Combined Revenues Exceed $1.1 Million
NEW YORK--(BUSINESS WIRE)--Oct. 12, 2000--American Diversified Group, Inc.
(OTCBB:ADGI - news) announced today that its subsidiaries reported combined revenues
of more than $1.1 million. Global Transmedia Communications Corporation reported revenues in excess of $811,000 and NCI
Telecom, Inc. reported revenues over $289,000. The total revenue for the nine months ended September 30, 2000 exceeded
$3.05 million.
Jerrold R. Hinton, PhD, ADGI Chairman and CEO, noted that Global Transmedia invested $1,200,000 in equipment during
the quarter, including leasing more than $1 million of equipment from a major supplier, and purchasing $820,000 of equipment
from NCI Telecom in an intercompany transaction. He noted that Global Transmedia plans to launch its web site early next
quarter. The website will provide up-to-date information on VoIP market activities and technologies.
``Overall, we are pleased with the results of our third quarter operations, a period in which we continued to be in our building
stages,'' said Tim Huff, Global Transmedia's Chief Technology Officer. ``While we experienced delays in equipment delivery
and other technical issues, we have been able to meet the expectations set forth in our strategic plan and anticipate achieving
our goals for this phase of the expansion of our worldwide network.''
Dr. Hinton added, ``We feel that this was a substantial quarter of operation and growth for ADGI. Third quarter revenues
exceeded those for each of the first two quarters. With our contracts in place and our management team focused on building
out our worldwide network, we expect ADGI to continue producing impressive operational results.''
About Global Transmedia
Global Transmedia is a facilities-based international telecommunications company. Its core competency is providing VoIP
networks for international call origination, termination, voice and data transport. Global Transmedia has been granted
International Carrier Status under Section 214 Authority from the Federal Communications Commission (FCC). This authority
granted by the FCC gives Global Transmedia certain rights and privileges that AT&T, MCI and major carriers currently enjoy.
About ADGI
ADGI is a fully reporting public company with all filings current with the Securities and Exchange Commission. The companies
that comprise the ADGI group of companies are majority-owned and part of its operating group. ADGI will continue to make
strategic investments in synergistic and complementary companies to create the powerful leverage opportunities that will further
ensure the success of the company.
The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that involve risks and
uncertainties. Readers are cautioned as to potential risks, as discussed in the ``Factors That May Affect Future Results'' section
included in the Company's Annual Report on Form 10K-SB filed with the SEC for period ending December 31, 1999, and the
risks discussed in the Company's other filings with the SEC. While management believes that the expectations reflected in the
forward-looking statements and assumptions upon which the forward-looking statements are based are reasonable, it can give
no assurance that such expectations and assumptions will prove to be correct. |
