Global TeleMedia International Inc. announces receipt of private placement funds and status of CAM-NET tender offer; Extends GTMI warrants.ATLANTA--(BUSINESS WIRE)--Aug. 28, 1996--Global TeleMedia 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 Wednesday that it has received an additional $4 million in private investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company , which completes the first stage of the up to $10 million in funding as previously announced. The company added that the balance of funding in the amount of $5 million will be used for specific acquisitions when appropriate candidates have been selected. Further, the board of directors announced that it has advised CAM-NET Communications Network The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. (NASD/NMS:CWKTF) that due to GTMI's recent positive developments of obtaining the above funding as well as the anticipated deployment of its nationwide switching network, scheduled to begin in the early part of the fourth quarter of 1996, that the tender offer of up to $5 per GTMI share in CAM-NET common stock and CAM-NET convertible preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. is woefully woe·ful also wo·ful adj. 1. Affected by or full of woe; mournful. 2. Causing or involving woe. 3. Deplorably bad or wretched: inadequate. Roderick A. McClain, GTMI's president and chief executive officer, stated: "Considering the revenues and respective earnings projected upon the completion of our nationwide switching network, this tender offer is not in the best interest of the shareholders. Our need for network infrastructure has now been addressed, and we believe that our efforts are best concentrated in the states. With the additional strength of our own network, GTMI can now more actively participate in merger and acquisition opportunities that presently exist in today's telecommunications environment." In additional developments, GTMI announced Wednesday that the term of its Redeemable Common Share Purchase Warrants (NASDAQ BB:GTMIW) has been extended from Aug. 31, 1996 through Dec. 31, 1996. In all other respects, the terms and conditions of the Redeemable Common Share Purchase Warrants remain in effect. Exercise of the Warrants is subject to state blue sky and federal securities law requirements, and the Warrants may not be exercised until such time as an amended registration statement has been declared effective by the Securities and Exchange Commission. Presently, the company does not have an effective registration statement on file. CONTACT: Global TeleMedia International Inc., Atlanta Greg Catinella, Director of Investor Relations Investor relations The process by which the corporation communicates with its investors. 770/667-6088 |
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