To: hoffy who wrote (12776 ) 5/3/1999 12:53:00 PM From: Popiye Respond to of 15987
Here is a player.. small issue if the company is going to complete a RS down the road.. but looks good IMHO: Related QuotesGTMI 0.295000 +0.045000 delayed 20 mins - disclaimer Monday May 3, 10:37 am Eastern Time Company Press Release Global Telemedia International Inc. Announces Close of Acquisition of Bentley House Furniture Company, Inc. ATLANTA--(BUSINESS WIRE)--May 3, 1999--Global Telemedia International Inc. (OTC BB: GTMI; ''GTMI'') today announced that it has completed the acquisition of Bentley House Furniture Company, Inc. (''BHFC''). Following the breaking escrow effective today, BHFC will operate as a wholly owned subsidiary of GTMI. 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 company recently entered into homebuilding contracts that, when fully implemented are expected to generate more than US$36 million in monthly revenues and US$16 million in gross monthly profits. ''This completes the final step in our acquisition of BHFC,'' said Roderick A. McClain, GTMI president and chairman. ''BHFC is involved in numerous contracts and projects which will generate strong revenues for its new parent company, GTMI.'' The BHFC head office and factory is in a Tax Free Export Zone and will 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 factories for telephone pole manufacturing and milling, finishing and export of high quality timber as well as a ''state-of-the-art'' Italian and Japanese designed furniture factory. The company's 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