Conversion Notice by GNB Bank Panama S.A. to Globaltron Communications Corporation under Loan Agreement

Summary

GNB Bank Panama S.A. notifies Globaltron Communications Corporation and related parties that it is converting $10,000,000 of its loan into 25,000,000 shares of Globaltron's common stock, as allowed under their existing Loan Agreement dated September 30, 2002. The bank requests that the shares be issued in its name and delivered as instructed. This notice formalizes the lender's exercise of its conversion rights under the agreement.

EX-10.1 3 conversionnotice.txt CONVERSION NOTICE Exhibit 10.1 CONVERSION NOTICE The undersigned, GNB Bank Panama S.A. pursuant to the provisions of the Loan Agreement, dated as of September 30, 2002 entered into among GNB Bank Panama S.A. (the "Lender"), Phone1, Inc., Phone1Globalwide, Inc. ("Global") and Globaltron Communications Corporation (the "Loan Agreement"), hereby exercises its right to convert the Note and the Loan (as such terms are defined in the Loan Agreement) and hereby surrenders a principal amount of the Note and the Loan equal to $10,000,000, entitling the undersigned to receive 25,000,000 shares of the common stock of Global, par value .001 per share, and requests that the certificates for such shares be issued in the name of GNB Bank Panama S.A. and delivered to Lender as indicated by it to the transfer agent. Dated: December 19, 2002 GNB Bank Panama S.A. ----------------- By: /s/ Camilo Verastegui ------------------------------ Name: Camilo Verastegui Title: General Manager