WorldCom Takes Stake in Global TeleMedia
Telecommunications company WorldCom Inc. is taking a stake in Global TeleMedia International, an e-commerce software maker in Newport Beach, Global TeleMedia said Monday.
Global TeleMedia said it has settled a $13.8-million debt and a related lawsuit with WorldCom, which is based in Clinton, Miss. Global TeleMedia will pay $3 million over 26 months to WorldCom. The telecommunications company will take the remaining $10.8 million in the form of warrants equal to about 3.2% of its Global TeleMedia’s common stock.
Global also announced a 1-for-5 reverse stock split. The shares closed Monday at 81 cents, off 29 cents, in over-the-counter trading.
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