CHICAGO—(BUSINESS WIRE)—Jan. 7, 2004—GlobalNet Corporation (OTCBB:GLBT) announced today that it has been awarded an exclusive contract for worldwide termination of voice and data mobile satellite telecommunications traffic originating in Cuba. The announcement comes on the heels of one made on Monday disclosing that it had received a coveted contract to service Iraq and another announcement just two weeks earlier confirming that GlobalNet had received the rights to service Libya.
The exclusive telecommunications contracts were granted to GlobalNet by Global Telesat Corp., a privately held company that owns the only satellite simplex applique situated anywhere in the world outside of the United States. It recently decided to commercialize this gateway applique.
The telephony contract covering the largest island in the Caribbean is expected to utilize a gateway located in Nicaragua. Like the Libya contract, approval of the U.S. Department of State will be required before full-fledged service can be initiated in Cuba.
In the meantime, though, it appears that GlobalNet can immediately begin servicing those stationed at the huge Guantanamo Bay Naval Base in Cuba without any further approvals because the facility is located on United States territory and can be serviced from a gateway situated in Puerto Rico, another U.S. territory.
GlobalNet believes that any new mobile telephone contract covering Cuba should be a windfall for its 11 million inhabitants because Cubacel, currently the only cellular operator there, purportedly charges 80 cents per minute to call from one cell phone to another, more than $2.00 per minute to call the United States, more than $4.00 per minute to call Europe, and more than $6.00 per minute to call other continents. Robert Thorell, the Chief Operations Officer at GlobalNet, commented, “it is obvious that there will be significant demand for a mobile telephone service in Cuba that charges only 50 cents per minute to call almost any destination in the world.”
About GlobalNet Corporation
GlobalNet Corporation, formerly known as iDial Networks, Inc., 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.
GlobalNet Corporation, Lombard
Mark Wood, 281-419-2416 ext. 111