Global TeleMedia Acquires 9% Equity in Far East Ventures/Nico Telecommunications
The Agreement is Part of the Business Strategy of the Company To Own Significant Equity in Its Distribution Partners
NEWPORT BEACH, Calif., Dec. 14 /PRNewswire/ -- Global TeleMedia International (OTC Bulletin Board: GLTI) announced that it had acquired a 9% equity position in Far East Ventures, (OTC Bulletin Board: FEVI) now Nico Telecommunications, after signing a major distribution deal with FEVI for distribution of the BentleyTel range of Smart-e-Cards through FEVI's 50,000+ outlets in the Unites States.
GLTI President, Jonathon Bentley-Stevens said, "The equity exchange agreement called for the issuance of 1 million shares of GLTI common stock to be issued to FEVI in exchange for 5.88 million shares of FEVI Common Stock, or a little over 9% of the issued and outstanding shares of FEVI. This agreement is in line with the Company strategy to acquire significant equity is each of its major distribution partners. FEVI recently merged with Sophisticated Communications Inc, a private company, which over the last five years has become a leader in phonecard sales, which, according to SCI's management, will show revenues of approximately $75,000,000 for year 2000. GLTI has already began the process of manufacturing the BentleyTel International Phonecards which will be used as a stepping stone to integrate the BentleyTel Smart-e-Card into FEVI's 50,000+ outlets here in the USA.
FEVI is preparing to file an amendment to its September 10QSB which will show the revenue from phone cards sales for the last two years, which combined, is expected to exceed $100 million. The exchange of shares with FEVI at this time should represent a significant addition to the assets of GLTI. With the projected launch of the BentleyTel international Phonecards for the Holiday season the combined revenues that GLTI expects to achieve combined with its stake in the growth of FEVI should greatly improve the Company's share value. We expect the BentleyTel range of products to significantly impact the growth of several partner companies and GLTI plans to have a significant equity stake in that growth."
Michael Fletcher, Chairman of FEVI stated, "Not only will our new relationship with GLTI provide FEVI with additional revenues without any additional investment in existing administration overhead, we are extremely pleased with the faith that GLTI's management has given us in taking this significant equity position with our Company. This relationship will not only add strength to our new Joint Venture and make FEVI a leading provider of Smart-e-Cards, it will provide FEVI with solid diversification in its operations."
PR: call GLTI direct on 949-253-9588 or e-mail at GTMImail@cs.com
Global TeleMedia International, Inc., (www.gtmi.com) located in Newport Beach, California, through its BentleyTel.com subsidiary, (www.bentleytel.com) is a leading developer of interactive software for complex Smart-e-Card and E-commerce solutions, (www.smart-e-card.net) Voice over IP, LAN VPN (Virtual Private Network), ISP and Virtual ISP. GLTI also owns manufacturing, telecom, ISP, and software development facilities in the USA, Australia, Malaysia and the Philippines.
This press release contains forward-looking statements. All such statements involve risks and uncertainties, including, without limitation, the risks detailed in Global TeleMedia's filings and reports with the Securities and Exchange Commission. Such statements are only predictions and actual events or results may differ materially.
SOURCE Global TeleMedia International Inc.
/CONTACT: Global TeleMedia International Inc., 949-253-9588, GTMImail@cs.com/
/Web site: smart-e-card.net
/Web site: bentleytel.com
/Web site: gtmi.com |
