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GLOBAL TIMBER CORPORATION ANNOUNCES AGREEMENT TO EXPAND BUSINESS BASE; NEW DIRECTORS AND OFFICERS NAMED

LAS VEGAS, May 10 /PRNewswire/ -- The Board of Directors of Global Timber Corporation (Nasdaq: GTRE) today announced an agreement with Bentley House International Corporation (BHIC) with local offices in San Diego to exchange assets and contracts projected to yield net cash to the corporation of approximately $12,000,000 during the next 12 months.

The Board said the consideration for the transaction was to be for the issuance of restricted Treasury Stock not to exceed 6,420,000 Common Shares. There are currently 9,360,000 Common Shares outstanding.

The Board action follows a due diligence process previously announced on May 1.

During this review, the Board agreed with an outside investor to join in a strategic plan to expand Global's timber operations in the Philippines. As part of the overall plan, the outside investor -- Steven Randall Jackson -- agreed to join the Global Board of Directors and will assist current Board member Jonathon Bentley-Stevens in expanding saw mill operations and in soliciting contracts for hardwood logs and wood chips in the future.

Since Mr. Bentley-Stevens is on the Boards of both Global and BHIC, a third-party valuation must be finalized and shares subject to a two- year Rule 144 provision. Thus, the Common Shares of Global would not increase the publicly-traded "float" until the second quarter of 1998 at the earliest. In addition, such stock would not be available for public trading even at that time except for small amounts, usually restricted to 1% of the public "float" per month.

As finally structured, the agreement does not require a vote of shareholders.

Along with the addition of Mr. Jackson to the Board, other changes in the Board of Directors and Officers of Global were announced.

David A. Kirk, already a Director of both Global and BHIC, was named President of Global. Mr. Kirk is a private investor in San Diego. Mr. Bentley-Stevens was named Chief Financial Officer (a new position) and Treasurer. Robb R. Mac Millan, a private investor, was named Secretary. Carmine J. Bua, Esq., an attorney, was named Assistant Secretary. Both Mr. Mac Millan and Mr. Bua are from San Diego.

Jose F. Garcia remains Chairman of the Board. He was also previously the Secretary and Treasurer. Since the majority of the new Board members are from the San Diego area -- and due to the expanding nature of future operations -- the following officers and Directors resigned to pursue other interests: Robert Bernardino, outside Director; Richard E. Percell, outside Director; and Steven J. Sand, former President and Director.

There are five members of the Board. It is expected that two outside Directors will be added to fill the remaining vacancies. It is also expected that Global will move its headquarters from Las Vegas to the San Diego area shortly.

Global Timber Corporation is a socially-responsible natural resources company with international interests.
 -0- 5/9/96


/CONTACT: Gregory A. McAndrews of Greg McAndrews & Associates, 310-301-3035/

(GTRE)

CO: Global Timber Corp. ST: Nevada IN: PAP SU: PER

MO-SS -- LAF027 -- 7097 05/10/96 11:18 EDT
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Publication:PR Newswire
Date:May 10, 1996
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