FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): October 7, 2006
GLOBETEL COMMUNICATIONS CORP.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 0-23532 88-0292161
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
9050 Pines Blvd., Suite 255, Pembroke Pines, FL 33024
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 954-241-0590
--------------------------------------------------------------------------------
Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
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|_| Pre-commencement communications pursuant to Rule 14d- 2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e- 4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 5.02(b)
Dorian Klein, Ambassador Ferdinando Salleo and J. Randolph Dumas have resigned
from the Company's board of directors.
Timothy Huff has resigned as the Company's chief executive officer and from the
Company's board of directors
Item 5.02(d)
The Board of Directors appointed Peter Khoury as the Company's Interim Chief
Executive Officer and has appointed him to the Board of Directors. The Board
also appointed Przemyslaw L. Kostro as a director and Interim Chairman of the
Board of Directors.
Peter Khoury is the founding partner and former CEO of International Consulting
Services, a global telecommunications practice focused on assisting companies
with entering and effectively competing in an aggressive communications market.
Mr. Khoury oversaw ICS's global operations and its business development
practices. After graduating from the University of Sydney with an Honours degree
in Chemical Engineering, Mr. Khoury obtained additional degrees in Computer
Science and Business Administration. His career began as a Systems Engineer at
IBM. He later joined companies Andersen Consulting and Digital Equipment, where
he managed key assignments in the telecommunications, finance and insurance
sectors in Singapore, Hong Kong, Japan, Australia and New Zealand.
Przemyslaw L. Kostro was first elected to the Company's Board of Directors in
November 2001. From November 2001 to April 2002, he also served as the Chief
Executive Officer of the Company prior to Mr. Huff's appointment. For the past
six years, Mr. Kostro has been engaged in international business, and has been
providing professional and consulting services to several public and private
entities. He also currently serves as Chairman of Wafao S.A., a Polish software
company, and as a director of Caterham Financial Management, a Malaysian
company.
Item 7.01 Regulation FD
On October 12, 2006 the Company disseminated a press release announcing changes
to the Company's management and Board of Directors
Item 9.01 Exhibits
99.1 Press Release dated October 12, 2006
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
GLOBETEL COMMUNICATIONS CORP.
Dated: October 17, 2006 By: /s/ Peter Khoury
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Peter Khoury
Chief Executive Officer