ADGI Announces Third Quarter Revenues; Combined Revenues Exceed $1.1 Million.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 12, 2000 American Diversified Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ADGI) announced today that its subsidiaries reported combined revenues of more than $1.1 million. Global Transmedia Communications Corporation reported revenues in excess of $811,000 and NCI See Liberate. Telecom, Inc. reported revenues over $289,000. The total revenue for the nine months ended September 30, 2000 exceeded $3.05 million. Jerrold R. Hinton, PhD, ADGI Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , noted that Global Transmedia invested $1,200,000 in equipment during the quarter, including leasing more than $1 million of equipment from a major supplier, and purchasing $820,000 of equipment from NCI Telecom in an intercompany transaction Intercompany transaction Transaction carried out between two units of the same corporation. . He noted that Global Transmedia plans to launch its web site early next quarter. The website will provide up-to-date information on VoIP market activities and technologies. "Overall, we are pleased with the results of our third quarter operations, a period in which we continued to be in our building stages," said Tim Huff, Global Transmedia's Chief Technology Officer. "While we experienced delays in equipment delivery and other technical issues, we have been able to meet the expectations set forth in our strategic plan and anticipate achieving our goals for this phase of the expansion of our worldwide network." Dr. Hinton added, "We feel that this was a substantial quarter of operation and growth for ADGI. Third quarter revenues exceeded those for each of the first two quarters. With our contracts in place and our management team focused on building out our worldwide network, we expect ADGI to continue producing impressive operational results." About Global Transmedia Global Transmedia is a facilities-based international telecommunications company See telecom company. . Its core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
(2) (Microwave Communications Inc. and major carriers currently enjoy. About ADGI ADGI is a fully reporting public company with all filings current with the Securities and Exchange Commission. The companies that comprise the ADGI group of companies are majority-owned and part of its operating group. ADGI will continue to make strategic investments in synergistic and complementary companies to create the powerful leverage opportunities that will further ensure the success of the company. The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that involve risks and uncertainties. Readers are cautioned as to potential risks, as discussed in the "Factors That May Affect Future Results" section included in the Company's Annual Report on Form 10K-SB filed with the SEC for period ending December 31, 1999, and the risks discussed in the Company's other filings with the SEC. While management believes that the expectations reflected in the forward-looking statements and assumptions upon which the forward-looking statements are based are reasonable, it can give no assurance that such expectations and assumptions will prove to be correct. |
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