NEWSRELEASE
FORT LAUDERDALE, Fla. and STUTTGART, Germany, Jun 19, 2008 (PrimeNewswire via
COMTEX) -- GlobeTel Communications Corp. (Pink Sheets:GTEM)
("GlobeTel/Sanswire") and its subsidiary Sanswire Corp. and TAO Technologies
GmbH, Stuttgart, Germany today announced that the companies have agreed to form
and commence operations of Sanswire-TAO Corp., a Florida corporation equally
owned by the Company and TAO, for the customized production, marketing and sales
of unmanned aerial vehicles for the markets of the United States, Canada and
Mexico. GlobeTel/Sanswire has made the first payment in cash and shares to the
program, with remaining cash payments due over the next three years. This
agreement supersedes the November 2007 agreement in which certain airship rights
had been conveyed to Sanswire.
Under terms of the signed agreement, the new Sanswire-TAO will exclusively own
and market all the technology and intellectual property associated with TAO's
lighter than air (LTA) unmanned aerial vehicles (UAV) in the United States,
Canada and Mexico. Sanswire-TAO is registering the respective intellectual
property related to this technology with the Uni ted States Patent Office.
TAO's Intellectual Properties are the product of fourteen years of research and
development, resulting in a combination of patents and proprietary systems
focused on the testing and manufacturing of high altitude airships. Certain
properties include patents for designs of segmented non-rigid airships, in-house
developed flight control systems, energy storage and propulsion systems, as well
as multiple software and hardware systems development exclusively for the
Stratospheric program.
Sanswire-TAO Corp. will operate through its own Board of Directors, with Dr.
Bernd Kroplin, TAO president, serving as Chairman. In order to facilitate
delivery for North American customers, initial production activities, research
and development will continue in Stuttgart and Berlin while options for full
scale production in the US are being studied.
"Our goal since September of 2007 has been to be a full partner with TAO and
owner of the systems for the United States, Canada and Mexico built by TAO,"
stated Jonathan Leinwand, Chief Executive Officer of GlobeTel/Sanswire. "We are
privileged to have Dr. Kroplin as Chairman of Sanswire-TAO, interfacing and
presenting to our customers and partners."
Dr. Kroplin, President of TAO, stated, "This agreement is a natural progression
of the Sanswire and TAO relationship as we near commercialization of our
multiple platforms and products. The goals of TAO and Sanswire have always been
aligned, and now with this new structure we can focus entirely on furthering our
high altitude program and servicing the largest market in the world."
The completion of this transaction follows TAO's November 2007 conveyance of
licenses and sales rights for North American to the Company for certain LTA
remotely operated airships in contemplation of the formation of a joint venture
to be incorporated in Germany. Upon performing due diligence, both companies
agreed to incorporate the join tly-held company in the US, amend monetary terms
of the original agreement and convey the TAO-owned intellectual property, as far
as the North American market is concerned, to the US-based Sanswire-TAO entity.
Sanswire-TAO's new website, www.sanswiretao.com, will be live on Monday, June
23, 2008. For additional information about products and business initiatives,
please visit that site or www.sanswire.com on that date and thereafter.
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 Securities Litigation Reform 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,
including an ongoing formal investigation by the U.S. Securities & Exchange
Commission and delayed filings of quarterly results, any of which could cause
the Company's previously reported actual results, performance (finance or
operating) to change or differ from future results, performance (financing and
operating) or achievements, including those expressed or implied by such
forward-looking statements. The Company assumes no, and hereby disclaims any,
obligation to update the forward-looking statements contained in this press
release.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: GlobeTel Communications Corp.
By Staff
CONTACT: GlobeTel/Sanswire Robert Bleckman (954) 332-3759
(C) Copyright 2008 PrimeNewswire, Inc. All r ights reserved.
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INDUSTRY KEYWORD: Aerospace & Defense
SUBJECT CODE: AVIATION
AGREEMENTS
Company Announcement
Source: Comtex Wall Street News
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