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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: J. Nelson who wrote (13823)	3/29/1999 9:53:00 AM
From: Joe Copia	Read Replies (2) \| Respond to of 25711

GTMI news. March 29, 1999 09:46 Global Telemedia International Inc. Announces Close of Acquisition of Bentley House Furniture Company Inc. 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. The closing in escrow allows GTMI to determine the record date for the reverse split of its stock. Additional details about the reverse split will be forthcoming in the near future. GTMI is in the process of developing a schedule of resolutions of its present significant outstanding debts and lawsuits in anticipation of breaking escrow. Following the reverse split, the name of the corporation will be changed to "Bentley House International Group" and there will be requested a change in its symbol to "BHIG." Following the press release announcing the GTMI - BHFC reorganization, Sumitomo Corporation, Tokyo, paid on behalf of BHFC, US$6.26 million to fully pay the construction loan of the new BHFC factory with Bank of the Philippine Islands (BPI). BHFC is in discussions with Sumitomo regarding repayment and or conversion to equity. The machinery, installation, site development and establishment cost loan of US$1.9 million was also deferred by BPI till December 1999. BHFC equipment includes BACCI Italian shaping machines; high frequency microwave wood bending machines and Italian automated heated spray booths. The factory has a certified output capacity of 10, 000 finished pieces per month. The company utilizes mahogany, teak and other hardwood timber from its plantations to supply hotels and resorts under construction with timber and interior furniture. The BHFC factory, being located in a Tax Free Export Zone, can utilize its free import export ability to further reduce the cost of manufacturing and delivery to the USA and other European destinations. BHFC has existing facilities for telephone pole manufacturing, milling and finishing of raw timber as well as a "state-of-the-art" Italian and Japanese designed furniture factory. 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