GLTI - Global TeleMedia International Inc. Files Its Form 8K in Respect to Its 3-Year
$14 Million Financing Facility of Which $750,000 Has Already Been Received
NEWPORT BEACH, Calif., March 5 /PRNewswire/ -- Global TeleMedia
International (OTC Bulletin Board: GLTI) (www.GTMI.com) announced today that
it has filed its Form 8K in respect to a 3-year funding agreement. This
agreement provides the company the right to put to the note subscribers, on a
monthly basis, the obligation to purchase additional debt securities up to
$13,250,000 over the three period.
The funding facility was executed prior to the recent stock market
recession. However, the faculty was structured based on the company's
business plan, products and services and despite the record low market
conditions, the terms of the facility have remained unchanged.
Of the $14,000,000, the first installment of $750,000 has already been
received and the company is finalizing its SB-2 filing as a condition of the
agreement. The funding is targeted for the roll out of the company's products
and services, namely the Smart-e-Card and BentleyTel AcSys Card as well as the
BentleyTel International Phonecard and the purchase and deployment of the
BentleyTel Smart-e-Cash machines.
Additionally, the company's majority owned subsidiary BentleyTel.com has
executed a letter of intent to merge with 20/20 Web Design Inc.
(OTC Bulletin Board: TWEB). The documentation is its final stages and the
merger is expected to be completed by the end of this month.
CONTACT . Action Stocks.com kerry_asi@email.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
-0- 03/05/2001
/CONTACT: Action Stocks.com, 858-481-6670, kerry_asi@email.com, for
Global TeleMedia International/
/Web site: bentleytel.com
/Web site: gtmi.com
(GLTI GLTI.OB TWEB TWEB.OB) |
