Global TeleMedia International Inc. announces decrease of gross revenues.ATLANTA--(BUSINESS WIRE)--April 15, 1997--Global TeleMedia Telemedia was a Canadian media company, which had holdings in radio, television and magazine publishing. The company was launched in 1968 by Philippe de Gaspé Beaubien. International Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on BB:GTMI GTMI Go to Market Initiative ) announced Tuesday Tuesday: see week. that for the 12 months ended Dec. 31, 1996 gross revenues decreased in excess of 48% from $2,864,000 in 1995 to $1,391,759 in 1996. In addition, the company reported a net loss from operations of $5,374,287 as compared to a net loss from operations of $2,321,000 for the same period the previous year. This increase in losses was primarily due to significant costs associated with the deployment of its nationwide enhanced services Enhanced service is service offered over commercial carrier transmission facilities used in interstate communications, that employs computer processing applications that act on the format, content, code, protocol, or similar aspects of the subscriber's transmitted information; platform. The company also experienced additional one-time costs for launching its wholly owned network marketing subsidiary, Vision 21 Inc. While Vision 21 Inc. has been enjoying a steady increase in revenues since January 1997, the company's enhanced platform revenues will not commence until the second quarter of 1997. Roderick McClain, president 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. , stated: "While the delay in implementing our enhanced services platform had postponed our revenue growth, the performance of Vision 21 Inc. has exceeded our projections. Based on our preliminary results, we expect total revenue for the first quarter of 1997 will exceed those for the entire previous year 1996. The added revenues generated in the second quarter by the enhanced service platform will continue to allow the company to proceed with the infrastructure build-out of its nationwide network. This business has transformed the company into a carrier's carrier who now offers a wide scope of products and services to both the wholesale and retail marketplace." CONTACT: Global TeleMedia International Inc. Herbert S. Perman, Chief Financial Officer 770/667-6088 |
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