Global TeleMedia International Inc. makes announcement.ATLANTA--(BUSINESS WIRE)--Aug. 7, 1995--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that reports on BB:GTMI GTMI Go to Market Initiative ) announced that the scheduled $5 million financing has been rescinded due to the delisting of GTMI from NASDAQ to the NASDAQ Bulletin Board. The lender has notified the company that it seeks to foreclose fore·close v. fore·closed, fore·clos·ing, fore·clos·es v.tr. 1. a. To deprive (a mortgagor) of the right to redeem mortgaged property, as when payments have not been made. b. on certain assets. The company and lender have agreed in principal to a foreclosure of certain assets and assumption of various company liabilities. The lender has further agreed to advance additional monies to GTMI as part of the foreclosure proceedings. The company's management has streamlined its operations and, subject to the execution of a final, definitive agreement, will enter into a service agreement with CAT Interests Limited to provide provisioning, billing, customer service and commission reporting while evaluating its business strategy on a going forward basis. The company is aggressively pursuing other financing opportunities and, while no assurances are made, the company anticipates reaching an agreement within the next 30 days. Additionally, the company has filed a request for reconsideration and rehearing rehearing n. conducting a hearing again based on the motion of one of the parties to a lawsuit, petition or criminal prosecution, usually by the court or agency which originally heard the matter. with the NASDAQ Hearing Review Committee in order to gain relisting. CONTACT: Global TeleMedia International Inc., Atlanta Roderick A. McClain, Chairman & 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. 404/642-4888 |
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