FEVI Signs Distribution Agreement With GTMI for Nationwide Distribution of Smart-e-Cards
MIAMI--(BUSINESS WIRE)--Dec. 5, 2000--
Visa/Mastercard/Debit/Funds Transfer/Phone Cards Next Generation in
Smart Card Technology
Far East Ventures, Inc. (OTCBB:FEVI), today announced that it has executed a distribution agreement with Global TeleMedia International (OTCBB:GLTI), a California-based developer of interactive software for complex Smart-e-Card and E-commerce solutions, to distribute its BentleyTel Cards through its existing nationwide distribution network.
Michael Fletcher, Chairman of FEVI, stated, "This new relationship with GTMI adds an important product to our already well diversified mix. BentleyTel's impressive technology gives customers the benefits of Visa, Mastercard, Debit, International Phone Card and Funds Transfer functions all within one smart card. We are pleased to enter this promising new market."
The BentleyTel Smart-e-Card has foreign termination to 223 countries and foreign origination in 107 countries. Under this agreement, GTMI will develop a BentleyTel Phonecard, which will be distributed by FEVI as a stepping-stone to the full service Smart-e-Card. The BentleyTel Phonecard will be sold through FEVI's existing outlets while simultaneously promoting the BentleyTel full service Smart-e-card to qualify as many of its locations as possible for introduction of the Smart-e-Cash machines. The BentleyTel Smart-e-card is targeted for the estimated $6 billion global Smart-Card market.
According to GTMI's President, Jonathon Bentley-Stevens, "This agreement is a significant achievement for GTMI. Partnering with a corporation with the depth of industry experience and strong nationwide distribution such as FEVI should mean immediate revenues for the venture, while helping establish the BentleyTel brand here in the USA. We are committed to working with the management of FEVI to identify and qualify as many of the outlets as possible for potential locations of the Smart-e-Cash machines. We see the distribution of the BentleyTel International Phonecard as an introduction to the distribution of our proprietary Smart-e-Cards. Once locations are identified as having the correct demographics for the placement of a Smart-e-Cash machine, GTMI and FEVI will jointly market through customer education, product integration and telemarketing to promote the BentleyTel Smart-e-Card and also direct clients to the stores which sell Smart-e-Cards or locations, which have the Smart-e-cash machines. FEVI can then take advantage of the growth in check cashing, which is reportedly growing at 15% per annum. Additionally it will make FEVI a leading provider of Smart-e-Cards."
GTMI, Global TeleMedia International, Inc., is located in Newport Beach, California. Through its BentleyTel.com subsidiary, (http://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.
Far East Ventures' subsidiary, Sophisticated Communications, Inc., has been an innovator in the prepaid calling card business since 1995, and is now one of the industry's leaders in sales and distribution. The company specializes in providing private label cards for master distributors, and will soon move from being a switchless re-seller to a facilities based provider. Because of senior management's extensive experience in telecommunications, the company provides a well blended product mix with competitive international rates and a wide variety of calling cards, which benefits its network of distributors and end users in maximizing market potential. FEVI management is dedicated to increasing its shareholder value as it expands its business plan. On November 3, 2000, the company established its web presence, as part of its efforts to raise its corporate profile. This move into e-commerce will take SCI into a new arena, adding internet sales and business to business trade to its well diversified product and marketing mix.
The Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this Press Release (as well as information included in oral statements or other written statements made or to be made) contains statements that are forward looking, such as those relating to consummation of transactions, anticipated future revenues and/or success of current product offerings. Such forward looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward looking statements.
For further information, contact Lynne Perlmutter of The Consilium at 800-376-2030, or through the company web site at sciphonecards.com.
CONTACT: The Consilium, Miami
Lynne Perlmutter, 800/376-2030 |
