GlobeTel Enters JV To Deploy Stratellites In Europe, Middle East, And Africa
GlobeTel Communications announced Tuesday that it has entered into a joint venture that will lead to the deployment of the company's high altitude communications platforms known as Stratellites, throughout Europe, the Middle East, Africa, and the countries of the former Soviet Union.
The joint venture is between Sanswire Networks, a wholly-owned subsidiary of GlobeTel, and a venture headed by Leo A. Daly III and J. Randolph Dumas, noted international businessmen and dealmakers. Sanswire will own 55% of the joint venture entity.
"We are excited to enter a joint venture with two people of such high caliber and who have tremendous enthusiasm for the Stratellite project. Working with Mr. Daly and Mr. Dumas, we will be able to open doors to governments and corporations across Europe and throughout the world," said Timothy Huff, GlobeTel's Chief Executive Officer.
"The Stratellite is a paradigm changing technology with which we are proud to be associated," stated Mr. Daly, who will be Chairman of the joint venture. "We have known Tim Huff for a number of years, and are excited about the Stratellite and glad to be working with him."
Messrs. Daly and Dumas will use their extensive world-wide business relationships to introduce the Stratellite program to officials at the highest levels of government and business on three continents.
Mr. Daly is the third generation Chairman and owner of Leo A. Daly, the world's largest privately-owned architectural, engineering and design firm, with approximately 1,400 professional employees and 16 strategically located offices in the United States, Europe, Asia and the Middle East.
As a result of his exceptional business, political and social standing around the world, Mr. Daly has developed a cadre of close personal relationships with leading political figures, heads of state, influential business, cultural and social personalities and other world leaders.
Mr. Dumas is Managing Partner of Rubikon Partners, an international private equity fund that focuses on corporate leveraged buyouts in Europe.
With more than 25 years of business experience in Europe, Mr. Dumas began his business career in London as a partner with Salomon Brothers, following a career as a Naval Aviation Officer and after receiving his MBA from The Wharton School at the University of Pennsylvania.
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