I don't know what the contract stated, but the following appeared on page 21 of the Globetel 10-Q dated 8/12/05 for the period ending June 30, 2005.
HotZone Wireless, LLC Asset Acquisition
On June 6, 2005, we announced that we were acquiring the assets of HotZone Wireless, LLC (HotZone). HotZone is an advanced developer of WIMAX and extended range WIFI Systems with operations in the United States and Europe. The acquisition was paid primarily in our shares and cash. The agreement calls for certain performances by the sellers to achieve the full consideration. HotZone is currently developing WIMAX wireless systems for Sanswire's High Altitude Airship called a Stratellite(TM). This WIMAX system will provide radio technology for the wireless communications that will cover significant geographic areas up to 120,000 square miles. The acquisition of HotZone will provide advanced wireless products and services for terrestrial wide area networks covering rural and city areas. Upon deployment of the Stratellite(TM), on a region-by-region and country-by-country basis the communications technology will deliver high speed voice, data and rich streaming content, as well as other communications possibilities.
HotZone Wireless develops, manufactures, and installs wireless metropolitan systems. The main products are wireless routers and customer premises devices. HotZone networks are operational in several cities in Europe and in the United States. The HotZone product line includes wireless routers which cover complete metropolitan areas or regions with wireless services as WiFi (802.11), WIMAX (802.16), and wireless VoIP services using DECT and PHS Handsets. HotZone provides the only available integrated outdoor system covering all these protocols with a single system. HotZone also implements innovative DVB-RCT Technologies enabling wireless transmission of voice, data and real-time video. Primary consideration for the purchase is 666,667 GlobeTel common shares paid yearly for three years upon the successful completion of certain developmental milestones. Additionally, the HotZone staff are entering into employment agreements with us.
Perhaps someone can remember what these milestones were, and whether Uli met them or not.
...and on the 7th day, God turned off his Macintosh.
