CMKM Diamonds Inc. (fka CMKX)

[uwlungman]

Shades of Overstock.com. Go get 'em GTE...
GTE
GlobeTel Addresses Christopher Byron's NY Post Statements
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 23, 2006--GlobeTel Communications Corp. (AMEX:GTE), today responded to the series of misrepresentations and malicious distortions which the New York Post portrays as financial journalism, written by SEC critic Christopher Byron, with the following statements from Chairman J. Randolph Dumas and Chief Executive Officer Timothy Huff.

J. Randolph Dumas stated, "Apart from the libelous commentary which is rampant throughout this ridiculous article, we are also quite suspect of the timing of this story, appearing as it does on the exact day that a certain New York bank was obligated to cover the short position which it acquired "in error" late last week on behalf of a client. Even worse, is the gross irresponsibility by the editorial management of the New York Post and on the part of Christopher Byron in the conveyance of information for which apparently no fact-checking occurred. For instance, Rubikon Partners, which I previously managed and which my distinguished colleagues and I co-founded is, in fact, a private equity firm and has never had any connection whatsoever to GlobeTel and it has never had any operational activities in London, England, including any 'internet banking' business.

"Any reasonably competent individual can easily Google us and find accurate information about Rubikon Partners and my esteemed fellow Founding Shareholders. I am deeply disappointed that Mr. Byron has elected to make such damaging implications about these men, of legendary personal and professional status, when they have absolutely nothing to do with GlobeTel. And, to attach to any of us implications of illegal money laundering, is simply out of all reasonable bounds. We remained stunned that he has chosen to make this series of intentionally hostile and totally misrepresentative statements about our company, our Board Members, our affiliates and our objectives. We can only speculate and discuss with the regulatory authorities (as we have done over the past few days) the facts surrounding these apparently coordinated attacks which have been launched against our company recently by a series of law firms, tabloid journalists and professional short-sellers.

"GlobeTel's management has continued to focus its attention on its core business units and a number of significant new business opportunities over the past few months. And, we have attempted to do this in the face of the most damaging and distressing environment that these people can possibly orchestrate. These actions have removed hundreds of millions of dollars of share value from the pockets of our shareholders. Like, Mr. Byron, I can only hope that the regulatory authorities who are charged with investigating these kinds of actions will leap directly into the middle of these sordid events. It is hard to conceive that this sort of thing is allowed to occur in America."

CEO Timothy Huff added, "Regarding his many erroneous statements about GlobeTel, Mr. Byron should also be aware that we do not build 'aluminum blimps that bounce signals from Latin America to the US.' We create and construct rigid-infrastructure, GPS-guided airships designed to transmit wireless signals to, and from, our clients in each airship's significant coverage area. We have invested a great deal of time and money in the development of this 'near space' technology over the past three years. Our entire team of former NASA engineers -- along with GlobeTel's managers -- remain very excited about and committed to this technology, along with many of our military and government supporters. We hope, therefore, that before the end of the summer, we will be able to expose Mr. Byron's half-witted comments for what they are: damaging libel."

Mr. Huff continued, "Also, I suggest Mr. Byron stick to his journalistic pornography if he truly believes that anything about our HotZone 4010 technology includes the building of a cell phone tower network. Never has GlobeTel stated it was in the cell phone business. The contemplated transaction in Russia and our other pilot-programs at GlobeTel Wireless, are based entirely upon non-tower-based Wifi, WiMax and DECT capabilities. Indeed, our Hotzone 4010 wireless technology is housed in a regional transmitter, which is smaller than a shoebox, providing high speed, broadband Internet connectivity and VoIP telephony to large areas within municipal areas.

"Finally, Mr. Byron either needs to learn more about the telecommunications industry or he should actually take the time to read our press releases if he thinks the rollout of VozBrasil, our VoIP network for Brazil and Brazilian-Americans, is in any way designed to launder or transfer money. Like his other libelous comments, he attacks us for providing a service targeted at the average man-on-the-street who must otherwise pay large sums for long-distance telephone calls to and from his home market. But, of course, these distorted and twisted claims are well known by Mr. Byron to be entirely false and misleading. His objective has not been accuracy."

About GlobeTel Communications Corp.

GlobeTel Communications Corp. develops and provides an integrated suite of telecommunications products and services, leveraging its advances in Stored Value, VOIP and Wireless Access technologies. Individually, each of GlobeTel's five business units function as distinct, strong stand-alone entities: Together they form a powerful alliance of human talent and technological innovation resulting in the SuperHub(TM) worldwide VoIP network, Sanswire Stratellite(TM) platform and products enabling simpler, cheaper transmission of voice, data and money. GlobeTel has historically focused its business development on markets outside of the United States. Current and pending operations exist in Asia, Europe, South America, Mexico and the Caribbean. For more information, please visit: http://www.globetel.net.




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