[May 08, 2007] GlobeTel Communications Files Form 8-K Reporting Intention to Restate Certain 2004, 2005 and 2006 Financial Statements Tweet FORT LAUDERDALE, Fla., May 8 /PRNewswire-FirstCall/ -- GlobeTel Communications Corp.(Pink Sheets: GTEM) (the "Company") today announced that it reported on Form 8-K to the U.S. Securities & Exchange Commission that the Company will restate its financial statements for the years ended 2004 and 2005, as reported on Form 10-K, and for the interim periods in fiscal 2005 and the first two fiscal quarters of 2006 for which the Company filed reports on Form 10-Q. Accordingly, the Company advises that prior financial statements for such periods should no longer be relied upon. The Company anticipates that certain of the revenue attributed to Centerline Communications LLC, a former subsidiary, will be restated. About GlobeTel Communications Corp. GlobeTel Communications Corp. develops and provides an integrated suite of terrestrial and aerospace telecommunications products and services, leveraging its advances in VoIP and Wireless Access technologies. Its proprietary HotZone and Sanswire platforms enable simpler, cheaper transmission of voice and data. For more information, please visit: http://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. GlobeTel Communications Corp. CONTACT: Robert Bleckman, of GlobeTel Communications Corp.,+1-954-607-1295 Web site: http://www.globetel.net/ [ Back To TMCnet.com's Homepage ]