SOURCE: Global Bancorp, Inc.

June 29, 2005 07:00 ET

Global Bancorp, Inc., Soon to Be Named VoxBox World Telecom, Inc., Provides Update on Its VoIP Revenue Generation and Strategy

VANCOUVER, BC -- (MARKET WIRE) -- June 29, 2005 -- Global Bancorp, Inc. (OTC: GBBI), which will soon be named VoxBox World Telecom, Inc., today provides an update on its VoIP revenue generation and business strategy.

Our recently announced 10-for-1 forward split for all shareholders of record as of close of business July 5, 2005, is part of our current restructuring plan. An intended result of this forward split is the increase of the public float which is approximately at 1,100,000 common shares.

VoxBox has successfully completed all technology trials and support integration and has begun producing revenues from signing up subscribers.

Romeo (Ray) Prescott, CEO of Global Bancorp Inc., said, "We are pleased with our market trials, all subscribers of our trial are pleased with the telephony service they have received and have now become revenue-producing customers. We now have the confidence to move forward aggressively in our marketing strategy and accelerate our growth." Mr. Prescott further added, "In addition, the interest in our Dealership channel has been overwhelming and we are currently evaluating several Master Dealership Partners. As we build out our North American network, we anticipate announcement of several Master Dealers in both Canada and the United States."

In closing, Romeo (Ray) Prescott, CEO of Global Bancorp Inc., said: "Shareholder response has been very positive as we turn GBBI into a pure Voice over IP (VoIP) company as indicated by our recent increase in share price. VoxBox World Telecom Inc., formerly Global Bancorp, investors are better able understand the company's business strategy and focus."

Global Bancorp Inc. (Global or the Company) is incorporated in Nevada, was formerly Kismet Energy Corporation, and has its corporate office in Vancouver, British Columbia. Global's corporate objective is to become a leader in integrating advanced digital media technologies including Video on Demand, Voice Over Internet (VoIP), and a smart card bank platform for future integrated commerce and e-commerce applications such as Web-Enabled ATMs (personal banking in the home).

Global Bancorp's mission is to be a direct and active investor in emerging digital media technologies that meet its investment criteria. These criteria include:

--  An ability to acquire control.
--  An innovative and proprietary product.
--  A business plan showing potential for market dominance and
    extraordinary cash flow.
--  No geographical limitation to development.
--  Successful management in place with a commitment for the long term.
    
This release contains forward-looking statements that involve risks and uncertainties. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors. This announcement does not constitute an offer to sell or the solicitation of offers to buy any security and shall not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Contact Information

  • Company Contact:

    Global Bancorp, Inc.
    Romeo (Ray) Prescott
    1-(604) 288 8292