Global TeleMedia Will Not Undertake a Reverse Split of 12-1
Global TeleMedia International Board of Directors Re-Affirms That
It Will Not Entertain a Reverse Split of the 12-1 Ratio
As Stated as an Example in the Company's Proxy Statement
NEWPORT BEACH, Calif., Oct. 3 /PRNewswire/ -- Global TeleMedia International (OTC Bulletin Board: GTMI) announced that the reverse split mentioned in the proxy statement has caused some confusion and the company re-states that the Board of Directors has re-affirmed that it will not undertake a reverse split of the 12-1 mentioned in the proxy statement.
GTMI president Jonathon Bentley-Stevens said, "The proxy statement mailed was the same document, with some current information, that was filed with the SEC in first quarter of 2000. Obviously things have changed significantly and the company has stated previously that the Board of Directors has agreed that a 12-1 reverse split will not be entertained nor would it entertain a reverse split at the current low share price. The 12-1 was only a suggested example. The recent launching of the Australian national Network and the launch of the Company's Smart-e-Card this quarter is expected to have a positive effect on the share value. Due to the Company's 3-year agreement with Ericsson (Nasdaq: ERICY) the Company is committed to listing on the AMEX. The Ericsson agreement has stimulated a lot of interest from investors in Europe who perceive the AMEX as a premium exchange and a small reverse split of perhaps 3-1 may be needed to ensure the qualification of the company for AMEX listing as soon as possible. The company hopes to list on the AMEX in the 4th quarter 2000."
PR CONTACT: Tim Garlin, PrimeVest.net, (866) 774-6468
Global TeleMedia International, Inc., located in Newport Beach, California, through its BentleyTel.com subsidiary, (www.bentleytel.com) is a leading developer of interactive software for complex E-commerce solutions, multi-media and high speed Internet and wireless communication systems, Voice over IP, LAN VPN (Virtual Private Network), ISP, Virtual ISP, 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 of PrimeVest.net, 866-774-6468, for Global TeleMedia International, Inc./
/Web site: bentleytel.com |
