Global TeleMedia completes financing agreement and announces acquisition.ATLANTA--(BUSINESS WIRE)--July 5, 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 :GTMI GTMI Go to Market Initiative ) announced Wednesday that it has completed agreements to provide $5 million in new financing through private placement. GTMI also announced the execution of a letter of intent to acquire Spectrum Business Systems Inc. of Laguna Niguel, Calif. Spectrum, one of the nation's leading long distance providers to fund-raising organizations, currently has sales of $2.5 million and expects to exceed $4 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. volume by mid-1996. With the national field force of 38 independent representatives, Spectrum has captured national accounts such as The Endangered Species endangered species, any plant or animal species whose ability to survive and reproduce has been jeopardized by human activities. In 1999 the U.S. government, in accordance with the U.S. Fund, The Purple Heart Foundation, branches of the NAACP NAACP in full National Association for the Advancement of Colored People Oldest and largest U.S. civil rights organization. It was founded in 1909 to secure political, educational, social, and economic equality for African Americans; W.E.B. Du Bois and Ida B. , as well as 40 Christian organizations and numerous Police organizations throughout the U.S. Roderick A. McClain, GTMI's chairman, stated: "GTMI has obtained the capital commitment it needs to grow through internal expansion and more importantly, through acquisitions of other regional telecommunications companies. With the addition of Spectrum, we are forecasting sales in excess of $10.0 million per year by December 1995." CONTACT: Global TeleMedia International Inc., Atlanta Greg Catinella, Director of Public Relations 404/642-4888 |
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