Tuesday, January 03, 2006
GlobeTel Wireless has entered into an agreement with LLC Internafta of Moscow, whereby Internafta will pay to GlobeTel Wireless a series of four construction payments totaling USD 600 million for the installation of an array of proprietary networks to be installed in Russia's 30 largest cities, starting with Moscow and St. Petersburg. GlobeTel Wireless' WiMAX networks are to provide broadband, VOIP and DECt technologies. GlobeTel Wireless will both manage the completed network and will retain an ongoing 50 percent shareholding in the operations of the network. GlobeTel plans to roll out the network in three stages, comprising ten cities each, over the next 27 months.