NEWS...
NEWPORT BEACH, Calif., Aug 3, 1999 /PRNewswire via COMTEX/ -- Global
Telemedia International Inc. (OTC Bulletin Board: GTMI) (GTMI)
announced the approval by the board of directors to take actions to
improve shareholder value as follows:
-- plan a shareholders meeting to be held at the time, place and
in the
manner to be announced shortly at which the agenda will include
the
election of director;
-- the elimination of the requirement for a shareholder meeting to
amend
corporate charter documents;
-- change the name of the company from GTMI to Bentley House
International
Group;
-- increase the number of authorized shares so that additional
shares of
common stock will be available for corporate purposes;
-- and do a reverse split of its shares of common stock
Prior to the international board meeting, the BHFC / GTMI share
exchange was finalized on a 90/10 basis, clearing the way for GTMI to
pursue several available funding sources and resolve several legal and
financial obligations of the Company. The restructuring and
strengthening of the Company has enabled the management to quickly take
steps to resolve outstanding litigation and debts of GTMI so that the
Company will be poised for growth as soon aspossible.
In addition a new board of directors has been appointed to fill the
vacancies created by the resignation of the old board and enlargement
of the number of the new board. These persons will also be candidates
for election at the annual shareholders meeting.
GTMI is now a group of companies and divisions operating in the
Philippines, Brunei, Malaysia, and the United States of America. GTMI
is developing projects within the Philippines and the BIMP-EAGA treaty
countries (Brunei, Indonesia, Malaysia, Philippines and Darwin
Australia in the areasof telecommunications, Internet, cable TV as well
as hotel and resort development, commercial plantation development and
real-estate housing & construction.
Global Telemedia International Inc. (GTMI) is a full-service
communications company focusing on international communications
networking in emerging countries. The Company holds the necessary
certificates of conveyance with applicable public service
communications in the continental United States as well as an
international carrier license.
Forward-looking statements (which are not historical fact) in this
release are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that
all forward- looking statements involve risks and uncertainties,
including those risksand uncertainties detailed in the accompanied
filings with the Securities and Exchange Commission.
SOURCE Global Telemedia International Inc.
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com -0-
CONTACT: Jonathon Bentley-Stevens of Bentley House International
Group,
714-612-1449, for Global Telemedia International Inc.
WEB PAGE: bentleyhousegroup.com |
