since the Hinton days. I'm not selling but that's simply because I'm hoping it will somehow increase in price. I have no logical basis to think this will happen so it's pure hope at the moment.
It has been unveiled to us that past management was criminal and I'm getting the impression that current management is frantically trying to bail water out of a ship that is of questionable value.
I personally question the naysayers motives (on this board) and am put off by their arguementative tricks and skillful manipulation of BB communication, but if this was a baseball game, they'd be pitching a shutout going into the 9th. Not because of great pitching and D, but because the other side doesn't even know which end of the bat to hold.
I ditched any (most?) of my emotional attachment to this company early last year and now it's just about getting some money out of this stock. So with that in mind...
Go GTEM!
Don
NEWS----GLOBETEL COMMUNICATIONS RESTATES FISCAL YEAR 2005 FINANCIAL STATEMENTS
FORT LAUDERDALE, FL ─ DECEMBER 5, 2007 ─ GlobeTel Communications Corp. (Pink Sheets: GTEM) today announced that it has filed with the Securities and Exchange Commission its amended Annual Report on Form 10-K for the year ended December 31, 2005.
This filing contains financial statements that were restated as a result of the determination that, in certain cases, the Company misinterpreted or misapplied GAAP in its 2005 consolidated financial statements in connection with revenue recognition issues related to reporting gross revenue versus net. This filing also contains financial statements that were restated as a result of a determination by the Company’s management that certain records and reports produced by the management of its Centerline subsidiary during this fiscal period could not be relied upon. Additionally, the Company adjusted its balance sheet removing certain intangible assets associated with the acquisition of assets related to the Company’s purchases of the HotZone™ technology.
For the year ended December 31, 2005, the Company reported a net loss (restated) of $39,082,945, or $(0.52) per share, on revenues (restated) of $10,144,780, compared to a net loss (restated) of $15,944,869, or $(0.02) per share, on revenues (restated) of $11,309,376 for the year ended December 31, 2004.
For the year ended December 31, 2005, the Company’s balance sheet reflected total assets (restated) valued at $10,411,522 and total liabilities (restated) valued at $9,906,933. Restated values reflect the decision to charge previously included intangible assets as a $7,129,550 research and development expense in 2005.
Jonathan D. Leinwand, Chief Executive Officer, stated, “Having restated fiscal years 2004 and 2005, we look forward to providing fiscal year 2006 results, and all periodic results through the present quarter to bring us up-to-date.”
GlobeTel Communications has made its Annual Report on Form 10-K available via its Web site, www.globetel.net.
What a puzzle this GTEM is! Kind of a study in contradictions in that we have a host of negatives- lawsuits, non-payment of bills, dismal sp, corporate silence, non-reporting, terrible rumors, etc.
Then we have the other side of the coin- Elisra teaming agreement, positive JV rumors, links to US gov't, etc.
Which side you on? Personally, I'm on the fence and just content to see what happens, although obviously hoping for the best.
And this latest conference...just look at the big names GTEM is sandwiched between! If they're on the brink of disappearing, then there's a few people there with some fight left in them.
Don
Can you provide the url to this website?
Thanks.
Don
risk_it_us, so you're saying the potential is there (in Mexico) since Telmex already has wireless there?
And you also believe that because Telmex is already there then NoMas has no chance to build a successful business?
Could you perhaps explain the reasoning behind this (if my assumptions about your assumptions are correct)?
Because, in my view, two companies can both succeed even though they are selling the same product in the same area.
Don
I believe all material events are required to be PR'd, but not all PR's are required to be material events.
For non-material events, a company surely has the right to choose what they PR.
How long have you been investing in the stock market?
Don
He's talking about the 6000 model.
Don
After re-reading the latest PR, my view is that GTEM is the contractor and Trimax is the "sub-contractor". GTEM was invited and they decided to include Uli and his co. for these trials.
Also, the "sponsor" is most likely simply the US Navy or the trial sponsor.
Don
Wow. Such confusion. I don't have any answers and I haven't seen any that satisfy me yet.
But taking into consideration several comments made about how the real $$$ is in the deployment and operation of such networks, the success of Trimax will not help GTEM that much. I wouldn't figure GTEM will make too much off of the 50/50 agreement with Uli. He might if he's the one deploying the network.
So...
If Huff is correct re: Glowbeatle's post, we are better off if GTEM is the one getting the business, not another party that simply uses the Hotzones.
Therefore, if Trimax is involved with the Navy tests, then whether or not they're using Hotzone boxes, Trimax is the winner, not GTEM.
Just a take on the situation.
Don
According to the 8k:
"Apart from the HotZone product line, any intellectual property, technology, and/or product developed by Altvater subsequent to this Agreement, shall be the exclusive property of Altvater, to which GlobeTel shall have no rights, unless otherwise provided for in this Agreement. Any intellectual Property paid for by GlobeTel to Altvater for the any development, repair or maintenance of the HotZone Product Line will be the exclusive property of GlobeTel."
It sounds like this Hotzone 4020 (I never heard of it before the US Navy thing) would be GTEM's property since it appears to be part of the product line.
