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=DJ Amex Halts GlobeTel On 'News,' Ponders Delisting - Source
By Maxwell Murphy
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--The American Stock Exchange's halt on GlobeTel Communications Corp. (GTE) shares Tuesday prefaces a planned, after-hours conference call between GlobeTel's inner circle and regulatory officials of the exchange, which may result in Amex moving to delist the company, say sources familiar with the matter.
A GlobeTel press release shortly before Monday's closing bell announced continued delays in testing its high-altitude airship, Stratellite, which it hopes will provide a cheaper and better alternative to communications satellites and other means of transmitting various types of signals. In the waning minutes of Monday trading, GlobeTel's stock quickly extended the day's losses for a 9.3% drop on the day.
Tuesday morning, the Amex halted GlobeTel shares for "news," leaving the stock unchanged at 98 cents apiece on volume of just 4,400 shares. J. Randolph Dumas, GlobeTel chairman, says GlobeTel didn't request the halt. When GlobeTel contacted Amex about the matter, he says Amex told GlobeTel it would further discuss the matter with the company in a conference call after regular U.S. trading ends. Dumas is a wealthy, London-based international businessman, who has a degree from Wharton and decades of proven success, and who was once a briefing officer with the Central Intelligence Agency. He began his association with the company last year and became its chairman in March.
A source familiar with the matter, who requested anonymity, says Amex is considering delisting GlobeTel and wants to hear GlobeTel's reasons why the exchange should do otherwise.
GlobeTel has put out many a bold press release since late last year, hyping everything from a $600 million deal to build a WiMax wireless network in Russia to a way to call across the world for the same cost as if you were calling next door. The releases sent the stock as high as $4.49, giving the erstwhile Bulletin Board penny stock a Wall Street valuation of more than half a billion dollars, despite the company's modest revenue and history of losses.
The source tells Dow Jones Newswires the Monday afternoon press release concerning the Stratellite delay wasn't the only reason for the stock's halt. When added together, the disintegration of the increasingly tenuous partnership between GlobeTel and the mostly faceless Russian partners, coupled with a lack of any material developments to back up some of the often sensational claims the company has made, caused the powers that be at the Amex to take notice.
Amex spokesmen declined comment and a senior regulatory official with the exchange wasn't immediately available.
Every company delisted has several days to petition the Securities and Exchange Commission to reverse the ruling, and so Amex typically won't put out press releases until it has made up its mind to delist, the source says.
In a telephone interview from London, Dumas expressed sadness (assuming the Amex is considering a move to delist), saying the company remains hopeful it will be a huge success. He says he has no plans to leave GlobeTel and says he has risked his legacy, along with important relationships with the likes of former U.S. Secretary of State Henry Kissinger, in order to take the chairmanship of GlobeTel.
He admits GlobeTel management may have been naive in counting on the success of the Russian deal and over-enthusiastic in its evangelism of the company's prospects. Nonetheless, Dumas maintains the company is on the crux of big things; the ironic thing, he says, is the perceived insincerity of past press releases has recently prevented GlobeTel from issuing any more glowing releases until there's money in the bank to back up the claims.
-By Maxwell Murphy, Dow Jones Newswires; 201-938-5173; maxwell.murphy@dowjones.com
(END) Dow Jones Newswires
July 18, 2006 15:49 ET (19:49 GMT)
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