Message #6 From:
Stock News Bot Date: August 8, 2006 05:13:00 AM
GLBT News GlobalNet Announces Resignation of Mark Wood
HOUSTON--(BUSINESS WIRE)--Aug. 8, 2006--GlobalNet Corporation (Pink Sheets:GLBT) announced today the departure of Mark Wood, who resigned from his positions as CEO and director to pursue other business opportunities.
The CEO duties are expected to be performed on a collaborative basis by Tom Dunn, CFO, and board member Mark Schaftlein, acting in his capacity as a consultant rather than as a director, until a CEO successor is appointed.
Wood indicated that, notwithstanding his resignation, he would provide support on the ongoing audit efforts and would also be available for operational assistance.
In commenting on Wood's resignation, Schaftlein said, "On behalf of the corporation, I thank Mark for his years of dedicated service and wish him well in his future endeavors. Mark left on amicable terms and expressed his hope that the corporation would have much success going forward."
About GlobalNet Corporation
GlobalNet Corporation, a Voice over Internet Protocol (VoIP) services company, provides outbound telecommunications traffic to Latin America and counts among its customers both Tier 1 and Tier 2 carriers. GlobalNet provides international voice, data, fax and Internet services on a wholesale basis over a private IP network to international carriers and other communication service providers in the U.S. and internationally. GlobalNet's state-of-the-art IP network, utilizing the convergence of voice and data networking, offers customers economical pricing, global reach and an intelligent platform that guarantees fast delivery of value-added services and applications. More information may be obtained from the company's website at http://www.gbne.net.
Safe Harbor for Forward-Looking Statements
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price, volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings.
