PARDON THE INTRUSION ON THIS THREAD, but the most amazing PR I have seen in 2 years just came out earlier.
Just for giggles....I would love to hear what you all think.
It sounds way to good to be true, but PR firm insists it is.
GTMI NEWS:
(COMTEX) B: GTMI Subsidiary, Bentley House Furniture Company, Project
B: GTMI Subsidiary, Bentley House Furniture Company, Projects New Contract Will
Generate More Than US$36 Million in Monthly Revenues and US$16 Million in
Monthly Gross Profits
ATLANTA (April 7) BUSINESS WIRE -April 7, 1999--Global Telemedia
International Inc. (OTC BB: GTMI-News), through its wholly owned
subsidiary Bentley House Furniture Company (BHFC), has entered into a
joint venture contract with San Antonio Housing Systems & Technology
Inc. (SAHSTI) to build government employee homes in the Philippines, it
was announced today by Jonathon Bentley-Stevens, chairman and CEO of
BHFC.
The contract is expected to generate more than US$36 million in
monthly revenues and US$16 million in monthly gross profits, which will
be in addition to any revenues or profits generated by GTMI's exclusive
telecommunication rights or any other BHFC or GTMI revenues or gross
profits.
Construction permits have been issued on approximately 20,000 housing
lots on properties owned by BHFC. The homes, which will be built for
the National Police, Armed Forces of the Philippines and the Department
of Interior and Local government. The average sales price of the houses
being constructed will approximate US$10,000, and generate to BHFC a
gross profit of more than 45 percent. Using modular design and steel
construction technology, the houses can be completed at the rate of 120
per day, or approximately 3,600 per month. Construction crews have been
scheduled seven days per week.
The BHFC / SAHSTI Joint Venture has all the government permits
necessary to begin construction immediately. The Government of the
Philippines, through the Government Service Insurance System, a Federal
Body, has certified the issuance of the initial $14 million dollars in
government bonds to guarantee payment to the joint venture upon
completion. Construction is expected to start during the second quarter
of 1999, and should ramp up to full production during the fourth
quarter of this year.
BHFC has established a property development division based in Cagayan
de Oro City, employing 14 people, including legal, engineering,
administrative, etc., to expedite the engineering and regulatory needs
of additional subdivisions it has contracted for, including the
procurement of additional construction permits. The first additional
groups of subdivisions, include approximately 55,000 lots.
The first "Rapid-Built" homes will be constructed near the former
American Clark Air Force Base, the site of an emerging Tax-Free Export
Manufacturing Zone.
Global Telemedia International Inc. (GTMI) is a full-service
communications company focusing on international communications
networking in emerging countries. The company holds the necessary
certificates of conveyance with applicable public service
communications in the continental United States as well as an
international carrier license.
The statements contained in this release may contain forward-looking
statements relating to such matters as anticipated financial
performance, business prospects, technological developments, new
products, research and development activities and similar matters. The
Private Securities Reform Act of 1995 provides a safe harbor for
forward-looking statements. In order to comply with the terms of the
safe harbor, the Company notes that a variety of factors could cause
the Company's actual results to differ materially from the anticipated
results of other expenditures expressed in the Company's
forward-looking statements.
-0- ah/ny* rg
CONTACT: For GTMI:
Mark Wachs & Assoc., New York
Mark Wachs, 212/832-2800
KEYWORD: GEORGIA INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: TELECOMMUNICATIONS BUILDING/CONSTRUCTION COMED
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