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GlobeTel Communications buys the assets of HotZone Wireless, developer of WiMax and extended range WLAN systems
June 7, 2005
FT. LAUDERDALE, Fla. -- GlobeTel Communications Corp. (AMEX:GTE) today announced that it has acquired the assets of HotZone Wireless, LLC (HotZone). HotZone is an advanced developer of WIMAX and extended range WIFI Systems with operations in the United States and Europe. The acquisition was paid primarily in GTE shares and cash. The agreement calls for certain performances by the sellers to achieve the full consideration.
HotZone is currently developing WIMAX wireless systems for Sanswire's High Altitude Airship called a Stratellite(TM). This WIMAX system will provide radio technology for the wireless communications that will cover significant geographic areas up to 120,000 square miles. For more information on the Stratellite, go to: http://www.sanswire.com.
The acquisition of HotZone will provide advanced wireless products and services for terrestrial wide area networks covering rural and city areas. Upon deployment of the Stratellite(TM), on a region-by-region and country-by-country basis the communications technology will deliver high speed voice, data and rich streaming content, as well as other communications possibilities. For more information on HotZone, go to: http://www.hotzonewireless.net.
Timothy M. Huff, CEO of GlobeTel stated: "This acquisition of HotZone marks an important step forward in the strategy for GlobeTel and provides the wireless applications needed for the company to deliver high speed wireless broadband, voice, internet and IP Video to our partners and customers worldwide. We welcome Mr. Uli Altvater and his team to the Globetel family."
Mr. Uli Altvater, Managing Partner of HotZone added: "We have been working with GlobeTel in the systems development for the Stratellite(TM) since inception and we are very excited about the progress that Sanswire and GlobeTel are making. We feel that our radio technology is truly industry leading and this application is a paradigm shift in technology and we are pleased to provide our expertise to this combined effort. We are excited to be part of the GlobeTel and Sanswire team. The continued development of our products and services in the arena of wide area wireless communications and new technologies will continue to place GlobeTel at the forefront of wireless communications."
Globetel Communications Corp.
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