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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: L Biewer who wrote (4870)	5/13/1999 4:16:00 PM
From: InOverMyHead	Read Replies (1) \| Respond to of 108040

GTMI News!!!! biz.yahoo.com Thursday May 13, 3:03 pm Eastern Time Company Press Release GTMI Subsidiary, Bentley House Furniture Company, Executes Building Contract Worth a Projected US$56 Million ATLANTA--(BUSINESS WIRE)--May 13, 1999--Global Telemedia International Inc. (OTC BB: GTMI - news), through its wholly owned subsidiary Bentley House Furniture Company (BHFC), has executed a contract with Canadian-Philippine Corporation Integrated Philcan Inc. to build government employee homes in the Philippines. The initial contract is expected to generate more than US$56 million in revenues and provides for BHFC to take 100% of the production capacity of Integrated Philcan Inc. Philippine operations. Stage one of the contract specified the initial construction of 3,500 houses, Construction permits have been issued for these houses on properties owned by BHFC. The homes will be built for the National Police, Armed Forces of the Philippines and the Department of Interior and Local government. The houses will range from $5,000 to $75,000 each and generate to BHFC a gross profit of more than 45 percent. Using modular design and steel construction technology, construction will commence at 20 houses per day and will ramp up to 120 per day, on multiple lots. Integrated Philcan Inc. is in the final stage of construction of a factory to manufacture the components of the Patented Canadian Rapid-Built Housing System in the Philippines near the BHFC subdivision sites. The Canadian Government through CIDA will fund the training of Philippine construction crews who will be scheduled to operate seven days per week. The Government of the Philippines, through the Government Service Insurance System, a Federal Body, has certified the issuance of the initial $14 million 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. GTMI through single line technology will provide Telephone, Internet and cable TV exclusively to all houses constructed. 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. -------------------------------------------------------------------------------- Contact: Mark Wachs & Assoc., New York Mark Wachs, 212/832-2800