VANCOUVER, BC and CHICAGO, March 7, 2002 (PRIMEZONE) -- Globetech Ventures Inc. (OTCBB:GTVCF), the funding developers of TranslationWave, a real-time language translation infrastructure provider, and Net 7 Software, Inc., a leading communications service provider focusing on enhanced messaging services, today announced that they have entered into a letter of intent with respect to Globetech's acquiring all the issued and outstanding shares of Net 7 for restricted treasury stock.
"Together, Globetech and Net 7 will form a powerful new force in the delivery of translated messages through the Internet, the public-switched telephone network, and wireless networks. The combination of the two companies creates a unique set of enhanced messaging opportunities. For example, a new service can play email messages through a telephone, in a different language from the original message, or translate documents and deliver them to fax machines. These and other service possibilities bring an exciting new set of features to the enhanced communications marketplace and will be a valuable source for businesses and individuals worldwide," said Dil Gujral, president, Globetech Ventures Inc.
"Net 7 brings a fresh perspective to the possibilities for translation services." Mr. Gujral continued, "The acquisition of Net 7 is consistent with our strategy of building a diversified global business by developing deeper relationships and more valuable solutions in key vertical industries for our consumer and business partners. We expect Net 7 to drive additional revenue for Globetech through subscription and transaction fees from businesses and individuals. We look forward to working with the Net 7 team to maximize the Global messaging opportunity."
Omey S. Nandyal, chief executive officer of Net 7, said, "We are very pleased to be joining Globetech. We believe this transaction presents great value for the combined company and is a great opportunity for our customers. In particular, our business customers with multi-national reach have long been searching for fast and efficient translation services. TranslationWave provides the tools we have needed to address these customers' requirements."
Net 7 is a communications application service provider (ASP) that typically supplements Internet telephony solutions with value-added services. Net 7 has built an enhanced messaging platform that currently supports email-to-fax and document-to-fax conversions, and will soon support -- among a suite of services aimed at voice messaging users in the wired and wireless worlds -- similar conversions to speech playback. Net 7's principals have been involved in the interface between computer and telephone networks since the 1980s and were the first to introduce an Internet fax capability in 1995.
About Globetech Ventures
Globetech Ventures (GTVCF) current undertaking is the successful TranslationWave.com. (www.translationwave.com ) Founded in 2000, the Company's primary focus is in the development of Internet and technology related projects. The Company's directors and officers bring a wealth of experience and a network that spans every corner of the globe. As well, an impressive network of technologists and project managers allows Globetech to undertake a variety of projects.
TranslationWave is a real-time multilingual infrastructure provider that brings down the language barrier across all Internet and Wireless platforms. TranslationWave technology seamlessly allows communication between Internet users of different languages. For example, in Email or E-commerce applications as well as wireless providers for text messaging and content translation, with all translation in done in seconds.
Under the terms of the letter of intent the shares will be escrowed for a minimum of one year and thereafter released on a graduated basis depending on the performance and market capitalization of the company. These terms will be further detailed in the definitive agreement and are subject to the applicable securities act provisions.
For further company information please call investor relations at 1-604-688-0044/1-800-298-0244 or visit the website at www.globetechventures.net.
Except for the historical information presented herein, the matters set forth in this press release are forward looking statements within the meaning of the "safe-harbor" provision of the Private Securities Litigation reform Act of 1995 and section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Although such statements are based on reliable information and past experience, operating results are affected by variety of factors, many of which are beyond the control of the Company. Risk factors and uncertainties effecting actual performance of the Company include quarterly results, sales, customer order patterns, labor, supplies, equipment, technological changes, competition and competitive pressures on pricing; economic conditions in the United States and worldwide, as well as other risks that are detailed from time to time in the Company's filings with the Securities and Exchange Commission.