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GlobeTel Planning to Acquire Altvater GmbH |
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FORT LAUDERDALE, Fla., July 26, 2005/Satnews Daily/ — GlobeTel Communications Corp. (AMEX:GTE) announced on Monday that it has entered into a Letter Of Intent (LOI) to acquire the assets and operations of Altvater GmbH of Germany (Altvater).
Altvater is a wireless communications systems integrator for HotZone systems in Europe, with core operations in Germany. Altvater GmbH has existing sales partner relationships in Europe and North Africa. GlobeTel, through the acquisition of Altvater will form a new division which will be called GlobeTel Wireless.
Ulrich Altvater, CEO of Altvater GmbH said he is very pleased to expand its association with GlobeTel adding the proposed acquisition will certainly enable a much faster deployment of its networks and activities across Europe and elsewhere, globally.
“We have experienced significant growth over the past few years and being part of the GlobeTel family of companies will propel our growth faster and more efficiently. The wireless broadband industry is at an exciting stage with interest in advanced wireless communication products and services reaching a high point this year. We are clearly at the forefront of this technology,” he said.
Leigh Coleman of GlobeTel, added the transaction is a valuable key to the further development and growth of GlobeTel’s announced transaction of HotZone Wireless.
“GlobeTel is planning an aggressive development of our radio technology that we use in our Sanswire Networks, LLC Stratellite technology. We have found an ideal and qualified partner in Altvater and we look forward to the continued development of business, and the fulfillment of the contracts and services that are provided by Altvater in the marketplace,” he said.
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