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SEBASS

03/31/05 12:58 PM

#8827 RE: lowtrade #8823

Did i miss somewhere in 10K High margin revnue growth from Hong Kong business aka Internationl Gatway in asia (hong kong) which is suppose to produce :

Growth of High Volume, Low Margin Carrier-Based Traffic.

I AM ASKING BECAUSE WE NEED IT TO PRODUCE HIGH MARGIN REVENUE. PLEASE POINT ME TO THE SECTION IF I MISSED IT AND IF NOT THERE THEN WHAT ARE YOU COMMENTS ON IT ? or is that going to be forwarded to Q1 report ?

......We plan to light up the international gateway in Hong Kong in the first quarter of this year. This will increase our worldwide carrier network capabilities and give us a high-margin based business for our Asian traffic. The carrier business forms and creates the backbone structure for our value added products like Magic Phone and Magic Money.

Investments in New High-Margin, Value-Added Competitive Products. These investments are necessary to complement our carrier-based revenue and eventually become the primary business of the Company. Value-added products like Magic Phone and Stored-Value Programs, which includes MasterCard money remittance programs and prepaid calling cards, will combine with the carrier business to create high revenues and high margin-based businesses.

Source: http://www.globetel.net/about/letter011005.html