Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Rat dog micro-cap picks--now moderated -- Ignore unavailable to you. Want to Upgrade?

To: Bucky Katt who wrote (1258)	11/2/2004 10:48:15 AM
From: Skywatcher	Respond to of 1338

a real dog from the cellar GlobalNet Corporation Announces $14 Million Preferred Stock Cancellation Tuesday November 2, 9:32 am ET Additional $1.2 Million Funding Received Common Shareholder Dilution Covered by Equity Concessions from Majority Shareholder THE WOODLANDS, Texas--(BUSINESS WIRE)--Nov. 2, 2004-- GlobalNet Corporation (OTCBB:GLBT - News; www.gbne.net), a major provider of international telecommunications services, today announced that it had consummated a transaction whereby its major shareholder Growth Enterprise Fund, S.A. (GEF) has surrendered to the Company for cancellation 100,000 shares of Series A Convertible Preferred Stock, which represents all of the Company's outstanding preferred stock. The preferred stock is valued at over $14 million and was redeemable monthly for cash payments totaling $250,000 or 156,250,000 shares of common stock, which the Company has been making since January 1, 2004. The cancellation represents a monthly cash savings for the Company of $250,000 and a total cash savings of over $14,000,000. It eliminates the need for the Company to reserve 8,750,000,000 common shares as collateral for payment, and eradicates the chance of further common shareholder dilution due to the convertibility of the outstanding preferred stock into common stock.