Joe M claims that
THE LAWSUIT AGAINST ULRICH ALTVATER AND CO. was DISMISSED
The amount GlobeTel claimed to be seeking to recover was $475,000.
Is this true? If so why did the company not PR/disclose this information "in the best interest of shareholders"?????
GlobeTel Communications Sues Former Vendor Trimax and Ulrich Altvater
FORT LAUDERDALE, Fla., July 12, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- GlobeTel Communications Corp. (Pink Sheets: GTEM) (the "Company") today announced that pursuant to the termination of an agreement under which Trimax Wireless Inc. was to provide manufacturing services to GlobeTel, the Company has filed a lawsuit against Trimax and Ulrich Altvater, Trimax's principal executive officer and shareholder, to (1) recover possession of assets, valued at approximately $300,000, belonging to the Company's shareholders currently being wrongfully detained by Trimax and Altvater, and (2) recover the principal amount of $175,000, plus interest and court costs, from Altvater in conjunction with a loan made by the Company to Altvater in 2006.
Peter Khoury, Chief Executive Officer, stated, "Trimax violated its agreement with us and we're moving forward with other manufacturing resources, both contracted and in-house, to build our HotZone(TM) wireless equipment and honor our commitments. Through this legal action, we seek to recover GlobeTel corporate assets being held by Trimax, and seek to have Mr. Altvater repay his outstanding debt to the GlobeTel shareholders."
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