WorldCom Takes Equity in Global TeleMedia International
Global TeleMedia International Announced That Management and WorldCom Had Executed an Equity Agreement Under Which WorldCom Would Acquire Stock in The Company.
NEWPORT BEACH, Calif., Nov. 27 /PRNewswire/ -- Global TeleMedia International (OTC Bulletin Board: GLTI) announced that it has reached significant milestones in the recent history of the Company. The company has completed steps to consolidate its stock on a one for five basis. The Company will commence trading on Monday morning under the OTCBB Symbol GLTI. The consolidation will enable the Company to consummate several national and multi-national agreements that are key to the aggressive growth of the Company including financing and distribution of the Company's Smart-e-cards and Smart-e-cash machines.
Simultaneous with the consolidation, the Company announced it had also turned the most significant corner in its history with the resolution of the single largest debt and litigation against the Company left as a legacy of past management. President Jonathon Bentley-Stevens had personal meetings with WorldCom senior management regarding the $13.8 million debt. Following successful negotiations, Mr. Stevens structured an agreement wherein WorldCom agreed to cancel pending litigation and accept $3 million over twenty six months and exchange $10.8 million of the debt for warrants equal to approximately 3.2% or 500,000 shares of the Company's consolidated common stock.
President Jonathon Bentley-Stevens said, "It is not possible to list on a major exchange with such significant litigation pending. The removal of that obstacle and the consolidation of the Company's stock gives Global TeleMedia the best possible chance to meet Amex listing qualifications. Additionally, there are several equity exchange, partnership and distribution agreements proposed in which GTMI would gain direct equity in other public companies. These agreements should be executed within the 4th quarter 2000 resulting in the Company gaining distribution within the United States for both the Smart-e-card and the Smart-e-Cash machines.
"In negotiating with WorldCom, I believe it was the Company's Smart-e-card and Australian VoIP National Network revenue potential that enabled us to reach an amicable resolution. We can now move forward and explore other opportunities for working with WorldCom."
The Company's senior management including Jonathon Bentley-Stevens, Chief Operating Officer John Walsh, and VP David Bentley are negotiating with WorldCom both in the USA and Australia for additional revenue opportunities which may include international origination and termination via the BentleyTel Australian National Network.
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 Smart-e-Card and E-commerce solutions, Voice over IP, LAN VPN (Virtual Private Network), ISP and 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 |
