ADGIE news:
Wednesday June 16, 8:03 am Eastern Time
Company Press Release
ADGI Announces Revenue Agreement with Venezuela
HICKORY, N.C.--(BUSINESS WIRE)--June 16, 1999--American Diversified Group,
Inc. (OTC BB:ADGIe) announced today that its Internet telephony affiliate, Global
Transmedia Communications Corporation (''GTCC''), Aventura, Florida has signed a
further revenue agreement. The new revenue agreement was signed with a group of telecommunication companies in Venezuela
(the ''Group'') to provide GTCNetLink services.
The agreement calls for the purchase by the Group of 2.1 million minutes, increasing to 3.9 million minutes during the year. The
minimum value of the contract is projected to be $780,000 and ADGI's affiliate expects significant revenue increases during the
year as the value and quality of GTCNetLink and its cost savings are realized and penetrate the Venezuelan business
community.
GTCNetlink is a private subscriber-based calling network. Under the terms of the agreement the Group committed to purchase
calling minutes from GTCC for resale to major multinationals, Venezuelan corporations and individuals. Additionally, the Group
has committed to provide termination services for all calls coming from all of GTCC's worldwide calling destinations into
Venezuela.
This revenue agreement continues to add tremendous value to GTCC and its worldwide services. The agreement requires the
guaranteed purchase of calling minutes each month in each city GTCNetLink is provided. Sales will commence in Caracas and
will then expand to other cities in Venezuela.
ADGI is very pleased with the addition of the Venezuelan local market as the traditional bulk of Venezuelan overseas calling is
to the U.S. and Colombia, GTCC's first foreign market.
GTCNetLink calling services continue to offer corporations and individuals the level of service and quality afforded by the
public telephone network at significantly lower calling costs. There is a high volume of calling traffic that currently exists between
these countries daily. It is the tremendous cost savings offered by GTCNetLink over traditional calling rates that ADGI projects
capturing high volume calling not only terminated in the U.S. and Colombia, but the opportunity to capture significant calling
traffic worldwide.
Executive Offices: 110 N. Center St., Suite 202, Hickory, NC 28601 (828) 322-2044 (828) 322-3798 (fax) NY Investor
Relations: 45 Rockefeller Plaza, Suite 2000, NY, NY 10111 (212) 332-5009 (212) 332-3240 (fax) Global Transmedia
Communications Corporation (305) 931-4232
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be
forward-looking statements within the meaning of the Private Securities Act of 1995. The words ''forecast'', ''project'',
''intend'', ''expect'', ''should'', ''would'', and similar expressions and all statements which are not historical facts are intended to
identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks,
uncertainties and other factors which could cause the Company's actual results, performance (financing or operating) or
achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such
forward-looking statements.
The above factors are more fully discussed in the Company's SEC filings.
Contact:
American Diversified Group, Hickory
Jerrold Hinton, Ph.D., 828/322-2044 |
