General thoughts,
One year ago the theme of the business plan for GTEL was IP traffic. As stated by Huff, this will still be the a strong component of operations. I see where the theme has shifted to the "other products" part as the main source of revenues with higher profits. Our largest Company investment to date will be put into Magic Money program with all the add ons. 10MM will be invested soon say nothing of what dollars have already been spent. This is far beyond any other acquisitions or investments in any other programs. 95% or so of the past years PR's have been related to this program. I have no doubt at this stage of operations this sector of our business plan is intended to be the meat and potatoes of revenues/income for 2004 and beyond. The statistics are out there on money remittance and other aspects of the add ons and the numbers are staggering...rock
The Money Magic program is now supported out of the data switch located in Venezuela. The goal of GlobeTel is to have processing switches in South America, to process transactions in Latin America, in the US to handle North America and the Caribbean, and in the United Kingdom to process transactions in Europe and Hong Kong to process Asian transactions. These four core switches will give GlobeTel the regional presence and processing power to handle the global business that the Money Magic program supports.
Timothy Huff, CEO of GlobeTel stated: "The recent business interests in Mexico, the Philippines, China and Australia coupled with the financial abilities that this investment provides, makes GlobeTel's programs extremely powerful. Money remittance is a multi-billion dollar industry and adding this feature to the pre-paid calling card features that GlobeTel already deploys, makes this a very attractive product for many markets around the world. This investment brings major investment efforts to a close for the Money Magic program, Magic Phone and Text Card programs. With this funding now secured, the company has the right tools to accelerate to the speed to reach our goal of a $60 million dollar run rate by the end of 2004. Once we reach that revenue goal, the efforts will be to move GTEL to a larger trading market like the NASDAQ or the New York Stock exchange."
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