Global TeleMedia Receives First Installment Of Its $14 Million 3-Year Equity Credit Line. The Funding Received Will Enable the Company to Commence Production Of the $1.3 Million Order for BentleyTel International Phonecards as Well as Smart-E-Cash Machines
Newport Beach, CA, Global TeleMedia International (OTC Bulletin Board: GLTI - news) announced that it had received its first installment on its $14 million 3-year equity credit facility. Funds have been allocated for the first order of Smart-e-cash machines and the production of BentleyTel international Phonecards and Smart-e-Cards.
GLTI President, Jonathon Bentley-Stevens said, ``We are pleased to announce the receipt of the first installment of funds. This funding will enable the Company to produce and deploy its proprietary cards and Smart-e-Cash dispensing machines into the American market place. The funding is in the form of an equity participation by an international group investing in telecom and technology sectors. Under the terms, the group will invest $14 million over the next three years and will attain approximately 4.9% equity in GLTI.''
He continued, ``One of our major distributors is Nico Telecom which has domestic Phonecard sales of $75 million annually with peak monthly sales of more than 100 million minutes in June 2000. Nico Telecom has initially ordered $1.3 million of the BentleyTel 30, 60 and 120 minute international phonecards for their 50,000+ retail locations. The cards are set for immediate production and distribution during the potentially high calling holiday season, which includes the Chinese New Year. We anticipate many of these cards will find their way to the overseas families of the 40 Million or so ethnic Americans with strong family connections in South America and abroad. The cards will represent significant savings for international callers calling into the United States. The card can be re-valued by the original sender, and with the convenience of remote revaluation, the cards can remain active indefinitely and create recurring revenue for the Company.''
The BentleyTel International PhoneCard is the Company's initial product launch, to be closely followed by the BentleyTel Smart-e-Card and Global Connexion Card. These cards having a financial multi-function platform will be indispensable for international travelers and corporate executives. The Smart-e-Card and Global Connexion Card can be used as a financial platform for employees traveling to pay for expenses, call from hotels avoiding expensive hotel rates, the card can be re-valued over the phone or via PC for any unplanned expenses or extended business trips or vacations. Nico Telecom (OTC Bulletin Board: FEVI - news) is also working with the Company to qualify its highest revenue locations for installation of Smart-e-Cash machines.
With the deployment plan for over 2,000 of the BentleyTel Smart-e-Cash machines across the United States, card holders will soon have the ability to re-value their BentleyTel PhoneCards and Smart-e-cards using cash, payroll checks and personal checks, obtain money orders and pay bills on-line. This is an aggressive move into the out-of-bank banking and financial transactions initially targeted at the 40+ million non-banked or credit challenged American residents. The more advanced BentleyTel Global Connexion Card, designed for corporate and travel use, should be available second quarter 2001 and will carry such additional features as Global Unified Messaging and can carry personal and medical information.
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