Global TeleMedia Executes $14 Million 3-Year Funding Facility For The Roll out of Smart-E-Cards and Smart-E-Cash Machines
Global TeleMedia Confirmed the Facility Was Provided By
A New York Firm of Representing International Investors
Who Specialize in Funding Telecom and Related Industries
The Agreement Which Will Fund Immediately Will Guarantee The Rollout Of The BentleyTel International PhoneCards, Smart-e-Cards and Smart-e-Cash Machines
NEWPORT BEACH, Calif., Dec. 18 /PRNewswire/ -- Global TeleMedia International (OTC Bulletin Board: GLTI) announced that it had finalized a $14 million funding agreement targeted for the immediate rollout of the Company's revolutionary BentleyTel cards, starting with the BentleyTel International calling card, which can reach 217 countries and can be sent to families in 107 countries and be used to call the USA and other countries economically compared to the high cost of calling international collect. Additionally, the cards can be re-charged by the sender, thus extending the life of the card indefinitely and resulting in an indefinite recurring income for the Company.
GLTI President, Jonathon Bentley-Stevens said, "I am particularly pleased that this group of International Investors (who declined to be identified) believed in the Company and its products and, despite the dramatic decline in the market conditions, continued to work with me to close this funding, which, as agreed will be used exclusively for the rollout of the Company's card products and services. The Company is preparing its 8K SEC filing in respect to this funding. The commencement of funding is immediate and should result in the first delivery of BentleyTel cards to NICO Telecom (OTC: FEVI) in time for holiday season. Additionally, we will meet with the manufacturers of the BentleyTel Smart-e-Cash machines in order to place an immediate order for delivery of the machines to the first locations identified by qualifying the top producing of the 50,000 outlets of NICO Telecommunications and also the top producing locations of the 7,500 members of Universal Express Inc. (OTC: USXP). I will call for immediate conferences of the presidents of all three Companies in order to develop a rollout plan for 2001 which will target the deployment of over 2,500 Smart-e-Cash machines over the next three years and millions of BentleyTel International PhoneCards, Smart-e-Cards and Global Connexion Cards. "
He continued, "In order to qualify for this level of funding, it was necessary to dramatically reduce the Company's debts, a legacy of the previous management and complete the Company's re-organization. The approval of the funding underscores confidence in GLTI management and the broad appeal of the Company's revolutionary multi-function Smart-e-Cards and Smart-e-Cash machines. It is the task of the Company management to follow through with its plans to launch the Company's cards, machines and services despite the fact that the recent stock market decline has reached a 52 week low."
Following current managements' acquisition of Global TeleMedia less than 18 months ago, it has achieved the following:
Developed the Smart-e-Card range of products,
Acquired 3 international operating companies,
Was included in a $110 million 5-year consortium with Compaq, NEC, Cable &
Wireless-Optus in a government contract, resulting in the hosting of the
Australian Northern Territory Government Internet. This contract is currently
generating revenues annually of approximately $1 million plus VoIP long
distance charges
Executed a three year partnership with Ericsson, which includes
co-ownership of software and products developed.
Launched the first and only VoIP-ISP and ITSP national network in every
state of Australia, with public availability commencing on December 1, this
year.
Reduced the Company's debt by approximately $20 million dollars.
Brought in WorldCom as an equity participant in the Company.
This is an enviable record for the management of any listed company, and management sees this as only the beginning. Much of our advancement has been hampered by the legacies of past management, but this is now a thing of the past and the above achievements will be eclipsed by the immediate commencement of roll-outs of the Company's products and services.
PR. call GTMI 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. GTMI 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
/CONTACT: Global TeleMedia International, 949-253-9588, GTMImail@cs.com/
/Web site: bentleytel.com
/Web site: smart-e-card.net
/Web site: gtmi.com |
