GlobeTel Communications has entered into a joint venture that will lead to the deployment of the company's high altitude communications platforms known as Stratellites, throughout Europe, the Middle East, Africa, and the countries of the former Soviet Union.
The joint venture is between Sanswire Networks, a wholly-owned subsidiary of GlobeTel, and a venture headed by Leo A. Daly III and J. Randolph Dumas, noted international businessmen and dealmakers. Sanswire will own 55% of the joint venture entity.
"We are excited to enter a joint venture with two people of such high caliber and who have tremendous enthusiasm for the Stratellite project. Working with Mr. Daly and Mr. Dumas, we will be able to open doors to governments and corporations across Europe and throughout the world," said Timothy Huff, GlobeTel's Chief Executive Officer.
"The Stratellite is a paradigm changing technology with which we are proud to be associated," stated Mr. Daly, who will be Chairman of the joint venture. "We have known Tim Huff for a number of years, and are excited about the Stratellite and glad to be working with him."
A Stratellite is a high-altitude airship that when in place in the stratosphere (approximately 65,000 feet) will provide a stationary platform for transmitting various types of wireless communications services currently transmitted from cell towers and satellites. It is not a balloon or a blimp, but a high-altitude airship with a rigid structure.
The Stratellite is similar to a satellite in concept, but is stationed in the stratosphere rather than in orbit. Existing satellites provide easy "download" capabilities, but because of their high altitude are not practical for commercially viable "two-way" high-speed data communication."
Posted to the site on 14th July 2005
Posted to: www.cellular-news.com/story/13451.php