GlobeTel Communications Announces Changes to No Mas Cables Joint Venture
Friday October 19, 1:36 pm ET
FORT LAUDERDALE, Fla., Oct. 19 /PRNewswire-FirstCall/ -- GlobeTel Communications Corp. (Pink Sheets: GTEM - News; the "Company") today announced that it had received confirmation from VPN de Mexico S.A. de C.V., the majority stakeholder in the Company's 49% owned No Mas Cables de Mexico S.A. de C.V. (NMC) joint venture, that VPN de Mexico has taken over management of the operations following the departure of Pablo Ruiz Galindo as CEO.
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Over the upcoming weeks, the Company intends to work with the new NMC management to restructure activities such as installations, technical support, and marketing activities. The Company will continue to provide its proprietary HotZone(TM) wireless equipment to NMC, per original covenants in the agreement.
Jonathan D. Leinwand, Chief Executive Officer of GlobeTel, stated, "We look forward to growing our relationship with VPN, and are pleased with the decisions taken by the board of directors. These changes reaffirm the commitment to the JV and we eagerly welcome the restructuring process."
About GlobeTel Communications Corp. and Sanswire Networks
GlobeTel Communications Corp. develops and provides an integrated suite of terrestrial and aerospace telecommunications products and services, leveraging its advances in VoIP and Wireless Access technologies. Sanswire Networks is focused on the construction of the Stratellite(TM) and SkySat(TM) airship platforms, capable of carrying payloads that transmit various types of wireless communications and security solutions. For more information, please visit the GlobeTel websites; www.globetel.net, www.sanswire.com and www.globetelwireless.com .
About VPN de Mexico S.A. de C.V. and Grupo IUSA S.A. de C.V.
Headquartered in Mexico City, Mexico, VPN de Mexico is part of GRUPO IUSA. Grupo IUSA, founded in 1939, is one of the largest industrial groups in Mexico, with interests in construction, communications, automotive equipment and financial services. Grupo IUSA is a leader in the domestic and international market for supplying integral solutions for diverse industrial and construction sectors. For more information about the company, log on to www.grupo-iusa.com.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward- looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including an ongoing formal investigation by the U.S. Securities & Exchange Commission and delayed filings of quarterly results, any of which could cause the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
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