News out this Morning...............
HICKORY, N.C.--(BUSINESS WIRE)--Nov. 17, 1998--American Diversified
Group (Nasdaq BB:ADGI) announced Tuesday that its Internet telephony
affiliate, Global Transmedia Communications Corp. ("GTCC") has reached
initial agreement with TechNet International Inc., the international
services arm of Nations Tel Inc. group of companies ("TNI Group").
TNI Group provides international calling services and call minute
termination services across its network. TNI announced revenues of $12.9
million for the past fiscal year and projects revenues in 1999 of up to
$32.9 million.
With the implementation of this new agreement, revenues will begin
to increase immediately due to the larger market offered to GTCNetLink.
The calling minute margins will also increase for GTCNetLink, projected
at more than 30%, as the broader network based services are contracted
to GTCNetLink at discounted rates.
These new services are presently being added to the network in
Colombia, South America. ADGI's affiliate has the rights to provide
these services in several other Latin American countries with agreements
presently being negotiated and commencement of services immediately
thereafter.
GTCC is working with many multinational telecommunication companies
to expand their calling services.
ADGI and GTCC believe the faster they can form relationships and
agreements in the international telephony marketplace with other new era
telecom services companies, the more revenue it can earn by offering its
GTCNetLink services across a much broader calling network.
For further information, ADGI's Broadcast Fax System provides ADGI
information (releases, news letters, shareholder updates) and is
accessible to all ADGI shareholders via fax). ADGI has a Web Page at
www.adgrpinc.com and E-Mail address adgi@abts.net.
Except for the historical information herein, the matters discussed
in this press release include forward-looking statements that may
involve a number of risks and uncertainties. Actual results may vary
based upon a number of factors, including, but not limited to, risks in
product and technology development, market acceptance of new products
and continuing demand, the impact of competitive products and pricing,
changing economic conditions and other risk factors contained in the
company's most recent annual report and other filings with the
Securities and Exchange Commission.
--30--cp/mi*
CONTACT: American Diversified Group
Executive Offices
828/322-2044, fax 828/322-3798
or
NY Investor Relations
212/332-5009, fax 212/332-3249
KEYWORD: NORTH CAROLINA
INDUSTRY KEYWORD: COMED TELECOMMUNICATIONS
INTERACTIVE/MULTIMEDIA/INTERNET |
