GlobalNet Corporation Announces Revenues of $20.4 Million for First Quarter 2004 and Temporary Name Change to GLBTE
AVENTURA, Fla.
GlobalNet Corporation
Mark T. Wood, 281-419-2416 ext. 111
investors@gbne.com
or
Osprey Partners
Mike Mulshine, 732-292-0982
osprey57@optonline.net
GlobalNet Corporation (OTCBB:GLBT) (www.gbne.net), a major provider of international telecommunications services, today announced results for the first quarter ended March 31, 2004. First quarter revenue from continuing operations was $20.4 million, a decrease of 19% compared to first quarter 2003 revenue from continuing operations of $25.2 million.
"Although we experienced some softness in traffic in the first quarter our focus on operating efficiency and effective management of working capital is enabling us to continue to make progress toward profitability despite slower growth in the quarter," said Mark T. Wood, Chairman and CEO of GlobalNet Corporation. "Our first quarter results reflect continued extremely competitive environment in our principal market, US-Mexico wholesale termination. Recognizing this fact, we continued to invest in key areas across the Company to strengthen our ability to market, sell, and deliver wholesale and new retail based services to new markets and customers worldwide."
The Company also noted today that its trading symbol has temporarily changed to "GLBTE." The additional letter "E," required by the rules of the NASD, indicates that the Company is deficient in its filing obligations with the SEC. In this regard, the Company reported that
-- The Company filed its Form 10-QSB for the first quarter of 2004 yesterday afternoon, within the extension of time it received for the timely of that report.
-- Early next week, the Company intends to amend its Form 10-KSB the Company filed in April to include audited fiscal year 2002 financial statements of its wholly-owned subsidiary, GlobalNet, Inc. As previously reported, the Form 10-KSB did not include GlobalNet, Inc.'s audited 2002 financial statements because its former auditor, KPMG, LLP, did not consent to the inclusion of their audit report in the filing. The Company commissioned another independent audit of GlobalNet Inc.'s 2002 results by the Company's principal independent accountants, Ehrhardt Keefe Steiner & Hottman. The audit is nearly complete and as expected, to date there are no disagreements with the auditors on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure with respect to the 2002 financial statements.
The Company believes that NASD will restore the symbol to GLBT once the administrative process has run its course to reflect these filings. The Company will announce a conference call to discuss the financial results and update its shareholders on our overall progress once it files the amendment to the Form 10-KSB.
About GlobalNet Corporation
GlobalNet Corporation is one of the top ten U.S. service providers of outbound traffic to Latin America and counts among its customers more than 30 Tier 1 and Tier 2 carriers. GlobalNet provides international voice, data, fax and Internet services on a wholesale basis over a private IP network to international carriers and other communication service providers in the United States and internationally. GlobalNet's state-of-the-art IP network, utilizing the convergence of voice and data networking, offers customers economical pricing, global reach and an intelligent platform that guarantees fast delivery of value-added services and applications. More information may be obtained from our website at http://www.gbne.net.
Safe Harbor for Forward-Looking Statements:
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price, volatility, product demand, market competition, risk inherent in the Company's domestic and international operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings.
هل هو في صالح السهم
AVENTURA, Fla.
GlobalNet Corporation
Mark T. Wood, 281-419-2416 ext. 111
investors@gbne.com
or
Osprey Partners
Mike Mulshine, 732-292-0982
osprey57@optonline.net
GlobalNet Corporation (OTCBB:GLBT) (www.gbne.net), a major provider of international telecommunications services, today announced results for the first quarter ended March 31, 2004. First quarter revenue from continuing operations was $20.4 million, a decrease of 19% compared to first quarter 2003 revenue from continuing operations of $25.2 million.
"Although we experienced some softness in traffic in the first quarter our focus on operating efficiency and effective management of working capital is enabling us to continue to make progress toward profitability despite slower growth in the quarter," said Mark T. Wood, Chairman and CEO of GlobalNet Corporation. "Our first quarter results reflect continued extremely competitive environment in our principal market, US-Mexico wholesale termination. Recognizing this fact, we continued to invest in key areas across the Company to strengthen our ability to market, sell, and deliver wholesale and new retail based services to new markets and customers worldwide."
The Company also noted today that its trading symbol has temporarily changed to "GLBTE." The additional letter "E," required by the rules of the NASD, indicates that the Company is deficient in its filing obligations with the SEC. In this regard, the Company reported that
-- The Company filed its Form 10-QSB for the first quarter of 2004 yesterday afternoon, within the extension of time it received for the timely of that report.
-- Early next week, the Company intends to amend its Form 10-KSB the Company filed in April to include audited fiscal year 2002 financial statements of its wholly-owned subsidiary, GlobalNet, Inc. As previously reported, the Form 10-KSB did not include GlobalNet, Inc.'s audited 2002 financial statements because its former auditor, KPMG, LLP, did not consent to the inclusion of their audit report in the filing. The Company commissioned another independent audit of GlobalNet Inc.'s 2002 results by the Company's principal independent accountants, Ehrhardt Keefe Steiner & Hottman. The audit is nearly complete and as expected, to date there are no disagreements with the auditors on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure with respect to the 2002 financial statements.
The Company believes that NASD will restore the symbol to GLBT once the administrative process has run its course to reflect these filings. The Company will announce a conference call to discuss the financial results and update its shareholders on our overall progress once it files the amendment to the Form 10-KSB.
About GlobalNet Corporation
GlobalNet Corporation is one of the top ten U.S. service providers of outbound traffic to Latin America and counts among its customers more than 30 Tier 1 and Tier 2 carriers. GlobalNet provides international voice, data, fax and Internet services on a wholesale basis over a private IP network to international carriers and other communication service providers in the United States and internationally. GlobalNet's state-of-the-art IP network, utilizing the convergence of voice and data networking, offers customers economical pricing, global reach and an intelligent platform that guarantees fast delivery of value-added services and applications. More information may be obtained from our website at http://www.gbne.net.
Safe Harbor for Forward-Looking Statements:
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price, volatility, product demand, market competition, risk inherent in the Company's domestic and international operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings.
هل هو في صالح السهم