Global Telephone Communication Inc. Announces Acquistion of Pacific Assets International.

SAN DIEGO--(BUSINESS WIRE)--March 29, 1999--Global Telephone Communication Inc. (OTC Bulletin Board: GTCI) today announced that it has acquired 51% of Pacific Assets International Ltd. (PAI) for 600,000 restricted common shares of GTCI.

PAI, an Asian-based consulting firm, is in the business of setting up major Internet and information technology business relationships for bankers worldwide. Principals of PAI have extensive contacts and strong ties with the Asia Pacific banking community, including the Association of Development Financing Institutions in Asia and the Pacific, which encompasses 78 development banks in 33 countries with members exceeding eight million.

PAI has exclusive franchise rights to market GTCI's Y2K software solutions for the PC and main frame markets. Furthermore, through PAI, GTCI will market an Internet based search engine called BankTouch(TM) BankTouch(TM) will become a self-sustaining, revenue generating, high-traffic Web Site, which provides the most comprehensive resource center for banks and bank clients by generating timely and relevant information about the business of banking.

PAI is also in the process of setting up its "Asian Business Library" (ABL). ABL is designed to be the business information mall about ASIA on the World Wide Web. Its purpose is to give companies from all over the world easy on-line access to business, economic, trade and investment news, developments and opportunities in Asia.

Global will have an opportunity to showcase these products to the Asian banking community during the Asian Banking Congress to be held in Manila in the Philippines in April, 1999. The same principals of PAI annually organize the Asia Pacific Bankers Congress, the Asian Banking Awards and the Asian Banking Digest. GTCI will be a sponsor of Asia's largest learning conference and Expo for bankers and Global will join other multinational companies and financial institutions such as IBM, ADFIAP, DHL, INSEAD and RICOH.

Global Telephone Communication Inc., is working with China Telecom to bring wide access of the Internet to the Peoples Republic of China. Through its wholly owned subsidiary Regent Luck Holdings, Global Telephone operates under an exclusive agency/licensing agreement with China Telecom's wholly owned subsidiary, Newsnet, to provide basic and advanced Internet services. Also within the agreement is Global Telephone's ability to provide Internet Telephony systems and products. According to statistics recently released by the China National Network Information Center, registered Internet users reached 1.175 million by the end of June, 1998, doubling the number of users over the previous six month period. More information can be obtained about Global by visiting its Web Site at http://www.globaltci.com.

To see a recent research report written on GTCI, please visit http://www.wallstreetresearch.net/gtci/report.html.

This statement includes forward-looking information as that term is defined in the Private Securities Litigation Reform Act of 1995, and, therefore, is subject to certain risks and uncertainties. There can be no assurance that the actual results, business conditions, business developments, losses and contingencies and local and foreign factors will not differ materially from those suggested in the forward-looking statements as a result of various factors, including market conditions, competition, advances in technology and other factors.