FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): March 7, 2007
GLOBETEL COMMUNICATIONS CORP.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 0-23532 88-0292161
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
101 NE 3rd Ave., Suite 1500, Ft. Lauderdale, FL 33301
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 954-332-3759
Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (See General Instruction A.2 below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d- 2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e- 4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
1.01 Entry Into a Material Definitive Agreement
GlobeTel Communications Corp. (the "Company") has entered into a
consulting agreement with Ulrich Altvater, the former president of its GlobeTel
Wireless subsidiary. The agreement provides for Mr. Altvater to provide certain
services to the Company with regard to the assembly and support of the Company's
line of HotZone products, the intellectual property for which the Company
purchased from Mr. Altvater's previous company in June 2005. In consideration
for providing such services, the Company will pay Mr. Altvater a consulting fee
of $45,000 per month and Mr. Altvater shall receive 50% of the net proceeds
resulting from sales generated by Mr. Altvater.. The term of the consulting
agreement is one year.
8.01 Other Events
The Company is winding down the operations of Centerline Communications LLC,
a wholly owned subsidiary. In conjunction therewith the Company is investigating
whether to sell its related equipment, redeploy such equipment or a combination
thereof.
The Company has also reorganized GlobeTel Wireless Corp., a wholly owned
subsidiary ("GTW"). GTW will become focused on the sale and implementation of
wireless broadband networks. In conjunction with the restructuring, the Company
has entered into the above referenced consulting agreement with Mr. Altvater who
will continue to provide engineering support for the Company's HotZone products,
for which the Company is presently seeking patent protection.
Item 9.01 Financial Statements and Exhibits
(a) Financial statements of businesses acquired.
Not applicable
(b) Pro forma financial information.
Not applicable
(c) Shell company transactions.
Not applicable
(d) Exhibits
Exhibit No. Description of Exhibit
10.1 Consulting Agreement entered Ulrich Altvater
99.1 Press Release dated April 26, 2007
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signedon its behalf by the
undersigned hereunto duly authorized.
GLOBETEL COMMUNICAITONS CORP.
(Registrant)
Date: April 30, 2007 /s/ Peter Khoury
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Peter Khoury, Chief Executive Officer