GlobalNet Appoints CFO

GlobalNet has appointed Thomas P. Dunn as CFO replacing Tom Seifert who resigned

August 17, 2005

2 Min Read

HOUSTON -- GlobalNet Corporation (Pink Sheets: GLBT) announced today its board of directors appointed Thomas P. Dunn as CFO replacing Tom Seifert who resigned to pursue other business opportunities.

"Mr. Dunn brings tremendous financial and accounting experience to GlobalNet and we are fortunate to have him join our team," said Mark T. Wood, Chairman and CEO of GlobalNet. "He will begin working with the Company's new auditors and focus his time towards completing GlobalNet's prior announced on-going financial analysis so we can complete our 2004 audit and filings," continued Wood.

"I am very pleased to be joining GlobalNet at this stage in its corporate restructuring," added Dunn. "This is a new opportunity in what I believe to be a growing market. I look forward to joining the Company's team and contributing to the growth and success of GlobalNet," said Dunn.

Dunn was most recently president of First Wave Marine, Inc. where, in various officer capacities, he helped the shipbuilding and repair company successfully emerge from bankruptcy protection. Dunn has also worked for international telecommunications companies and has experience in the areas of restructurings and mergers and acquisitions.

Dunn has held corporate controller and other executive positions with private and publicly listed NYSE and NASDAQ companies. Dunn holds a Masters Degree in Accounting from the University of Virginia and is a Certified Public Accountant.

In commenting on Seifert's resignation, Wood said, "Tom performed an important role in our corporate development and restructuring. His leadership contributed to our ability to raise capital in a difficult environment and weather existing telecom market realities." Wood continued, "We wish Tom great success in his future endeavors."

GlobalNet Corp.

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