Another question might be how GTEM keeps Alvatar from making products very similar to what GTEM already has. After all, he was the one that made them in the first place so I would think he's very (technically) capable of making some changes to the Hotzone products and then having his own products to sell.
And looking at his website, he perhaps has already done this.
AIMHO.
Don
I'm still having problems reconciling that statement from the 8k with the part from
https://www.cwid.js.mil/public/CWID07Trials.pdf
which indicates that the Hotzone 4010/4020 is being used in a trial by the US Navy but the developer is listed as Trimax Wireless, Inc?
Also, on flickr.com, Trimax has some pictures and the caption of one states:
"Hotzone 4010 is produced and marketed under license of Globetel Wireless Corp."
So what's going on?
Don
I'm not sure if I'd describe this as "good" news but it is something that all of us were expecting, and could be considered positive since the conclusion of the SEC investigation is in GTEM's best interests.
I also agree with another poster (was it mide?) who pointed out that GTEM is not exactly a company whose financials are what is bringing in investors. It is the potential of their products such as wireless and the Strat platform. So a downward restatement of rev's shouldn't effect the potential of GTEM going forward. It would be more a reflection of the serious mistakes the previous management made.
AIMHO.
Don
If you look at many "pay-as-you-go" models, they usually have a post-paid option as well for businesses and others that desire that method.
I'm surprised you didn't know that, risk_it_us. You're slipping!
Don
I'm not sure what it means (if anything), but if you look at 2 recent posts by Axel:
#73681
"I can proof that, it's sometimes a very funny read." [Axel's response]
and
#73695
"And Pshem I can proof the whole enchilada" [supposedly Klaus Bonn in a memo to Kostro]
the same grammatical mistake is made. The use of "proof" instead of "prove". The first instance is from Axel himself, the second from Klaus Bonn.
Perhaps they had the same English teacher?
Don
So were down to the big 3- Strat, Hotzone and VOIP. In my opinion the big 2 (Strat, Hotzone) and a small 1 (VOIP).
I'm not excited by the PR nor am I depressed. It seems to me like an honest PR.
Centerline
The winding down should not be heartbreaking. As everyone knows, it has never had a significant profit margin and it seems as if it never met its targets set out in a past shareholders letter.
SkySat
I'm not sure if this is a positive development or a sign of failure to develop a fully functioning Strat. I fear the latter. It would have been nice if they reaffirmed the development of the full Strat.
GTW
Sales and network development? That's a no-brainer. The closure of German operations seems to be yet another chapter closed in Huff's reign which is looking more inept by the day. I'm not really expecting any new GTW deals soon so it all hinges on Mexico for me.
Filings
It sounds like the SEC investigation doesn't prohibit them from filing? "...we look to move as quickly as possible to bring our filings up-to-date."
VOIP
It's still unclear to me where they're going with this. With some poster's reports of VozBrasil being down, I can only imagine they plan on using their VOIP in connection with their Hotzone stuff.
So all in all, it seems like we received a honest picture of GTEM at the moment. Many of us thrive off of the rosy PR's GTEM has been known to release, so it's no surprise many are unhappy with this. Me? Actions speak louder than words.
All IMHO
Don
What worries me is that GTEM employed his services in the first place!
Don
Perhaps the additional units are to accomodate the increased traffic they expect when the project advances from the "pilot" stage?
Just a guess.
Donald
"...leaving the spoils to the insiders to divvy up."
Spoils are generally a good thing. But then you mention an "implosion".
What exactly are you trying to say?
Don
It would be great if this seemingly ugly event (two more directors leaving) was actually based on something good- the impending conclusion of the SEC investigation.
However, as another poster pointed out, the PR didn't mention anything about the Audit Committee. I would think that if it was true, they would have mentioned this. JMO.
Don
An update and still no Dr. Alice Muntz on the BOD? Is this a real company or just a kid playing around in his basement?
It's incredibly unprofessional omissions like this that put the idea of selling my GTEM shares into my head.
Don
Although ignorance about business in developing countries is widespread,I suppose I expected a bit more out of this board.
Nigeria, first of all is a very poor African country also the aid's capital of the world. The GDP (Gross domestic product)of the country in 2005 was only $175.5 billion dollars which is ranked 47th in the world. The per capita per year is only $1,188 (I'm sure you know what that means) and by the way that ranks them 165th in the world
So let's look at another poor, developing country- Kenya.
GDP-$48.33 Billion (76th)
Per capita- $1445 (156th)
http://en.wikipedia.org/wiki/Kenya
Pretty poor, right? But even in this dire poverty, the leading mobile service provider posted a profit of US$87M with very high percentage of annual growth.
http://www.safaricom.co.ke/2005/default2.asp?active_page_id=164
Now this is one example of a company that is making nice profits in a poor country. BTW, Safaricom is partially owned by Vodafone.
Even if it is a contract with the government, their GDP is so low, gtem's profit can't be much.
That is a completely wrong and misguided statement.
Think about it, how many Nigerians that are hungry and aids infected can actually aford food much less wimax, hell how many of them know what wimax is?
Wow. I won't even bother addressing those statements.
Don
Nigeria is still a country where many companies are doing business successfully and others are hoping to enter that market.
