GlobeeCom International Inc.

GlobeeCom International Inc.

March 22, 2006 09:28 ET

GlobeeCom Announces an Important Restructuring of its Operations and its Search for a Buyer to Put in Place its Recovery Plan

TROIS-RIVIERES, QUEBEC--(CCNMatthews - March 22, 2006) - GlobeeCom International Inc. ("GBC") (TSX VENTURE:GBC) announces an important restructuring of its operations in order to maintain its customer services, to reduce to the maximum its operating costs and to search for short-term solutions to maintain its operations.

In the framework of this restructuring, GBC proceeded with the temporary layoff of almost all its employees, while maintaining the heart of its operations and its customer service.

GBC estimates that it does not, at the present time, dispose of sufficient liquidities in order to assure the continuity of its operations beyond the month of next April.

Based on the inherent uncertainties related to the search of financing, the board of directors of GBC has started exploring and actively considers strategic alternatives, which could notably result in the sale of the assets of GBC or in a grouping of the operations of GBC with a strategic partner.

There can be no certainty that the process initiated by GBC will lead to any transaction. GBC may not comment as to say if such transaction would represent an appreciation or depreciation in comparison with the present value of the stock capitalization of the GBC's shares.

Furthermore, in the framework of the restructuring in place, GBC announces that Mr. Erick Caron informed GBC, last March 17, of its resignation as President and Chief Executive Officer and member of the board of directors, said resignation having been ratified by the board of directors on March 21, 2006.

In the interim, the operations will directly come under the authority of the ad hoc committee put in place recently by the board of directors of GBC. This committee is presided by Mr. Alain Dufour, director and president of the audit committee of GBC and is composed of Mr. Francis Fortier and Mr. Jacques Gagne, both directors of GBC. The committee has also for mandate to actively search for a buyer or financial partner in order to revive the company.


GlobeeCom International Inc. ( is a company specialized in the elaboration of online software solutions. It positions in the convergence market between the PC and the fixed and mobile new generations of telephone, thanks to its new GlobeMeeting® technology.

The prospective statements contained in this official statement are associated to known and unknown risks and as well as other factors which can make that the results, the outputs and the real achievements of the company differ largely from the future results, outputs or achievements expressed or supposed by these prospective facts.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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