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GLOBALTECH CORP (GLTK) is a leading technology company specializing in innovative solutions for businesses worldwide. With a focus on cutting-edge software development, cybersecurity, and cloud computing, GLTK has established itself as a key player in the tech industry. The company's recent achievements include securing major contracts with Fortune 500 companies, launching a groundbreaking AI-powered platform, and expanding its global reach through strategic partnerships.
GlobalTech (GLTK) reported strong Q3 2024 financial results with net revenues increasing 78% to $5.02 million compared to the previous year's quarter. The growth was primarily driven by higher international termination (telecom) business and technology services. Direct operating costs rose to $4.6 million from $2.2 million due to higher interconnect costs. The company's net loss improved to ($455,818) from ($2.3 million) in the prior year. For the nine months ended September 30, 2024, total revenues reached $13.3 million with Adjusted EBITDA of $646,000. The company achieved 100% conversion ratio in select markets for upsell to broadband services.
GlobalTech (OTC US: GLTK) has appointed Muhammad Azhar Saeed, FCA, as its new Chief Financial Officer, effective September 5, 2024. Mr. Saeed brings over 20 years of experience as a senior financial executive within GlobalTech and its subsidiaries. He previously served as Group CFO for WorldCall Group and remains a Director at WorldCall Telecom (PSX:WTL), a GlobalTech subsidiary in Pakistan.
Mr. Saeed also holds board positions in other GlobalTech subsidiaries and is the CEO of WorldCall Services. As a Fellow Member of The Institute of Chartered Accountants of Pakistan, he has extensive experience in financial services, manufacturing, and business services sectors. GlobalTech President Dan Green expressed confidence in Mr. Saeed's ability to contribute to the company's growth strategy and create shareholder value.
GlobalTech (OTC: GLTK) has announced the launch of a Center of Excellence focused on Big Data and artificial intelligence (AI) in Pakistan. The facility, set to be completed by Q1 2025, will be located within WorldCall Telecom , a GlobalTech subsidiary. This strategic move aims to enhance GlobalTech's technological capabilities and support its global market expansion.
The center will house over 200 workstations and utilize WorldCall's data center for global connectivity. It will provide efficient on-premises deployments for projects and play a important role in product development, particularly for Big Data and AI services tailored to corporate and governmental sectors. This initiative is expected to strengthen GlobalTech's position in the technology sector and drive innovation in emerging technologies.
GlobalTech (OTC: GLTK) has appointed Mr. Rene Poisson to its Strategic Advisory Board. The move aims to assist the company in identifying and acquiring strategic assets to generate significant revenue and create shareholder value. Mr. Poisson brings extensive experience from his 30-year tenure at JP Morgan, where he was responsible for the EMEA Credit Risk Organization and involved in various high-level financial operations.
GlobalTech's President, Dan Green, highlighted Poisson's valuable experience and global business contacts as assets for executing the company's expansion plans in the tech and telecom sectors. Poisson's current roles include Chair of the JP Morgan UK Pension Plan and Senior Adviser to Five Arrows Managers LLP. He expressed confidence in GlobalTech's strategy, noting significant opportunities for expansion in telecom and technology worldwide.
GlobalTech (OTC: GLTK) has engaged CORE IR, a leading investor relations and strategic advisory firm, to enhance its investor relations and shareholder communications. This partnership aims to expand market awareness for GlobalTech and effectively communicate its business model and growth strategies to both institutional and retail investors.
GlobalTech's President, Dan Green, expressed confidence that CORE IR's integrated approach will help articulate the company's story and highlight the significant opportunities it presents as it expands across multiple verticals in the telecom and technology industries. CORE IR will focus on leveraging investment, growth, and exposure strategies to support GlobalTech's goals and drive shareholder value creation.
Globaltech (OTCPK: GLTK) has issued a notice to disregard a previously released news announcement. The company advises journalists and other readers to ignore the press release titled 'Phunware Announces Earnings Release Date and Live Conference Call for Second Quarter 2024 Financial Results' that was issued on August 1, 2024, via GlobeNewswire. This notice was released from Austin, Texas on the same date.
Phunware (Nasdaq: PHUN), a mobile experience platform, has announced its upcoming financial results release for the second quarter of 2024. The company will report its earnings after U.S. financial markets close on Thursday, August 8, 2024, followed by a live conference call at 4:30 p.m. ET to discuss the results. Interested parties can join the call by dialing 1-800-715-9871 (domestic) or 646-307-1963 (international) using Conference ID 4402319. A live webcast will also be available. A replay of the webcast will be accessible until February 14, 2025, while a telephonic replay will be available until August 22, 2024, using replay access code 50975.
GlobalTech (GLTK) has announced the trading of its common stock on the Over-the-Counter Market, marking a significant milestone for the company. The registration statement is now effective, with FINRA assigning 'GLTK' as its symbol. This development paves the way for business growth, as GlobalTech is now a fully SEC reporting entity with audited financial statements and compliant with US GAAP standards. FINRA approval follows a 'No Comment' position with the SEC, showcasing the company's commitment to transparency.
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