ALERT! This just in ADGI...News (now .025)
HICKORY, N.C. (Feb. 2) BUSINESS WIRE -Feb. 2, 1999--American Diversified Group
(Nasdaq BB: ADGI) ("ADGI") announced today that its Internet telephony affiliate, Global
Transmedia Communications Corp. ("GTCC"), Aventura, Fla. has expanded its
relationship with Florida Export Finance Corp. ("FEFC") and closed on its first financing
facility.
To tighten the working relationship between the two entities, FEFC has obtained a
minority equity interest ownership in GTCC and GTCC has closed on FEFC financing
supporting the Internet Telephony services currently being offered in the country of
Colombia.
FEFC is owned by the State of Florida and was created with a mandate to support the
export of goods and services from the State of Florida. Through FEFC's participation in
the city/state program offered by the Export Import Bank of the United States, ADGI's
affiliate has the ability to arrange financing through FEFC for its foreign affiliates of up to
$500,000 and can obtain EXIMBANK loan guarantees of up to $1 Million.
GTCC is delighted with the expanded role taken by the FEFC. GTCC considers its
relationship with FEFC to be the cornerstone in its plans for continued expansion in the
international marketplace. The financing facilities and loan guarantees available through
FEFC provides GTCC with the financing capabilities to support its foreign affiliates in
developed markets and will assist the GTCC Internet telephony network expand into new
markets.
In the international telephony market, service providers must have the ability to continue
to expand their networks into new areas to attract the greatest number of subscribers.
The latest technology must go hand-in-hand with attractive financing in order to deliver
services around the world.
For further information, ADGI has a Web Page at www.adgrpinc.com and E-Mail address
adgi@abts.net. Executive Offices: 110 N. Center St., Suite 202, Hickory, N.C. 28601 -
Tel: 828/322-2044 - Fax 828/322-3798 NY Investor Relations: 45 Rockefeller Plaza, Suite
2000, NY, NY 10111 - Tel: 212/332-5009 - Fax 212/332-3249 Global Transmedia
Communications Corp. - Tel: 305/931-4232
Except for the historical information herein, the matters discussed in this press release
includes 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.
HK/na*
CONTACT: American Diversified Group, Hickory
Dr. Jerrold Hinton, 828/322-2044
828/322-3798 (fax)
Cellular Phone: 828/381-4366
or
NY Investor Relations, New York
212/332-5009
KEYWORD: NORTH CAROLINA NEW YORK FLORIDA
INDUSTRY KEYWORD: TELECOMMUNICATIONS COMED
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