GlobeTel Acquires Exclusive Technology Licenses and Sales Rights from TAO Technologies
Companies Move Closer to Completion of Agreement to Form Sanswire-Tao
FT. LAUDERDALE, Fla. and STUTTGART, Germany, Nov. 27 -- GlobeTel Communications Corp. (Pink Sheets: GTEM) and TAO Technologies GmbH today announced that, pursuant to their previously announced agreement in principle, TAO has agreed to convey to GlobeTel, within 10 days, certain licenses and sales rights to its lighter-than-air, remotely operated airships for a combination of cash and GlobeTel shares. The second phase of the transaction, which will include the formation of Sanswire-TAO GmbH as previously contemplated, is expected to occur within ninety days.
This first completion phase provides the Company with an exclusive license to market and sell low, medium, and high altitude platforms and other products conceived by TAO to interested commercial, governmental and military clients in the United States, Canada, Mexico and Chile.
Jonathan Leinwand, Chief Executive Officer of GlobeTel Communications, said, "This dual-phased completion structure, beginning with the conveyance of these rights, allows us to immediately demonstrate our capabilities and act upon market demand for these unique airship products while both companies continue their fiduciary responsibilities to their respective shareholders via further due diligence."
On September 26, 2007, Sanswire and TAO announced that they had reached an agreement in principle to form Sanswire-TAO GmbH, which will own the intellectual property associated with the design of high altitude airships. The companies are working together to advance the transaction toward completion.
About GlobeTel Communications Corp. and Sanswire Networks
GlobeTel Communications Corp. (Pink Sheets: GTEM) develops and provides an integrated suite of terrestrial and aerospace telecommunications products and services, leveraging its advances in VoIP and Wireless Access technologies. Sanswire Networks is focused on the construction of airship platforms capable of carrying payloads that transmit various types of wireless communications and security solutions.
About TAO Technologies GmbH
TAO-Technologies GmbH, in cooperation with the University of Stuttgart, led by Professor Dr. Bernd Kroplin is highly regarded throughout the world for research, design, development and flight testing of various designs of aerial vehicles.
Source: GlobeTel Communications Corp.
CONTACT:
Robert Bleckman
GlobeTel Communications Corp.
+1-954-607-1295
