Global TeleMedia International, Inc. Forms Bentley Tel.com Subsidiary
NEWPORT BEACH, CA--(BUSINESS WIRE)--October, 13, 1999-
Majority owned Subsidiary to Include Three Telecom Acquisitions
Global TeleMedia International, Inc.(OTC:BB:GTMI) announced today the formation of Bentley Tel.com Inc., a majority-owned subsidiary, which includes the acquisition of three international telecom/technology companies.
The acquisition of these three international telecom companies will comprise the new company which will provide long distance telecommunications, voice over Internet, e-commerce and ISP services, technology training as well as sales of continental and international calling cards.
Global TeleMedia is acquiring the companies through an exchange of shares and capital. They include:
Established in 1991, Octa4 is a leading Australian Internet provider, offering ISP, Virtual ISP, Virtual Private Network (VPN) and VoIP (voice-over-IP), as well as creating and managing the world renowned "centreBet Internet Betting Site" which has accounted for over 50% of the Australian E-commerce transactions in 1998. Octa4 is also one of the first companies accredited by major Australian Financial Institutions in providing on-line credit card verification and transactions from the Internet through the EFTPOS system. Octa4 also has an active R&D section which has been responsible for the development of a suite of e-commerce portals such as eTrolley, ePos, eRadius, eCards, and Sports Betting Management system.
3G communications Inc., established in 1995, is a Philippine-based long distance telecommunications company which owns and has deployed 26 mobile satellite long distance calling stations and is capable of handling ATM transactions from rural banks; and DynaSem Communications SDN BHD, a Malaysian company that trains personnel in VoIP, ISP, secure data transfer and e-commerce and is part of the BIMP-EAGA E-commerce super-corridor.
Each of the companies acquired will change their name to Bentley Tel.com and conduct business in their respective countries under that name.
The Company said that by the fourth quarter of 1999, Bentley Tel.com will be in a position to provide voice, data and video services, both conventionally and via the Internet, to the BIMP-EAGA countries with a population of over 400 million people.
Jonathon Bentley-Stevens, President, BHFC, said, "We have spent considerable time in investigating these new technologies and as they are integrated, Bentley Tel.com will have the necessary concentrated hardware, software and resources for further development of ISP, VoIP and e-commerce within the USA and BIMP-EAGA marketplace."
He added, "we will also transfer the UltraPulse and CyberAir technology agreements, currently held by GTMI, into the subsidiary to better facilitate the commercialization of these technologies. Additionally, we will continue to search for innovative technologies to complement those that make up our new company. We will further evaluate various strategic alternatives regarding the subsidiary in order to ensure the maximization of its shareholder value. It is our intention to make Bentley Tel.com a household name, internationally."
Global TeleMedia International, Inc., acquired Bentley House Furniture Company, Inc. (BHFC) in a share exchange in May 1999. BHFC currently operates as a wholly owned subsidiary of Global.
Global TeleMedia International, Inc., now located in Newport Beach, California, is leading the development of high speed wireless communication systems, including Voice over IP international & long distance, LAN VPN (Virtual Private Network), ISP, Virtual ISP, and PC-PC, PC-Phone transmission of data and voice. Its wholly owned subsidiary BHFC is to build one million government employee houses and to be the exclusive provider of long distance telephone, cable TV and Internet services to these houses, as well as a major integrated provider of lumber, housing and furniture in the Philippines and surrounding areas. The Company has a contract, which is guaranteed by the National Housing Authority of the Philippine Government.
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.
This release and prior releases are available on the KCSA Public Relations Worldwide website at www.kcsa.com.
CONTACT:
Global TeleMedia International, Inc.
Jonathon Bentley-Stevens
President and CEO
949/253-9588
or
KCSA
Robert Giordano/Daniel Stepanek
212/896-1289/1202 |
