Gold Express Corp. Buys Globaltelcom

Gold Express Corp. has acquired GlobalTelCom Inc. in a move that will further cement the company’s transition from mining into telecommunications.

Formerly based in Spokane, Gold Express is now headquartered in Newport Beach, Calif., the home of another company - SmartCom International Inc. - acquired last year.

GlobalTelcom sells telephone services to businesses nationwide from its headquarters in Atlanta.

Gold Express President Greg Gilbert said GlobalTelCom has contracts in place that should produce $25 million in 1995 revenues and $4 million in net profits.

Gold Express agreed to pay $12.5 million in stock for the company based on those projections, he said.

SmartCom, which will launch a line of computer-enhanced telephones later this year, may contribute $10 million in revenues this year, $100 million in 1996, Gilbert said.

Meanwhile, he said, the former Vulcan gold mine in Ferry County has become the company’s lone mining property.