Global TeleMedia International Announces the Mailing Of Its 14A Proxy Statement to Shareholders
Global TeleMedia International confirms the mailing of its 14A proxy statement in preparation for the shareholders meeting. President Jonathon Bentley-Stevens has released this statement in preparation for the shareholders meeting.
NEWPORT BEACH, Calif., Sept. 18 /PRNewswire/ -- The following is being issued by Jonathon Bentley-Stevens, President of Global TeleMedia International (OTC Bulletin Board: GTMI):
Dear Shareholders, June 30, 1999 brought GTMI an experienced and hard working Board of Directors who declared that the Pacific Rim as the next boom in technology and related services and stated that GTMI should gain a presence in those countries. The formation of BentleyTel and BentleyTel's subsequent acquisition of key companies such as Octa4, Pty. Ltd in Australia, 3G Communications in the Philippines and DynaSem Communications in Malaysia was a key part of the plan.
These acquisitions were without cost or dilution to existing shareholders, as Management surrendered personal Series "A" Preferred stock equal to 20 million common shares so that GTMI could escrow the same number of shares against the BentleyTel.com common stock in a one for one equity exchange. With the entry of John Walsh to the Company's management team, his 35 years experience proved invaluable when negotiating with the top-level executives of multinational companies and carriers. John, prior to joining GTMI had generated multi-million dollar revenue and international Telecom product sales in Europe and he understood that the expansion of the Company into the Pacific Rim countries would capitalize on an underserved area of the world. GTMI realized that approximately 47 million ethnic American citizens spend a great deal of money transmitting funds abroad to support and communicate with their families many whom are part of the 400 million English speaking people living in the Pacific Rim.
The Smart-e-Card(TM) was designed and developed for B2B, B2C as well as to connect family members globally. Over 2.6 million potential American members have already been identified who will lower their funds transfer and communications expenses by using the Smart-e-Card(TM) or Global Connexcion Card(TM). If we only sign up 10% of those in the first year it could mean over $24 million in annual fees as well as recurring income every time the cards are used.
The Company needed capital to make this happen and Management took on the challenge. Again to avoid dilution of existing shareholders normally associated by infusion of capital, Management surrendered millions of their personal shares to generate much needed paid in capital in order to reduce the Company's debts, develop the Smart-e-Card, expand BentleyTel and complete the Australian National Network and at the same time agreed to forgo any salary or reimbursement of expenses.
The company has formed and will continue to form alliances and partnerships with prestigious and professional companies in order to develop expansion plans, marketing, distribution channels and product roll plans and generate significant revenue and shareholder value. The company's strength will be in managing its subsidiaries and expanding on its international network. The Company is in the process of establishing partnerships and agreements with multi-national carriers to expand its VoIP availability to Northern America and Europe.
During our Technology conference in New York in March 2000, we were privileged to have as a guest speaker Senior VP of one of worlds largest broker dealers. The process of major exchange listing was explained to the board of directors and as a result the plan was formed and has resulted in our belief that GTMI should list on the American Stock Exchange during the last quarter of this year.
The NASDAQ listing is a 9-month process, whereas GTMI management applied for the AMEX earlier this year. The NASDAQ has a higher stock price requirement, which could have meant a higher reverse split. By listing on the AMEX we keep any reverse split at a minimum and once listed we will be able to be presented before premium investment houses and brokerage firms by our investment bankers.
The Company is about to celebrate the year 2000 as the only major VoIP / VPN / ITSP player in the $20 billion dollar Australian communications market. BentleyTel Australia and new management made it happen and John Walsh and David Bentley are in Australia working with the team to ensure that BentleyTel will be live coast to coast during by October 1st 2000. With the launch by BentleyTel of the first ever Ericsson Tigris National VoIP/ ITSP Platform the Company is getting a lot of exposure in Europe and Australia where the American Stock Exchange is held in high regard. Of the millions of potential European and Australian electronic small investors many do not understand the OTCBB, since such listings do not exist outside the USA. Remember, the international on-line "click and buy" ability is only about a year old and Penny stock high-risk warnings kill an estimated 80% of on-line overseas trade inquiries. The company has grown its shareholder base from 6,200 to 18,000 in the last 14 months. Just how big will be shareholder base grow when our Communications products and e-commerce goods and services are rolled out in four countries and the Company is listed on a major exchange.
The Company has received many calls regarding the effect of a reverse split. Let me say now that even with shareholder approval, management would NEVER, ever reverse split the stock at these low levels. Also let me say we WILL NOT reverse the stock immediately after the shareholders meeting. Any adjustment will be done in coordination with listing approval, major product releases, partnership announcements and the commencement of real revenue from these products. Management is committed to the lowest possible adjustment if it is necessary to qualify for the American Stock Exchange.
Management has sought to protect the value of shareholders at every opportunity. Series "A" shares, the equivalent of 100 million common shares has already been retired, and the remainder has been locked up till 2006, with no releases till March 2006 and only 5% per quarter release thereafter if our auditors declare the Company has achieved an ever-increasing scale of earnings per share over and above the last quarter results.
The opportunists putting pressure on the stock are trading on the uncertainty and rumors of doom and gloom. All we ask is that shareholders look back and ask "Has Management brought value to the Company?" With the cooperation and, and the willing expense, of the majority shareholders. Granted the roll out of our products is overdue, however many products released prematurely are like fireworks, up and bright and gone just as quickly, as would be the value of their stock. Management and our marketing partners decided to integrate the products, thus broadening the market and product appeal. We are now committed to a rollout well in advance of the peak holiday traffic.
Management feels that in general, the market place believes we will achieve our goals. However, the issue of a potential reverse split is being used to depress the share value and allow segments of the marketplace to take maximum advantage of the share value increase the Company believes will occur when our products are released.
Companies like Microsoft, AOL and others took 20 years to achieve their status. Now look at the achievements of GTMI management just in the last 15 months, for that is how long present management has been in control of the Company. Then ask the question "How great will be the share value when our goals are achieved?" We have said that there are many pending agreements for our products, goods and services and we are about to make good on those statements. The Company will execute at least two significant agreements before the shareholders meeting and at least two or three more during the 4th quarter, and every one of these is tied to significant revenue, international marketing, long term growth and excellent share value.
Thank you and we look forward to seeing many of you at the shareholders meeting.
Jonathon Bentley-Stevens
President
PR INQUIRIES, CONTACT: Tim Garlin, PrimeVest.net, (866) 774-6468
Global TeleMedia International, Inc., www.GTMI.com located in Newport Beach, California, through its BentleyTel.com subsidiary, (www.bentleytel.com) is a leading developer of interactive software for complex E-commerce and financial solutions, Smart-e-Cards, www.smart-e-card.net multi-media and high speed Internet and wireless communication systems, Voice over IP, LAN VPN (Virtual Private Network), ISP, Virtual ISP, and ITSP GTMI also owns manufacturing, telecom, ISP, and software development facilities in the USA, 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.
SOURCE Global TeleMedia International Inc.
/CONTACT: Tim Garlin, PrimeVest.net, 866-774-6468, for Global TeleMedia
International Inc./
/Web site: bentleytel.com
/Web site: gtmi.com |
