FORT LAUDERDALE, Fla., June 12, 2008 (PRIME NEWSWIRE) -- GlobeTel Communications Corp. (Pink Sheets:GTEM), ("The Company" or "GlobeTel") today announced that its Board of Directors approved resolutions to change the Company's name to Sanswire Corp. and to change the Company's stock ticker symbol from GTEM.
"Adopting the name of our airship division reflects our corporate direction," said CEO Jonathan Leinwand. "We are now focused on bringing to market a broad range of Lighter-than-Air Unmanned Aerial Vehicles capable of servicing intelligence, surveillance, reconnaissance (ISR) and communication programs. Our entire line of airships is powered by advanced non-polluting energy sources and are virtually noise free."
This is the first of several initiatives the Company is undertaking to better represent its corporate business initiatives to the business and investing communities. The Company is also working diligently with its outside auditors to bring the Company's financial statements up-to-date.
The Company wishes to thank its shareholders for new company name suggestions entered via its website last fall. More than 20% of entrants suggested using the Sanswire name over any other, influencing the Company's decision and confirming its belief that the Sanswire name carries a respectable degree of goodwill among its stakeholder community.
About Sanswire Networks and GlobeTel Communications Corp.
GlobeTel Communications Corp. develops and provides an integrated suite of aerospace communications products and services, leveraging its relationships with leaders in UAV (Unmanned Aerial Vehicle) technologies. Sanswire Networks is focused on the design and construction of various aerial vehicles, capable of carrying payloads that provide persistent surveillance and security solutions at various altitudes.
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 a lawsuit filed 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.