GLTI (Global TeleMedia International Inc.)-fomerly GTMI Message Board

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Microcap & Penny Stocks : GLTI (Global TeleMedia International Inc.)-fomerly GTMI

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To: DARPA who wrote (498)	8/12/1999 8:29:00 AM
From: insight	Read Replies (1) of 613

NEWPORT BEACH, Calif., Aug 12, 1999 /PRNewswire via COMTEX/ -- Global Telemedia International Inc. (OTC Bulletin Board: GTMI) -- GTMI announced the appointment of David Tang as CFO of the company. Mr. Tang, a CPA Formerly with Ozur, Anderson & Radder of Beverly Hills and Price Waterhouse. Davidhas been instrumental in the development of the new corporate structure and operating systems. The RBB / Khalifa judgment against the company resulted in the potential issuance of almost 20 million shares which would add to the 46 million already issued and outstanding and has had a depressing effect on the market forthe company's shares. However, President Jonathon Bentley-Stevens restructured the judgment into a share and/or cash settlement with (GTMI's option) with payment not commencing until after the shareholders meeting and occurring onlyevery 45 days and spread out over 6 months. The payments are staggered and based on the 5-day average of the bidprice following the restructuring of the company. As the shares increase invalue this payment system will favor the company. The deferred payments willoccur during the period when the company should be in receipt of earnings, which will again support the stronger share price and reduce the impact of the settlement on the company. Mr. Bentley-Stevens stated that other settlements are being negotiated on the same or similar terms benefiting the company and preventing the influx of "judgment" shares into the market. Financial audits of the company are being concluded and the company is relocating to Newport Beach, California. The relocation is expected to take approximately two weeks, after which the company will issue a press release announcing the appointment of a new public relations company and results of the audit and details of the corporateoffice. Global Telemedia International Inc. (GTMI) is a full-service communications company focusing on international communications networking in emerging countries. The Company also is actively involved in housing and infrastructure development in the BIMP-EAGA pacific countries. 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 risks and 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 GTMI, 714-621-1449

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