GlobeTel Receives Wells Notice; Provides Additional Information

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FORT LAUDERDALE, Fla., Oct. 12 /-/ -- GlobeTel Communications Corp. (Pink Sheets: GTEM) today announced that the Company received a "Wells Notice" from the U.S. Securities and Exchange Commission (SEC). The Wells Notice stems from a previously disclosed SEC investigation of certain activities having taken place within the Company. The notice was directed solely to the Company and not to any current members of management.

    The Company is working diligently to restate its 2004 and 2005 financial statements, bring all its filings up-to-date and continue with its previously announced initiatives.

    About GlobeTel Communications Corp. and Sanswire Networks

    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. Sanswire Networks is focused on the construction of the Stratellite(TM) and SkySat(TM) airship platforms, capable of carrying payloads that transmit various types of wireless communications and security solutions. For more information, please visit the GlobeTel websites: , and .

    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.
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