GlobelTel acquires HotZone Wireless

GlobeTel Communications has acquired the assets of HotZone Wireless, a developer of WiMax and extended range WiFi systems with operations in the US and Europe. GlobeTel, a telecommunications and financial services company, paid for the acquisition primarily in shares and cash. HotZone is developing WiMax technology systems for Sanswire's high-altitude airship, Stratellite. The system aims to provide wireless communications coverage of up to 120,000 sq. mi.

For more on GlobeTel's high-flying plans:
- read this company press release