20/20 Web Design Signs Letter of Intent to Merge With Smart-e-Card Developer BentleyTel.com
WOODLAND HILLS, Calif., Feb. 23 /PRNewswire/ -- 20/20 Web Design (OTC Bulletin Board: TWEB) announced that it had executed a letter of intent to merge with Newport Beach based Smart-e-Card developer BentleyTel.com Inc., a majority owned subsidiary of Global TeleMedia International (OTC Bulletin Board: GLTI).
The merger will change the development stage status of 20/20 Web Design to a fully operational multi-national corporation with fully operating subsidiaries in Australia, Philippines and Malaysia. The Company will also change its name to BentleyTel.com. In Australia, BentleyTel has the first VoIP/VPN/ISP and ITSP national frame relay network with POP's (switches) in every capital city, offering Internet, Virtual Private Networks and Internet Telephony through its private network. BentleyTel is also a consortium partner with Cable & Wireless-Optus, Compaq, NEC and Nielsen in a 5-year $100 million contract to host the Australian Northern Territory Government Internet platform, offering ITSP, ISP and technical support. The contract, which has commenced on December 1st 2000, is generating revenues of approximately $1 million per year and plans to increase as more services come on line.
BentleyTel.com (www.bentleytel.com) is also the developer and distributor of the Smart-e-Card, Global Connexion Card (www.smart-e-card.net). These cards have advanced financial platform capabilities and operate as a stored value card/ATM/real-time International e-funds transfer/global unified messaging and information retrieval card. The BentleyTel-AcSys Card also carries the face recognition HNeT security technology which is patented in 20 countries. BentleyTel Australia also has a 3-year agreement with Ericsson to develop advanced billing and other advanced software. Under the agreement BentleyTel will have co-ownership of the software and products developed with Ericsson.
BentleyTel Philippines operates GSM wireless TeleCenters in the Philippines and is the only or dominant telephony provider to towns with a combined population of almost 2 million people. In Malaysia, BentleyTel offers Advanced IT training and computer sales.
BentleyTel.com has Smart-e-Card and Smart-e-Cash machine national sales and distribution agreements with Nico Communications, Universal Express Inc. and AcSys Biometrics USA.
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.
This press release contains forward-looking statements. All such statements involve risks and uncertainties, including, without limitation, the risks detailed in 20/20 Web Designs' filings and reports with the Securities and Exchange Commission. Such statements are only predictions and actual events or results may differ materially.
SOURCE 20/20 Web Design Inc.
/CONTACT: BentleyTel.com, 949-253-9588/
/Web site: smart-e-card.net
/Web site: bentleytel.com |
