Hong Kong International Gateway,
This partner/investor could possibly in the mix...
MIAMI--(BUSINESS WIRE)--June 15, 2004
GlobeTel Communications Corp. (OTCBB:GTEL) today announced the signing of a definitive agreement with Hong Kong-based investment banker, Tim Ingram, who will invest one million dollars into GlobeTel and bring his considerable business contacts and relationships to help grow GlobeTel internationally.
Mr. Ingram is well known in the financial industry and has played a key role in managing and financing business through private investment Funds in the United Kingdom, Asia and Australia.
The Funds Mr. Ingram has been involved with have significant shareholder positions in a number of companies that vary in their developmental stages including start-ups to fully established and successful concerns. These investments include one of the most successful holiday resorts in the Philippines, a venture capital business in Melbourne, a phone card business in the United Kingdom, an investment share fund for foreign investors in Hong Kong and investments in various Asian businesses.
Mr. Ingram sits on the Board of several Publicly Listed Companies in Australia and Hong Kong. He has lived in Hong Kong since 1988.
For the investment, Mr. Ingram will receive preferred shares that will have a minimum hold time of one year and the preferred instrument stays in force for a period of three years as long as their isn't any conversion to common.
Timothy Huff, CEO of GlobeTel stated, "We are grateful for the show of confidence from Mr. Ingram with his initial investment. Even though his investment is appreciated, we are even more excited about the wealth of business opportunities that he brings to the table for GlobeTel products in the Australian, Asian and European marketplaces. I look forward to working with Mr. Ingram to maximize our now mutual business interest."
For more information about GlobeTel, visit the Company's website at www.globetel.net
