Not answer for Rock, there was a cut off date on sanswire....
The all-stock transaction closed on April 15, 2004. Sanswire Technologies' management plans to distribute the GlobeTel shares as a dividend to its shareholders in two separate distributions. The first distribution will provide one share of GTEL for each share of SNWR owned as of May 31, 2004. The second distribution involves shares that are currently being reserved in GlobeTel's treasury.
The second distribution involves an additional 200 million shares that are being held in reserve pending the successful launch of the first high-altitude Stratellite. The shares will be released to Sanswire management on the 91st day following the successful launch meeting technical and commercial criteria defined by GlobeTel. After Sanswire management satisfies certain corporate obligations, the remaining shares will be distributed on a pro-rata basis to its shareholders of record as of May 31, 2004. It is anticipated that this second distribution will provide between 2 and 3 additional shares for each share of SNWR owned as of the close of business on May 31, 2004.
The Company also announced a reorganization of its senior management team. The Company's current management team has resigned and will assume similar positions with GlobeTel's newly formed subsidiary, Sanswire Networks, LLC. Mr. Robert Sanders has been appointed President of Sanswire Technologies. Mr. Sanders will concentrate on moving the Company forward as it refocuses on its wireless ISP business.
Safe Harbor Statements
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