100% contributed capital means 100% ownership of the Company from what I can see. There are many ways to borrow money, whomever lends it to Globetel will presumably be repaid from Globetel's share of the JV revenues. (if revenues are poor, there will need to be some other equity stake for the lender to collect on) This will defer profits down the road for Globetel until such time as they would maybe pay it off from proceeds coming from some other big deal somewhere else in the world.
It appears that Globetel has negotiated a 'first right of refusal' for ownership of a JV in return for being the vendor of a product that VPN feels is best obtained through them.
Interesting that this basis for consideration appears to be under attack this weekend.
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