GlobalTel IP, Inc. to Provide Financial Reports at www.pinksheets.com

Boca Raton, FL, May 31, 2006 -- GlobalTel IP, Inc. (OTC:GIPI.PK), announced today that it will begin providing its quarterly and annual financial statements for review by the general public at www.pinksheets.com. GlobalTel IP is a development stage telecom services company, which provides VoIP (Voice over Internet Protocol) call processing services using international sales agents and dealers serving international customers. Prices for GlobalTel IP, Inc.'s common stock are quoted via Pink Sheets LLC for trading in the over-the-counter (OTC) market. Larry Reid, Executive VP & CFO stated, "Publishing our audited financial results for fiscal 2005 and our results for the first quarter of fiscal 2006 is the first step in providing ongoing information about GlobalTel IP to the investment community and our shareholders." The Pink Sheets LLC is a leading provider of pricing and financial information for the over-the-counter (OTC) securities markets. The listing service provides its member companies with products and services to increase their transparency in the market, with the mission of making the electronic trading in their stock more efficient for all participants--the issuer, market makers and shareholders. The company's corporate offices are in Boca Raton, Florida. Communications should be directed to Larry M. Reid at 561-939-3300 ext. 143 or to [email protected]. Statements contained in this press release which are not historical facts are known as forward looking statements as that item is defined in the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results.