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GlobeTel Shareholders Re-Elect Directors, Approve Proposals |
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FORT LAUDERDALE, Fla., Aug. 17, 2005/Satnews Daily/ — GlobeTel Communications Corp. (AMEX:GTE) announced on Tuesday that its shareholders re-elected the company's directors and approved all proposals at the company's 2005 annual meeting held on August 11, 2005 in Fort Lauderdale.
Shareholders re-elected directors, Timothy Huff, Przemyslaw Kostro, Mitch Siegel, Kyle McMahan, Laina Raveedran Greene, and Leigh Coleman. Proposals to ratify Dohan & Co. CPA's PA as the company's auditors; increase the number of authorized common shares to 150 million; and ratify the 2004 employee stock option plan were all approved, according to GlobeTel.
GlobeTel CEO Timothy Huff said shareholders in attendance saw an in-depth presentation of the xompany's business units and an exciting video featuring our high altitude airship, the Stratellite.
Todd Siegel demonstrated GlobeTel's new StrateVOIP product that will provide a turnkey solution for telecom companies, ISPs and others to provide Voice Over IP phone service to their customers. GlobeTel's efforts are currently focused internationally, where the market for VOIP is still emerging.
Robert Jones of Sanswire Networks LLC, a wholly owned, privately held, subsidiary of GlobeTel Communications Corp. is the head of the Stratellite project. He discussed the advances in composite materials used in the Stratellite's frame, and other technologies that will be used in the "Technology Demonstrator."
Jones also discussed letters of intent and agreements in progress with several German consortiums and companies. Sanswire is also in discussions with The Center for Solar Energy and Hydrogen Research in Germany, which is known for its expertise and contribution to solar cell and regenerative energy fuel cell systems.
The advancement in electric motors has also been a key factor for the Technology Demonstrator. The letters of intent together with agreements with several of these well-known companies will enable Sanswire to build a sound, safe, and state of the art, Sanswire 2 composite airframe Technology Demonstrator, which will lead to the Commercial Prototype, Sanswire 3 in the very near future.
GlobeTel said another highlight of the meeting was an overview of the Stored Value card program and its applications, and a roadmap for the go to market strategy. There is significant optimism surrounding this program.
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