Glenn Godfrey sells Intelco to Spanish media co.

Also in news on the telecommunications scene, International Telecommunications, Intelco, announced on Thursday, that company chairman Glenn Godfrey has decided to sell his majority shares in the company to media giant AVANZIT TMT, based in Madrid Spain. Godfrey has also tendered his resignation as chairman and has already been replaced as chief executive officer. He will still retain twenty percent of the company’s stock. Intelco was contracted by G.O.B. to provide telecommunication services to government and schools at reduced rates. News 5 understands that the contract will be honoured and that the company will seek a general telecom license at the end of 2002 to compete with resident B.T.L. In a release today, G.O.B. says quote, “The failure of B.T.L. to expand in rural areas and to offer better quality and better prices has obliged government to contract out a government system to service educational and government needs. This system will begin coming on line in the first quarter of the new year and the new owners of this contract, AVANZIT, have committed to reduce rates” end quote.