Here is the full release from Waterhouse archives:
Global Communications Corporation Implements Strategic Acquisition Program
BusinessWire, Thursday, November 06, 1997 at 11:32
MINNEAPOLIS--(BUSINESS WIRE)--Nov. 6, 1997--Global
Communications Corporation (OTC Bulletin Board: GLOW) announced today
several steps in its expanded Strategic Acquisition Program which is
already in full implementation.
Global's recent and pending acquisitions give it a compelling
array of commercial and merchant services for the Internet.
Marketing on a city-by-city basis, Global can now offer a full
village of merchant products and services to consumers on the
Internet. A unique capability attached to this Internet commerce
strategy is the ability to process credit card purchases on a
third-party basis to protect both the consumer and the merchant.
WOLF KEY HOLDINGS LIMITED. This acquisition announced as a
letter of intent on October 10, was consummated on October 24, 1997.
Wolf Key is in operation in Toronto, Canada with the first Internet
Commercial Village providing full credit card processing service.
WOlf Key's projected 1998 revenues are $18 million with much greater
volume possible from additional credit card processing contracts.
INTEGRATED CONSUMER ENTERTAINMENT, LTD (ICE). On October 20,
1997, Global announced the letter of intent to acquire this dating
service company. This acquisition is scheduled to close today.
Global has initiated negotiations with several dating services and
expects to sign a letter of intent with one of them within a week.
ICE provides dating services in major metropolitan cities. Its
1997 revenue and gross profit are anticipated at U.S. $2.5 million
and $400,000 respectively, with a 70% increase expected in 1998.
This will become one of the categories of services on the Commercial
Village program. Additional acquisitions of dating services which
have the capability to grow exponentially and have current sales of
$1 million will be considered. Such acquisitions will benefit from
economies of scale in purchasing advertising marketing materials and
communications services.
Global will focus on consolidating the electronic commerce
processing industry in the 900 telephone business. Global will
expand its 900 service business and provide the equivalent of
900 service on the Internet.
OTHER ACQUISITIONS. Global has identified and initiated
negotiations for eight additional acquisitions to broaden its
service offerings on the Commercial Village. Global plans to
franchise its Commercial Village in major cities very soon.
Global's initial business, bingo and lotto wagering on the
Internet outside the U.S. will be able to expand much more
aggressively with the credit card processing provided by Wolf Key.
It anticipates $100 million in revenue in 1998. Global is
projecting over $0.50 per share in earnings in 1998.
CONTACT: Red Oak Management
Allysa Amundson, 612/672-0834
or
Gary Borglund, 612/672-0834
Fax: 612/672-0839
KEYWORD: MINNESOTA
INDUSTRY KEYWORD: ENTERTAINMENT COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MULTIMEDIA/INTERNET
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