ADGI Announces 1st Quarter Revenues
Tue Apr 04 13:19:00 EDT 2000
HICKORY, N.C., Apr 4, 2000 (BUSINESS WIRE) -- American Diversified Group, Inc.
(OTCBB:ADGI) announced first quarter 2000 revenues. Total revenues as of March
31, 2000, were $815,000. Revenues including earned receivables from the
operations of Global Transmedia Communications Corporation ("Global Transmedia")
were $710,000 and revenues earned by ADGI from stock options exercised were
$105,000. The year end December 31, 1999 Form 10-K was filed with the Securities
and Exchange Commission is available from the EDGAR system.
Jerrold Hinton, President and Chief Executive Officer of ADGI stated, "We are
pleased to report our first quarter revenues. We feel this is really the first
quarter of operations with our new venture with Global Transmedia fully under
our aegis. Having only begun to ramp up operations in accordance with our
Business Plan before Christmas, we are very pleased with the results. With
hiring personnel, setting up offices in several cities, establishing
relationships and agreements with local partners in several countries, ordering,
receiving and installing additional new equipment, having additional lines
installed, testing systems and establishing networks and operations, all within
the first quarter and still being able to generate significant revenues sets the
stage for what we believe is going to be a great year for ADGI/Global
Transmedia. With network operations underway, we are progressing with other
potential acquisitions both for network expansion and technical services and
support. These acquisitions are in various stages of negotiation." We are
refining our projections and proformas for the year 2000 operations in light of
new and expanded developments.
Global Transmedia, with headquarters in Miami, Florida, is a facilities based
international telecommunications company. Its core competency is providing
telecommunications services using IP technology (VoIP) for international call
termination and other value added services. Global Transmedia presently has
staff personnel in New York City, Hackensack, New Jersey, St. Louis, Missouri
and San Antonio, Texas and local operations in Monterey, Mexico. Global
Transmedia maintains partnership alliances and network operations in Venezuela
and Colombia with negotiations pending and in process in other South American
countries and eastern Europe.
As previously announced, Global has been granted International Carrier Status
under Section 214 authority from the Federal Communications Commission
(FCC).This authority granted by the FCC gives Global certain rights and
privileges that AT&T, MCI-WorldCom, Sprint and other major carriers currently
enjoy.
ADGI is exploring the benefits of relocating its corporate headquarters to New
York City. This will give corporate personnel greater access and proximity to
many of our relationships centered in the New York area.
ADGI is a fully reporting public company, with all required filings current.
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 Placement 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 (finance 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 are more fully discussed in the Company's SEC filings. |
