SAN DIEGO, Feb. 2 /PRNewswire/ -- Global Telephone Communication Inc.
(OTC Bulletin Board: GTCI) today announced that it has entered into a
Memorandum of Agreement to acquire 51% of Pacific Assets International Ltd.
(PAI) for 600,000 restricted common shares of GTCI. The acquisition is part
of a joint venture giving PAI exclusive franchise rights to market the
companies Y2K software solutions including Global Fix 2000, to financial
institutions and their clients throughout Asia, excluding China.
PAI, a Asian-based consulting firm, is in the business of setting up major
Internet and information technology business relationships for bankers
worldwide. Included will be a search engine, information mall and business
library, said Terry Wong, President of Global. Global will assist PAI in its
development of strategic relationships with the Asian banking community as PAI
wants to establish its search engine to be a major financial Internet portal
for facilitation of trade and commerce in Asia, Wong added.
Principals of PAI have extensive contacts and strong ties with the Asia
Pacific banking community, according to Wong, including the Association of
Development Financing Institutions in Asia and the Pacific, which encompasses
78 development banks in 33 countries with members and clients exceeding eight
million. Additional contacts include the Asian Bankers Association (ABA) and
other banking associations in the region. The same principals of PAI annually
organize the Asia Pacific Bankers Congress, the Asian Banking Awards and the
Asian Banking Digest.
Global Telephone Communication Inc., is working with China Telecom to
bring wide access of the Internet to the Peoples Republic of China. Through
its wholly owned subsidiary Regent Luck Holdings, Global Telephone operates
under an exclusive agency/licensing agreement with China Telecom's wholly
owned subsidiary, Newsnet, to provide basic and advanced Internet services.
Also within the agreement is Global Telephone's ability to provide Internet
Telephony systems and products. According to statistics recently released by
the China National Network Information Center, registered Internet users
reached 1.175 million by the end of June, 1998, doubling the number of users
over the previous six month period. More information can be obtained about
Global by visiting its Web Site at globaltci.com.
This statement includes forward-looking information as that term is
defined in the Private Securities Litigation Reform Act of 1995, and,
therefore, is subject to certain risks and uncertainties. There can be no
assurance that the actual results, business conditions, business developments,
losses and contingencies and local and foreign factors will not differ
materially from those suggested in the forward-looking statements as a result
of various factors, including market conditions, competition, advances in
technology and other factors.
SOURCE Global Telephone Communications, Inc.
-0- 02/02/99
/CONTACT: Jim Berger of The Investor Relations Company, 800-536-8472, for
Global Telephone Communications, Inc.; or Terry Wong of Global Telephone
Communications, Inc., 800-668-9880/
/Web site: globaltci.com
(GTCI)
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