FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 25, 2006--GlobeTel Communications Corp. (AMEX:GTE) today announced that it has notified the American Stock Exchange (Amex) of its decision to appeal the Amex Staff Determination to delist the common shares of GlobeTel from the Amex.
GlobeTel had announced on July 19, 2006 that it had received a letter from the American Stock Exchange that there had been a Staff Determination to strike the Company's common shares from listing and registration on the Amex.
The Company's appeal will be heard by the Amex's Listing Qualifications Panel. The Company's understanding is that the panel is comprised of three individuals chosen from a group of 18 that comprise the Committee on Securities and represents members from the floor, representatives of member firms and listed companies. According to the Amex Company Guide, the hearing will be scheduled, to the extent practicable, within 45 days of GTE's appeal. GTE anticipates that its common stock will continue to trade on Amex pending a decision by the Listing Qualifications Panel.
There can be no assurance that the Company will be successful in its efforts to remain on the Amex, in which case the Company expects that its common stock would trade on the over the counter bulletin board.
About GlobeTel Communications Corp.
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, stand-alone entities: Together they're the components of the Company's SuperHub(TM) worldwide VoIP network, currently in development and to consist of the 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.
