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GlobeTrac Inc. Renegotiating with WebTech Wireless
By
Nov 10, 2004, 14:04
LONDON--(BUSINESS WIRE)--Nov. 10, 2004--GlobeTrac Inc. (OTCBB:GBTR - News), is currently in the process of negotiating with WebTech Wireless Inc. for the termination of the Master Distributorship Agreement and for the restructuring of an ongoing business relationship with WebTech.
Due to cash flow limitations GlobeTrac has been forced to wind down the Irish based subsidiary Global Axxess Corporation Limited and the operating company in the U.K., Globetrac Limited. In the interim, GlobeTrac has relinquished its portal customers to WebTech Wireless in an effort to prevent current customers from being adversely affected through this transition.
As details of negotiations proceed, GlobeTrac will update its shareholders accordingly. We are hopeful that the discussions with WebTech will lead to a mutually viable solution.
Once a mutually viable solution is reached with WebTech, GlobeTrac intends to seek new business opportunities.
For more information please contact GlobeTrac's Investor Relations at 800-648-4287.
Certain statements contained in this news release are "forward-looking" statements (as the term is defined in the Private Securities Litigation Reform Act of 1995). Because these statements include significant risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. For a discussion of some of these risks and uncertainties, please refer to the company's SEC filings, which contain additional discussion about those risk factors, which could cause actual results to differ from management's expectations. GlobeTrac Inc. expressly disclaims any obligation to update the statements contained in this news release.
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