BentleyTel and 20/20 Web Design to Merge
GLTI Shareholders to Receive Dividend
BentleyTel.com, Inc. and 20/20 Web Design Inc. Have Signed a Letter of Intent To Merge Creating a More Dynamic Corporation with Access to US Based Web Design Teams and Strategic Partnerships in Software Development
NEWPORT BEACH, Calif., Feb. 21 /PRNewswire/ -- Global TeleMedia International (OTC Bulletin Board: GLTI) (www.GTMI.com) announced today that its majority owned subsidiary BentleyTel.com (www.bentleytel.com) has executed a preliminary agreement to merge with 20/20 Web Design, Inc. (OTC Bulletin Board: TWEB) a Nevada corporation trading on the OTCBB.
Following the decline in the Nasdaq stock market, the contemplated IPO of BentleyTel.com was abandoned. Since that time, management has been evaluating a suitable publicly traded merging partner in similar technology fields. The preliminary agreement provides for a merger with 20/20 Web Design Inc. and a name change of the surviving company to BentleyTel.com, Inc.
As part of the re-organization of 20/20 Web Design/BentleyTel.com, Global TeleMedia will remain the majority shareholder and Global TeleMedia anticipates declaring a stock dividend so that GLTI shareholders will receive a dividend of one BentleyTel share for every 20 GLTI common shares held. No dividends will be issued in respect to any preferred shares held.
The proposed merger, of course, is subject to reciprocal due diligence, applicable corporate approvals and the successful negotiation and execution of a definitive merger agreement.
The board of directors of BentleyTel has approved the terms of the merger in principle.
Contact: PR. Action Stocks.com, GLTI@actionstocks.com, 858-481-6670
Global TeleMedia International, Inc., located in Newport Beach, California, through its BentleyTel.com subsidiary, (www.bentleytel.com) is a leading developer of Smart-e-Cards www.smart-e-card.net interactive software for complex E-commerce solutions, 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: Action Stocks.com, 858-481-6670, GLTI@actionstocks.com, for
Global TeleMedia International, Inc./
/Web site: bentleytel.com
/Web site: gtmi.com |
