Finally had a chance to review todays news in detail. The following is a list of attributes of BHFC:
BHFC is a Philippine Holding Co. involved in telecommunications, agriculture, mining, timber export and furniture manufacturing.
1) 50% equity in BHTC, a Brunei subsidiary timber marketing and furniture distribution company
2) A brand new $6,260,000 furniture factory(paid by Sumitomo, to be repaid as debt or equity) to go along with their existing "state of the art" Italian and Japanese design furniture factory. The new plant is capable of producing 10,000 finished pieces per month. If these pieces are all made of teak and mahogany as suggested, they could easily sell for $1,000 or more per item. 10,000 x $1,000 = $10,000,000 per month(I could be way off here) from the one furniture plant.
3) Joint ventures "with contracts" for construction of government employee homes in the Philippines. The Philippine Government has certified the issuance of $14,000,000 in bonds to cover initial construction costs. These homes are to be built on BHFC property, possibly up to 20,000.
4) Contracts with San Antonio Housing Authority and a Canadian Company to build rapid construction modular housing.
5) Pending contracts with hotels being constructed for the 2000 Olympics. This one is vague.
This appears to be more of a reverse merger with GTMI taking over BHFC. The combined revenues will exceed anything that GTMI has ever seen and should supply the capital they need to roll out their international communications networking products in Indonesia, Malaysia and the Philippines.
If anyone has further info or opinions regarding the reverse merger/split please post.
Tom B.
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