SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
Release No. 48181 / July 16, 2003
File No. 3-11181
PUBLIC ADMINISTRATIVE PROCEEDING INSTITUTED AGAINST GLOBAL TELEMEDIA INTERNATIONAL, INC.
On July 16, 2003, the Commission issued an order instituting public proceedings pursuant to Section 12(j) of the Securities Exchange Act of 1934 (Order) against Global Telemedia International, Inc. (Global Telemedia), an inactive Florida corporation. In the Order, the Division of Enforcement (Division) alleges, among other things, that Global Telemedia has failed to file its mandatory annual and quarterly reports, including its Forms 10-KSB for the years ended December 31, 2001 and December 31, 2002, and Forms 10-QSB for the quarters ended March 31, 2001, June 30, 2001, September 30, 2001, March 31, 2002, June 30, 2002, September 30, 2002 and March 31, 2003. Based on these actions, the Division alleges that Global Telemedia failed to comply with Section 13(a) of the Securities Exchange Act of 1934 and Rules 13a-1, and 13a-13 thereunder.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Global Telemedia with an opportunity to dispute these allegations, and to determine whether it is necessary and appropriate for the protection of investors to revoke or suspend the registration of Global Telemedia's common stock.