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Global Bancorp, Inc. Implements Plan to Reaquire Interest in VoxBox Telecom Inc. From Jupiter Global Holding Corp13 June 2005
Global Bancorp, Inc. (Other OTC:GBBI.PK - News) announced today it has implemented a plan with Jupiter Global Holding Corp (Jupiter) to reacquire the interest sold to Jupiter of VoxBox Telecom Inc.
Specifically, as part of the restructuring plan, Global Bancorp, Inc. a pink sheet traded company under the ticker symbol GBBI (www.gbbi.us), will repurchase Jupiter's interest in VOXBOX. Upon completion of the repurchase Global will change its name to VOXBOX and subsequently change its ticker symbol, therefore enabling VOXBOX to be a publicly traded company. Global's CEO, Romeo (Ray) Prescott, will retain certain rights and assets of the company such as Video on Demand, IPTV, and Smart Card Technology.
Jupiter will receive back a minority interest in common shares of Global for its sale of its interest in VOXBOX to Global. It is planned for Jupiter to retain the right to acquire up to 50% of Global as part of the restructuring plan.
This overall restructuring plan is underway now and Global will work diligently to execute the transition to changing itself to VOXBOX. As previously stated in earlier press releases, the economic potential of the VOXBOX business and its need for capital have led its management to implement these plans.
Global Bancorp (Global or the Company) is incorporated in Nevada, was formerly Kismet Energy Corporation, and has its corporate office in Vancouver, British Columbia. Global's corporate objective is to become a leader in integrating advanced digital media technologies including Video on Demand, Voice Over Internet (VoIP), and a smart card bank platform for future integrated commerce and e-commerce applications such as Web-Enabled ATMs (personal banking in the home).
Jupiter Global Holdings, Corp. is a holding company with interests and developments in a diverse number of growing industries such as the VoIP telecom industry, promotional marketing industry and entertainment industry. Jupiter plans to achieve a leadership position through the building of a synergistic network of innovative, profitable and global businesses.
Romeo (Ray) Prescott, Founder/President/CEO of Global, said: "As we turn Global into a pure Voice over IP (VoIP) company and restructure Global into VoxBox World Telecom, investors will be able to see more intrinsic value in the company and better understand the company's business strategy and focus."
Global Bancorp's mission is to be a direct and active investor in emerging digital media technologies that meet its investment criteria. These criteria include:
-- An ability to acquire control.
-- An innovative and proprietary product.
-- A business plan showing potential for market dominance and
extraordinary cash flow.
-- No geographical limitation to development.
-- Successful management in place with a commitment for the long term.
This release contains forward-looking statements that involve risks and uncertainties. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors. This announcement does not constitute an offer to sell or the solicitation of offers to buy any security and shall not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Contact:
Company Contact:
Global Bancorp, Inc.
Romeo (Ray) Prescott
1 (604) 288-8292
--------------------------------------------------------------------------------
Source: Global Bancorp Inc.
Source: Market Wire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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