FORT LAUDERDALE, Fla., March 31, 2008 (PRIME NEWSWIRE) -- GlobeTel Communications Corp. (Pink Sheets:GTEM) today announced that the delivery of its Annual Report on Form 10-K for the year ended December 31, 2007 requires additional time and will occur during April 2008. It also anticipates filing with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2006, the first two quarters of which required restatement of information previously filed in transitional reports to the SEC, during April 2008.
The Company wishes to thank its shareholders for their continued patience and understanding during a period in which it has dealt with restatement of certain information due to previous actions summarized in Securities and Exchange Commission v. Joseph J. Monterosso and Luis E. Vargas, Civil Action No. 07-61693. The Company is working diligently to provide complete and accurate financial statements.
About Sanswire Networks and GlobeTel Communications Corp.
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. For more information, please visit www.globetel.net .
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including an ongoing formal investigation by the U.S. Securities & Exchange Commission and delayed filings of quarterly results, any of which could cause the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.