GlobalNet Corporation Confirms Exclusive Telecommunications Contract for Libya

SPACEMART

give him a latte and a mobile and he'd be fully urbanized.

The Woodlands - Jan 05, 2004
In response to recent shareholder inquiries GlobalNet Corporation has confirmed that it has been awarded an exclusive contract for worldwide termination of voice and data mobile satellite telecommunications traffic originating in Libya.

It expects to be one of the first American companies operating in the oil rich nation after trade sanctions are lifted by the U.S. government. United Nations' sanctions against Libya have already been abolished.

The announcement follows the agreement of Libyan leader Col. Moammar Khaddafi to permit weapons inspectors unfettered access to his country in order to guarantee the dismantling of any weapons of mass destruction that may exist there.

The telecommunications contract was 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 is installed in a communications gateway within the region at an undisclosed protected location. Global Telesat recently decided to commercialize this gateway applique.

Approval from the U.S. Department of State will be required before service can be initiated from Libya, but all of the necessary equipment needed to activate the service has already been put into place at the gateway. GlobalNet is negotiating additional contracts to expand its telephony coverage to other areas at this time.

"This is a great contract for our company because it's based on our proprietary IP Network, VOIP technology and cost-effective service," said Mark T. Wood, Chairman & CEO of GlobalNet Corporation. "We're delighted to have been chosen by our partner Global Telesat Corporation for this contract and desire to clear up any shareholder confusion regarding the announcement of this new contract."

SPACEMART

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