Timothy Huff, CEO of GlobeTel stated, "Internafta has reassured GlobeTel that the transaction is in its final stages. This has been a suspenseful time for our shareholders, and for us, as we wait for the network to begin its deployment. Internafta and GlobeTel do not control the timing and events in this banking transaction."
LLC Internafta's Director General Maxim Chernizov added, "We are confident that all the issues will be resolved in the upcoming few days not weeks. We have been working together with the staff at GlobeTel Wireless for many months on this transaction and I feel that we are at the last few steps in a very complex banking process. We are committed to this transaction and still remain very excited about providing a state-of-the-art wireless network to the people of the Russian Federation."
Timothy Huff went on to say, "This transaction will not be allowed to be left hanging open with continuing delays. I believe it is in the best interest of GlobeTel to continue to work with Internafta as long as I believe that the transaction is moving forward and that both parties are working in good faith to finalize it."
The network will be operated by NuTel Wireless ("NuTel"), a Russian company 100% owned by a European Joint Venture company established by GlobeTel and Internafta. Each party will own 50% of the shares of the European JV company that owns NuTel.
About GlobeTel Communications Corporation
GlobeTel Communications Corp. develops and provides an integrated suite of telecommunications products and services, leveraging its advances in Stored Value, VOIP and Wireless Access technologies. Individually, each of GlobeTel's five business units function as distinct, strong stand-alone entities: Together they form a powerful alliance of human talent and technological innovation resulting in the SuperHub(TM) worldwide VOIP network, Sanswire Stratellite(TM) platform and products enabling simpler, cheaper transmission of voice, data and money. GlobeTel has historically focused its business development on markets outside of the United States. Current and pending operations exist in Asia, Europe, South America, Mexico and the Caribbean.
For more information, please visit: 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 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 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. Sanswire Networks and the launch of the Company's high-altitude airship are subject to various risk factors and investors should construe any such investment as speculative. Additionally, there are certain unknown political and economic risks associated with doing business in the Russian Federation that may affect the Company's operations. The company undertakes no duty to update information contained in this press release or in other public disclosures at any time. The above may be more fully discussed in the Company's SEC filings.