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NEW YORK--(BUSINESS WIRE)--Aug. 21, 2000--Geotele.com, Inc. (OTC:GEOL - news) announced today that it has successfully emerged from bankruptcy and is actively establishing a Voip network in order to terminate international voice calls.
Phase One of Geotele.com's business plan initially calls for deploying Cisco (Nasdaq:CSCO - news) Voip Gateways in 13 Countries and sell the traffic to major carriers. The entire network should be fully operational by the end of September 2000. Initial revenues from this system should begin to flow in the first week of September 2000. Beginning in October 2000, the company plans to move to phase two of its business plan, which calls for accelerated deployment, and the introduction of enhanced services.
Geotele.com, Inc. believes that it has a certain advantage over other Voip competitors in that it operates and controls the Gateways on both ends. Many others in the industry rely on partners or other alliances in the terminating country.
Overhead for Geotele.com, Inc. has been drastically reduced from prior years with a sharply reduced staff, closeout of office space, and elimination of debt service. This should afford Geotele.com, Inc. an opportunity to turn profitable with relatively modest revenues.
Except for the historical information contained herein, all of the above mentioned contains forward-looking statements within the meaning of section 27A of the securities Act of 1933, as amended. Such forward looking statements, including but not limited to, legislation that may affect industry regulation.