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GTEL Announces Additional Details on Move to the American Stock Exchange [FCKPQQB]



FORT LAUDERDALE, Fla.--(Business Wire)--May 10, 2005--
GlobeTel Communications Corp. (OTCBB:GTEL), today announced clarifications on yesterday's news concerning the move to the American Stock Exchange.
The Amex granted approval to their exchange contingent upon the Company affecting a 1 for 15 reverse stock split. Further, this approval is contingent upon the Company remaining in compliance with all applicable listing standards on the date it begins trading on the Exchange, and may be rescinded if the Company is not in compliance with such standards. It is expected that the process will take 10 days to complete but may be as many as 20 days depending on regulatory issues and filing times. So the company must maintain to meet the listing criteria during this 10 to 20 day period. GlobeTel meets the requirements today and has received approval from the Amex contingent upon affecting the reverse. We have given the Amex a representation letter that we will perform the reverse and it is a requirement for us to do before our listing on the Exchange.

About the American Stock Exchange

The American Stock Exchange (Amex) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993.
Leading the industry in ETF listings, the Amex lists 155 ETFs, the Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit http://www.amex.com.

Timothy Huff, CEO of GlobeTel stated: "We are proud that the Amex has approved our listing to their exchange and I believe that it is a big step in building real value for our long time shareholders. The OTCBB has served its purpose. But those of us that long for building a world class company with increasing value are glad to see the start of our next generation with this move. A reverse split is a positive event for GlobeTel. While it may seem overwhelming or confusing, this is a normal part of a restructuring and as it is here, coupled with a move to the AMEX, a very positive event. While there will be those that express dissatisfaction with this move, it is important to question their real motives by their actions."
Huff continued: "This closes a chapter in GTEL's history and opens a new door that will enable us to grow in real shareholder value as we accomplish our goals while attracting new investment opportunities by large funds and institutions."

About GlobeTel

GlobeTel Communications Corporation is a diversified Telecommunications and Financial Services Company. GlobeTel Communications Corporation operates business units in Stored Value debit cards, as a certified MasterCard processor, the sale of Carrier grade VOIP of Long Distance to major Long Distance re-sellers, VOIP Technology and development, and high altitude airship research and development. These self contained business units were developed to operate independently of each other. The symbiotic relationship however, provides value to each of the other business units. This strategy offers GlobeTel financial diversity and risk mitigation while striving toward its operating objectives.
Operating on a global basis, GlobeTel has, historically, focused its business development on markets outside of the United States. Current operations and business relationships exist in Asia, Europe, South America, Mexico and the Caribbean.
Additional information concerning other areas and topics of GTEL can be found on our web site at http://www.globetel.net.

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 Placement 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 which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements. The above are more fully discussed in the Company's SEC filings. GlobeTel's statements regarding the actual timing of the move and the listing of the company shares shall not be official until the actual start of trading on the American Stock Exchange. The AMEX has the right to continue to review the company to ensure compliance with listing requirements up to and until the time of listing. There may be other factors that contribute to any delay in the listing. 10May05 13:50 GMT
Symbols: us;GTEL
Source BW Business Wire
Categories: MST/I/BNK MST/I/TEL MST/L/EN MST/R/NME MST/R/US MST/R/US/FL TGT/BWB