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FORT LAUDERDALE, Fla.-GlobeTel Communications Corp. announced it will acquire the assets of HotZone Wireless L.L.C., which develops WIMAX and extended range Wi-Fi systems. GlobeTel will pay around 2 million shares over three years for the deal. The company’s shares were down slightly after the deal to about $2.84 per share.
“This acquisition of HotZone marks an important step forward in the strategy for GlobeTel and provides the wireless applications needed for the company to deliver high-speed wireless broadband, voice, Internet and IP Video to our partners and customers worldwide,” said Timothy Huff, GlobeTel’s chief executive officer.
HotZone was developing WIMAX technology that would cover up to 120,000 square miles.
