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Technology Stocks : GlobalNet Corporation (GLBT)

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To: jmhollen who started this subject	4/30/2001 12:07:05 AM
From: Hawaii60	Read Replies (1) of 60

I have been following GBNE for a while now. I was attracted to it when it was hyped repeatedly on all the VOIP boards. In particular, the GBNE board on ragingbull was very active with posters saying the stock was going to the moon last earnings. My analysis of the company shows it was created by reverse merger (just like ZPLS and IPVC), is follwed by not one legitimate analyst. The company has virtually no cash, low margins and is in the very low margin VOIP whoesale business. Last earnings the company released certain numbers but no financial statement to review, held no conference call, was late in filing their 10K and reported receivable problems. When the 10K was filed last week, it included a "going concern" statement from their auditors. Showed the company was in default on 3M in debt and their extension expired. Finally, the ceo sold 700,000 shares at a dollar while repeatedly touting that they would be EBITA positive shortly. See this post for a few detail on the above. ragingbull.lycos.com In addition a lawsuit was recently filed by a former emplyee accusing the company of stock manipulation. The company denies it. I have no idea how much this company may go up on hype but I make the same recommendation I did on IPVC and ZPLS. STAY AWAY. That's my opinion. Please do your own due diligence. I am neither short or long the stock. Just follow VOIP and dont like what I see here. I also don't like the VOIP whoesale business models at all. Too much exposure to CLEC's free models, bad debt and low margin. If you must invest in VOIP whoesale, at least do it with IBAS ot ITXC. They have taken the hits I have warned about for months and have the cash to last a while. Personally, I think NTOP is the only worthwhile VOIP play. Their margins are over 30% because 90% is retail. Owned by ATT/IDT/AOL/YHOO, partnered with MSFT and all the majors. Good luck.

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