Correction on this mornings news:
BW1382 APR 21,1999 9:33 PACIFIC 12:33 EASTERN
( BW)(CQN-CA-GLOBAL-TELEPHONE-COMM)(GTCI) Correction --
Global Telephone Communication Inc. Announces The Signing of Two Agency Agreements For Distribution of The Millennium Bug Compliance Kit
Business Editors & Technology Writers
CORRECTION...by Global Telephone Communication Inc.
SAN DIEGO--(BUSINESS WIRE)--April 21, 1999--Global Telephone Communication Inc. OTC Bulletin Board: GTCI) today announced that the company has entered into two separate Agency Agreements with Manful Commerce Co. Ltd. and Beijing JinXunDa Telecommunications
Technology Development Co. Ltd. to supply the Y2K PC solution - The Millennium Bug Compliance Kit in China.
Manful Commerce Co. Ltd. Is a state owned enterprise based in the province of Guandong, acts as an agency for high quality domestic and foreign computer products, including the development of applied computer software, the construction of large network systems, and Internet set up and web page production. Beijing JinXunDa Telecommunications Technology Development Co. Ltd., based in
Beijing, is involved in the development of new technology, aiming to provide first-class service in the areas of research & development, telecommunication engineering, marketing of telecommunication
equipment, and information services and technical training. The principals of the company were responsible for marketing and distributing Motorola products in China through the government
distribution channels The Agency Agreements call for these two companies to act as distribution agents for GTCI's Millennium Bug Compliance Kit to various Chinese government departments and
their established distribution channels throughout China. Through their introduction, GTCI's top executives have held several meetings in China with the Department of Internal Trade to formalize an
agreement to distribute our Y2K products throughout the Department's distribution channels in China.
The terms of the two agreements are identical and require Manful Commerce Co Ltd. and Beijing JinXunDa Telecommunications Technology Development Co. Ltd. to act as distribution agents for
GTCI. The agreements call for both companies to acquire a minimum of three thousand (3000) Millennium Bug Compliance Kits each for the first three months with a further commitment to purchase fifty thousand (50,000) units total over the next three (3) months. The terms of the agreements are for six (6) months and become active upon the delivery of the Chinese formatted version, which is anticipated to be ready within the next ten (10) business days.
The retail price of the Millennium Bug Compliance Kit is Twenty-Two dollars ($22.00 USD). GTCI has a 50/50 profit participation on all units acquired by either Manful Commerce Co. Ltd. and Beijing JinXunDa Telecommunications Technology development Co. Ltd.
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, as well by visiting superstocks.net and wallstreetresearch.net.
--30--jc/at*
CONTACT: GTCI
Terry Wong, 800/668-9880
www.globaltci.com |
