GlobeTel Communications Corp. recently announced that its GlobeTel Wireless subsidiary has entered into a binding agreement to install wireless communications networks in 30 cities throughout the Russian Federation, providing broadband, VOIP and DECt technologies.

Article Tools

• 

GlobeTel Wireless has entered into an agreement with Moscow-based LLC Internafta ("Internafta"), whereby Internafta will pay to GlobeTel Wireless a series of four construction payments totaling $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 plans to roll out the network in three stages, comprising 10 cities each, over the next 27 months.

GlobeTel Wireless will manage the completed network as well as retain an ongoing 50% shareholding in the operations of the network, allowing the company to enjoy the benefits of the recurring revenue stream.