The Globe.com is back
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Theglobe.com (TGLO: news, chart, profile), whose IPO hit a record-setting 600 percent first-day-gain on the U.S. stock market in 1998 and whose operations were subsequently shut down by June 2002, says it's back.
Co-founder Stephan Paternot recently sent an e-mail to explain that Theglobe.com is making a push into voice over IP (Internet protocol). The company purchased an Internet phone company called Direct Partner Telecom for 1.375 million shares in Theglobe.com stock plus half a million warrants.
Shares of Theglobe.com were trading Tuesday at $1.76; they were at 74 cents at the start of the month.
It's quite a metamorphosis from Theglobe's original business, which was to build online communities, one of the essential "C" terms, together with content and commerce. Back in the dot-com heydays, the strategy was to feature all the C's and attract viewers.
Paternot suggests that he, too, is a changed man from that period, or as he puts it, his "swashbuckling" days four years ago. The aspiring actor, after all, did undergo some cathartic healing in the last year as he attempted to transform his memoirs into a feature film. See Net: Dot-com boy wonder.
But the more things change, the more they stay the same, like the innate desire to embellish.
With the purchase of Direct Partner, which is in development stage, Paternot says that Theglobe.com will be "one of the first players in the field offering lowest domestic and international phone rates (that's right folks, we'll all be able to cut our phone bills in half pretty soon)," he wrote in his e-mail.
Theglobe.com (TGLO: news, chart, profile) recorded $10 million in sales last year, and a profit in the fourth quarter, Paternot boasts. Online games supply most of the revenue.
This is a company that on its first day of trading in November 1999, popped up to a market valuation of $881.22 million, after its IPO of $9 shot up to $90 at the open. By the close, it was up 605 percent to $63.50. It holds the second highest first-day gain behind V.A. Linux (LNUX: news, chart, profile), whose shares ended the day up nearly 700 percent, according to Dealogic.
Theglobe's press material may very well be the ultimate sign that the bubble is back. But it's not the only sign.
Merrill Lynch tech strategist Steve Milunovich said that price-to-earnings multiples are rising again amid post-bubble rallies.
"Tech is trading near or at peak multiples," he wrote. "In addition, tech P/Es are much higher than any time pre-bubble in the '80s and '90s."
Unless earnings bounce back, Milunovich warned, tech valuation is stretched.
In prior post-bubble rallies, the P/E for technology sold at 2.3 times the forward earnings of nontech sectors, he said in a Tuesday note. Today, that P/E ratio for tech valuation is at 2.1.
Besides stretched multiples, and Theglobe.com comeback, there is also the emergence of those "B2Bs." Recall, after Theglobe.com helped to make "IPO" a household acronym, the "B2B" rage ushered in a new crop of Internet companies. "B2B" stands for business-to-business, or companies that facilitate communications or commerce between corporations as opposed to consumers.
ChemConnect was just one of those so-called "B2B" companies that never made it into the public forum. The company, which filed to raise $80 million in a public offering in April 2000 by Goldman Sachs and Merrill Lynch only to withdraw that offering in June 30 2000, is also back in the news.
The software company said Tuesday that Bloomberg will distribute real-time market information on prices of raw materials and chemicals from ChemConnect.
Gruss E.
voiceglo Featured in The Wall Street Journal
Monday, December 1, 2003 02:42 PM ET Printer-friendly version
Senior Officers Engineer Turnaround After Dot-Com Heydays
FORT LAUDERDALE, Fla., Dec. 1 /PRNewswire/ -- voiceglo, the nation's full featured Internet-enabled digital phone company, its parent, theglobe.com, and founders, Michael S. Egan and Edward Cespedes, are the subject of a front page article in today's Wall Street Journal.
voiceglo's rise as a subsidiary of theglobe.com, a comet from the dot-com days of the late 1990's is profiled in the story which highlights how Mr. Egan the firm's Chairman and CEO, and Mr. Cespedes, its President, managed to re-energize the firm.
By focusing on voice over internet protocol (VoIP), a hot telecommunications technology that permits free calling between subscribers and very low rates for calls anywhere in the world, voiceglo is in the mainstream of companies moving to convert millions of customers from high cost phone service to free and low cost service.
"It is an extremely exciting time for consumers and businesses looking for a better way to communicate," said Ed Cespedes, voiceglo's President. "With the ongoing coverage of emerging Voice over Internet Protocol technology in leading business publications like the Wall Street Journal, and today's Federal Communications Commission's (FCC) Forum to discuss how to support the burgeoning industry, we are seeing that important steps are being made to understand and support this important, unique communications industry."
The purpose of the FCC's Forum on VoIP is to gather information concerning advancements, innovations and regulatory issues related to VoIP services.
"Of course we are pleased that the great value of our service and hard work of our employees have been recognized in this manner," said Ed Cespedes. "Mike Egan and I have worked hard to ensure the best telecommunications value at the lowest prices. Everyday we hear that folks across the country -- and around the world -- want to save money on their skyrocketing phone bills. We intend to answer that need."
All of voiceglo's full featured residential and business calling plans offer free subscriber to subscriber calling in addition to unlimited or per minute rates, depending on the plan. voiceglo can be used with either dial-up modem or broadband high speed connections. The full voiceglo lineup can be viewed on their web site at http://www.voiceglo.com.
About voiceglo
Based in Fort Lauderdale, Florida, voiceglo is a wholly owned subsidiary of theglobe.com. voiceglo offers complete phone service for home, business and travel, allowing people to make and receive crystal-clear calls using their broadband or dial-up Internet connection.
voiceglo was founded by Michael Egan and Edward Cespedes. Michael Egan is the Founder and former CEO of Alamo Rent A Car, which he directed to become one of the nation's largest car rental firms before selling it to Republic Industries. He is also the founder and Chairman of Certified Vacations, one of the largest tour operators in the country. Mr. Egan is the Chairman and CEO of theglobe.com and voiceglo.
Edward Cespedes is a former investment banker with JP Morgan, specializing in mergers and acquisitions. His long time affiliation with Mr. Egan includes his assignment as Managing Director of Dancing Bear Investments and Director of Corporate Finance for Alamo Rent A Car. Mr. Cespedes is President of theglobe.com and voiceglo.
Contact: voiceglo, Fort Lauderdale, Edward Cespedes, (954) 769-5900
Safe Harbor -- this press release includes forward-looking statements related to theglobe.com, inc. that involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to integration of newly acquired businesses and assets, product delivery, product launch dates (particularly as they pertain to our planned voiceglo services), the Internet, development and protection of technology, the management of growth, market acceptance of our planned voiceglo VoIP products, our ability to compete successfully against established competitors with greater resources, the uncertainty of future governmental regulation (particularly as it pertains to the Internet and the provision of telephony services using the Internet) and other risks. These forward-looking statements are made in reliance on the
"Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these and other factors that could affect theglobe.com's future results and business plans, please see the Company's filings with the Securities and Exchange Commission, including in particular our Annual Report of Form 10-K for the year ended December 31, 2002 and our Quarterly Report on Form 10-QSB for the quarter ended September 30, 2003.
Copies of these filings are available online at http://www.sec.gov. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially and adversely from management expectations.
Source: voiceglo
Contact: Edward Cespedes of voiceglo, +1-954-769-5900
