NEW SHAREHOLDERS: GTMI is a "new" powerful company as of March 29th.
RE-READ THE MARCH 29 PRESS RELEASE (see below)
Here's just the "meaty" portion:
ATLANTA--(BUSINESS WIRE)--March 29, 1999--Global Telemedia International Inc. (OTC Bulletin Board: GTMI-News; "GTMI") today announced that it has closed its acquisition of Bentley House Furniture Company, Inc. ("BHFC") with the delivery of 99.8% of BHFC stock in escrow.
GTMI anticipates receipt of the delivery of the balance of the BHFC stock from BHFC's minority stockholders in the near future.
BHFC is a Philippine Holding Company with interests in:
telecommunications, agriculture, mining, timber export and furniture manufacturing. BHFC also has a 50% equity in BHTC Sdn. Bhd., its Brunei subsidiary timber marketing and furniture distribution company.
"Other, Operations, Contracts and Projects include:
-- Joint ventures with contracts for construction of government employee homes. These include the National Police, Armed Forces of the Philippines and the Department of Interior and Local Government.
Construction and will commence during the second quarter of 1999. The Government has certified the issuance of US$14 million dollars in bonds to cover the first portion of the construction costs. The houses
will be constructed on BHFC's properties, which are subdivided. Construction permits have been issued
on over 20,000 housing lots.
-- Contracts with San Antonio Housing Systems & Technology Inc. and Canadian Company, Monterey Corporation through their Philippine Corporation Integrated Philcan Inc. Both companies build rapid
construction modular housing, have factories in the Philippines, and are fully licensed and accredited with the Philippine Government.
-- Pending contracts with hotels specifically being constructed for the 2000 Olympics. These are located in Tagayay, Manila, Redfern in Sydney, with other condo-tels and boutique hotels which are completed in Makati City are awaiting BHFC's New York Designer to submit final renderings and layouts.
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 company is also drafting a telecommunications agreement with An Australian Company to Joint Venture and expand their operations in the BIMP-EAGA countries
(Brunei, Indonesia, Malaysia & Philippines) that have combined populations of over 400 million people.
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.
CONTACT: Mark Wachs & assoc. (for GTMI)
Mark Wachs, 212/832-2800
|
