Marlon Jackson's Company, MusicFormula.com, Puts $10 Million On the BentleyTel.com SmartCard
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--March 13, 2000--
MusicFormula.com Has Committed To a $10 million Investment Which Will Allow Downloading Marlon Jackson's Developed Music Offerings Worldwide Via The BentleyTel.com SmartCard
Global TeleMedia International, Inc. (OTC: BB: GTMI) ("GTMI") announced today that MusicFormula.com a company which is developing downloadable music platforms with international distribution has committed to investing a minimum of $10 million into the Company. MusicFormula.com had previously executed a software development agreement under which BentleyTel.com Australia and Data Exchange will co-develop the software for worldwide downloadable music and related hardware.
The Chief Executive Officer of MusicFormula.com, Carter Beavers, said, "When we saw the extent of the interactive capability of web sites such as the Centrebet e-commerce site which was developed and is now supported by BentleyTel Australia, we immediately understood the level of encryption and incredible flexibility of the site which reportedly has revenues of around $20 million per month, with years of reliable activity. We realized that using an E-commerce platform with proven track record would bring our products and services to the market place in a shorter time frame that we imagined."
He continued, "By investing in Global TeleMedia we have access to high quality encryption, and reliable service with the added benefit of near term distribution. We have proposed to the Company that we install a MusicFormula outlet in every one of the 33 satellite calling stations owned by BentleyTel.com. Part of the equity financing is to complete the software, marketing collateral and manufacturing of the BentleyTel.com SmartCard which we see as an incredible opportunity to benefit from the international multi-usability of the card which will attract a wide range of members."
John Walsh, COO of BentleyTel.com added, "Our members will include international residents who will enjoy the cost savings of Internet international banking available to the B2B clients, corporate users and individuals who will experience the convenience and portability of downloadable music and instant availability of concert tickets and other music related hardware."
MusicFomula.com's President, Marlon Jackson, said, "We are very excited about our involvement in GTMI and see revenue opportunities in the near future as well as an exciting opportunity to obtain equity in a company positioned to take advantage of the economic boom in the Pacific Rim countries as well as China and Japan. In 1999, Americans alone spent $650 billion on entertainment. We believe that we can co-market the BentleyTel SmartCard through our presence in the entertainment industry and also in countries where BentleyTel.com has presence."
He continued, "We envisage many applications where the combination of an interactive E-commerce web site coupled with the BentleyTel.com SmartCard can produce significant income in the near term. We feel that we have saved million of dollars and more importantly many months of development by investing in this company. In the current competitive arena of interactive E-commerce and technology, time saved means a competitive edge in product sales, revenue, distribution and market share in the USA and worldwide.
Marlon Jackson and Carter Beavers will attend the BentleyTel.com International Technology workshop and conference inNew York. The presidents of all BentleyTel subsidiaries will attend the meeting to finalize the year 2000 roll out of products and services.
BentleyTel.com Australia and Data Exchange executives and staff will meet to finalize the products for this year which include the SmartCard, MessagePilot(TM), MusicFormula.com's products and services and distribution.
Global TeleMedia International, Inc., located in Newport Beach, California, also has manufacturing facilities in the Philippines. GTMI through its BentleyTel.com subsidiary, is a leading developer of interactive software for complex E-commerce solutions, multi-media and high speed, Internet and wireless communication systems, including international & long distance Voice over IP, LAN VPN (Virtual Private Network), ISP, Virtual ISP, and PC-PC, PC-Phone transmission of data and voice. It also owns telecom, ISP and software development facilities in 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.
This release and prior releases are available on the KCSA Public Relations Worldwide Web site at www.kcsa.com.
CONTACT: FOR GLOBAL TELEMEDIA INTERNATIONAL, INC.
KCSA
Robert Giordano / Daniel Stepanek, (212) 896-1289 / 1202
rgiordano@kcsa.com / dstepanek@kcsa.com
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