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Wednesday September 16, 12:43 pm Eastern Time
Company Press Release
American Diversified Group - ADGI - Announces Financing Program on Behalf of its Internet Telephony Affiliate
HICKORY, N.C.--(BUSINESS WIRE)--Sept. 16, 1998--ADGI (Nasdaq:ADGI - news) Wednesday announced that its Internet telephony affiliate, GTCC, has reached agreement with the Florida Export Finance Corp. (''FEFC'') which will allow GTCC to add a strong financial foundation for the continuing development of its Latin American Internet telephony network.
FEFC, a member of the City-State program of the Export Import Bank of the United States, has given GTCC the ability to arrange financing for its foreign operations up to $500,000. Financing will be available to customers on a revolving basis. This structure will give GTCC the ability to continuously reinvest in the expansion of its services abroad.
GTCC stated that this is the most significant non-technical step its has achieved to insure successful implementation of its international Internet calling network. Now and in the future GTCC will be able to provide to its foreign partners financing of the necessary equipment to construct and expand their calling networks within each of their markets with the latest technology. Having completed its arrangements with FEFC, GTCC projects the start-up of its calling services on or about Oct. 1st. With these arrangements GTCC anticipates a strong continuing growth with increasing revenues and profits.
For further information, ADGI's Broadcast Fax System provides ADGI information (releases, newsletters, shareholder updates) and is accessible to all ADGI shareholders via fax. To become part of ADGI's Broadcast System, please contact ADGI's Investor Relations Office at 212/332-5009 or by fax at 212/332-3249. Global Transmedia Communications Corp. may be reached at 305/620-2577.
Contact:
American Diversified Group Inc.
Investor Relations, 212/332-5009
or
Global Transmedia Communications Corp.
305/620-2577
More Quotes and News:American Diversified Group Inc (OTC BB:ADGI - news)Related News Categories: biotech, computers, internet, medical/pharmaceutical, telecom
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