FORT LAUDERDALE, Fla. and STUTTGART, Germany, June 19, 2008 (PRIME NEWSWIRE) -- GlobeTel Communications Corp. (Pink Sheets:GTEM) ("GlobeTel/Sanswire") and its subsidiary Sanswire Corp. and TAO Technologies GmbH, Stuttgart, Germany today announced that the companies have agreed to form and commence operations of Sanswire-TAO Corp., a Florida corporation equally owned by the Company and TAO, for the customized production, marketing and sales of unmanned aerial vehicles for the markets of the United States, Canada and Mexico. GlobeTel/Sanswire has made the first payment in cash and shares to the program, with remaining cash payments due over the next three years. This agreement supersedes the November 2007 agreement in which certain airship rights had been conveyed to Sanswire.
Under terms of the signed agreement, the new Sanswire-TAO will exclusively own and market all the technology and intellectual property associated with TAO's lighter than air (LTA) unmanned aerial vehicles (UAV) in the United States, Canada and Mexico. Sanswire-TAO is registering the respective intellectual property related to this technology with the United States Patent Office.
TAO's Intellectual Properties are the product of fourteen years of research and development, resulting in a combination of patents and proprietary systems focused on the testing and manufacturing of high altitude airships. Certain properties include patents for designs of segmented non-rigid airships, in-house developed flight control systems, energy storage and propulsion systems, as well as multiple software and hardware systems development exclusively for the Stratospheric program.
Sanswire-TAO Corp. will operate through its own Board of Directors, with Dr. Bernd Kroplin, TAO president, serving as Chairman. In order to facilitate delivery for North American customers, initial production activities, research and development will continue in Stuttgart and Berlin while options for full scale production in the US are being studied.
"Our goal since September of 2007 has been to be a full partner with TAO and owner of the systems for the United States, Canada and Mexico built by TAO," stated Jonathan Leinwand, Chief Executive Officer of GlobeTel/Sanswire. "We are privileged to have Dr. Kroplin as Chairman of Sanswire-TAO, interfacing and presenting to our customers and partners."
Dr. Kroplin, President of TAO, stated, "This agreement is a natural progression of the Sanswire and TAO relationship as we near commercialization of our multiple platforms and products. The goals of TAO and Sanswire have always been aligned, and now with this new structure we can focus entirely on furthering our high altitude program and servicing the largest market in the world."
The completion of this transaction follows TAO's November 2007 conveyance of licenses and sales rights for North American to the Company for certain LTA remotely operated airships in contemplation of the formation of a joint venture to be incorporated in Germany. Upon performing due diligence, both companies agreed to incorporate the jointly-held company in the US, amend monetary terms of the original agreement and convey the TAO-owned intellectual property, as far as the North American market is concerned, to the US-based Sanswire-TAO entity.
Sanswire-TAO's new website, www.sanswiretao.com, will be live on Monday, June 23, 2008. For additional information about products and business initiatives, please visit that site or www.sanswire.com on that date and thereafter.
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.