To take the position that just because a country experiences instability there are no opportunities for business is foolish and narrow-minded.
If you've traveled to some of these countries or done more in-depth research into their investment climate, you would not be dismissing them out of hand.
All IMHO.
Don
I sent an email to Rob about that several weeks ago and have yet to receive a reply. I personally think it's ridiculous that they have not included her on the website.
Don
What I mean is that you have to have some trust in the company. This trust comes from the DD that each of us does. And the level of trust we need in order for us to feel comfortable with our investment varies.
That's what I tried to convey in my last post.
Don
Mide, thanks for posting that message from Mr. Bleckman.
The mistakes made in the Russian JV process arguably mark the low point of GTEM's existence. But now that it appears as if GTEM is moving prudently with VPN, so many of us cry and complain?
I understand and feel the frustration but there comes a point where you either put some faith in the company you've invested in or sell your position and find a company you can trust.
JMO.
Don
It does appear as if they were very careful in the words used in this PR to create the excitement of a JV although one has not been signed yet:
"...they have signed an agreement pursuant to which they will form a joint venture...
"The joint venture agreement follows...(read: not the JV itself)
However...
it does seem that some of the details are in place, e.g. percent ownership of JV, Chairman and some Board members of JV. So as another poster mentioned, this seems like more of a LOI.
When everything else gets hammered out, I hope to see the actual JV. So all in all, I take today's PR as good news but am waiting for the really good news.
Don
I would suspect VPN is the capital part of this JV. I'm sure we'll get the details in due time...
Don
What does or doesn't make "business sense" for ATT might be vastly different for another company.
That is obvious.
Don
Has anybody else been able to confirm this? If true, I am quite dismayed and would seriously question the quality and professionalism of the people running Globetel.
If not true, then business as usual!
Don
I know that GTEM has some dark clouds still hovering over it (SEC), but I'm still surprised that this latest Mexico/Hotzone news hasn't helped the sp at all. It's not as if VPN is a unknown entity since it's had a relationship with GTEM for several months and their courtship has been well documented in PR's.
So at the very least, this PR confirmed that GTEM will not have to refund the $450,000 payment and that their Hotzone tech works to the satisfaction of an experienced player in telecom (VPN/Grupo IUSA).
It also leads to the very real possibility of a JV between GTEM and VPN that will be well-funded.
Maybe more patience is in order?
Don
I bought a bit (7000 shares) at the ask some minutes ago. Seems like a great buying opp right now, IMO.
However, I've been VERY wrong before, lol!
Don
I am really impressed by this news. It shows that progress has been and is being made on the Hotzone front. Now if only we hear something similar from Germany...
Don
This news is very encouraging to me as it shows that progress has been and is being made on the Hotzone front. Now if we could get similar announced progress with Germany...
BTW- added a bit here.
Don
I'm not jburk, but:
The Globetel IAX
Third-party reviews say it does the proposed job. Hope that helps.
Don
How do we know there are only three people in Germany from GTWE? I may have missed the original post with that info.
Thanks.
Don
From 10K-
"Network Installation Agreement
On June 7, 2006, the Company entered into an Initial Network Installation Agreement with VPN de Mexico, S.A. de C.V. (“VPN”) exclusively for the purposes of setting forth the terms whereby GlobeTel Wireless will install an initial wireless broadband network in Mexico utilizing its HotZone Wireless technology. GlobeTel will install an Initial Test Network in an area not to exceed 10 sq. km. VPN has paid a $225,000 deposit to GlobeTel as 50% of the initial cost of the network. Once the initial test area has been installed and deployed, VPN will evaluate the network and, upon acceptance, will pay the balance due of $225,000, which is anticipated to occur during the three months ended September 30, 2006. In the event VPN determines that the network does not operate in accordance with its expectations, then the $225,000 deposit will be returned to VPN by the Company.
Upon the acceptance of the initial test area, VPN and the Company intend to proceed with the agreement’s joint venture arrangement, which provides that VPN will pay $5,000,000 to the joint venture for the next stage of implementation, which will call for an installed area of no more than 100 sq. km. The same payment terms will apply whereby VPN will pay a 50% into the joint venture with the balance due at completion and acceptance of this stage."
http://investor.globetel.net/phoenix.zhtml?c=67726&p=irol-SECText&TEXT=aHR0cDovL2NjYm4uMTBrd...
Don
If I was a pessimist, I would look at this PR as simply saying what we already know- that GTE built a (small) network in Mexico.
Could be construed as a borderline-fluff PR.
Of course it's nice to know that it has performed technically well; we'd be in trouble if it weren't!
Show me a Mexico contract PR and that will wipe away the pessimism that's been creeping into my GTEM soul!
Don
Well if that "update" was the signing of a network buildout agreement or the receipt of $$$, then we'd get a PR for sure!
Wishful thinking...
Don
"i just spoke to a guy from Globetel Wireless Europe, he said that it was a false alert..."
I think you're putting too much blame on GTEM and the person you spoke with at GTWE. If the person you spoke to didn't know anything about the BK, then their reply of a "false alert" seems genuine and reasonbable enough.
Don