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<SEC-DOCUMENT>0000950134-05-009533.txt : 20060927
<SEC-HEADER>0000950134-05-009533.hdr.sgml : 20060927
<ACCEPTANCE-DATETIME>20050510060356
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950134-05-009533
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20050510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CabelTel International Corp
		CENTRAL INDEX KEY:			0000105744
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-SKILLED NURSING CARE FACILITIES [8051]
		IRS NUMBER:				752399477
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1755 WITTINGTON PLACE
		STREET 2:		SUITE 340
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		9724078400

	MAIL ADDRESS:	
		STREET 1:		1755 WITTINGTON PLACE
		STREET 2:		SUITE 340
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREENBRIAR CORP
		DATE OF NAME CHANGE:	19960514

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDICAL RESOURCE COMPANIES OF AMERICA
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESPAC INVESTORS TRUST
		DATE OF NAME CHANGE:	19900605
</SEC-HEADER>
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<P align="center" style="font-size: 12pt">METZGER &#038; McDONALD PLLC

<DIV align="center" style="font-size: 10pt">(formerly Prager, Metzger &#038; Kroemer PLLC)</DIV>


<DIV align="center" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS">A PROFESSIONAL LIMITED LIABILITY COMPANY</FONT></DIV>


<DIV align="center" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS">ATTORNEYS, MEDIATORS &#038; COUNSELORS</FONT></DIV>


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    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Steven C. Metzger</FONT>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">2626 Cole Avenue, Suite&nbsp;900</FONT></TD>
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    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Direct Dial 214-740-5030</FONT>
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    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">Dallas, Texas 75204-1083</FONT>
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    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">smetzger@pmklaw.com</FONT>
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<P align="center" style="font-size: 10pt">May&nbsp;6, 2005



<P align="left" style="font-size: 10pt">The Securities and Exchange Commission<BR>
450 Fifth Street, N.W.<BR>
Judiciary Plaza<BR>
Washington, D.C. 20549-1004


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">Attn: &nbsp;</TD>
    <TD>Larry Spirgel, Assistant Director<BR>
Carlos Pacho, Senior Assistant Chief Accountant<BR>
Division of Corporation Finance<BR>
Mail Stop 0409</TD>
</TR>

</TABLE>


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Re: &nbsp;</TD>
    <TD>CabelTel International Corporation (Commission File<BR>
No.&nbsp;000-08187; CIK No.&nbsp;000105744) &#151; Form 10-K for the fiscal<BR>
year ended December&nbsp;31, 2004</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Ladies and Gentlemen:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of CabelTel International Corporation., a Nevada corporation
(&#147;CIC&#148; or the &#147;Company&#148;), this letter is being filed as a supplemental
letter uploaded on the EDGAR system on behalf of CIC in response to a letter of
comments of the Staff of the Securities and Exchange Commission dated April&nbsp;27, 2005.
Schedule&nbsp;1 annexed to this letter contains the responses to the comment of the Staff.
In each instance on such Schedule, for convenience, each comment of the Staff is
repeated, followed in each instance by the applicable response to such comment or
explanation. Also included in each response, where appropriate, is a letter/page
reference to the text of the applicable document or instrument referenced in the
comment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, also attached on behalf of CIC is a written statement from CIC
acknowledging certain requested matters, including that


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the Company is responsible for the adequacy and accuracy of the
disclosure in the filings,</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Staff comments or changes to a disclosure in response to Staff
comments do not foreclose the Commission from taking any action
with respect to the filings,</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">The Securities and Exchange Commission<BR>
Attn: &nbsp;&nbsp; Larry Spirgel, Assistant Director<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlos Pacho, Senior Assistant Chief Accountant<BR>
May&nbsp;6, 2005<BR>
Page 2


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the Company may not assert Staff comments as a defense in any
proceeding initiated by the Commission or any person under the
federal securities laws of the United States.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter, Schedule&nbsp;1 and such certification are being filed under the EDGAR
system in direct response to the comment of the Staff. If you would like to discuss
any item concerning the referenced matter or included in this letter or Schedule&nbsp;1,
please do not hesitate to contact the undersigned at any time at 214-740-5030 direct.


<P align="left" style="font-size: 10pt; margin-left: 50%">Very truly yours,


<P align="left" style="font-size: 10pt; margin-left: 50%">/s/ Steven C. Metzger


<P align="left" style="font-size: 10pt; margin-left: 50%">Steven C. Metzger


<P align="left" style="font-size: 10pt">SCM:ag<BR>
Enclosures



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">cc: &nbsp;</TD>
    <TD>Gene S. Bertcher, President and Chief Financial Officer<BR>
CabelTel International Corporation</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="center" style="font-size: 10pt"><B>SCHEDULE 1</B>



<P align="center" style="font-size: 10pt"><B>Response to Comments of the Staff of<BR>
The Securities and Exchange Commission<BR>
by letter dated April&nbsp;27, 2005 with respect to<BR>
Form&nbsp;10-K for the year ended December&nbsp;31, 2004 of<BR>
CabelTel International Corporation<BR>
Commission File No.&nbsp;000-08187</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information is intended to provide a response to a single comment of the Staff
of the Securities and Exchange Commission rendered by letter dated April&nbsp;27, 2005, with respect to
Form 10-K Annual Report to the Securities and Exchange Commission for the fiscal year ended
December&nbsp;31, 2004 of CabelTel International Corporation. For convenience, the comment of the Staff
is restated below, with our response noted immediately following the comment. Also included in
such response is a letter/page reference to the text in the Form 10-K for the fiscal year ended
December&nbsp;31, 2004 (which was filed on April&nbsp;15, 2005) (the &#147;2004 Form 10-K&#148;), as applicable, and/or
a reference to the date of supplemental information provided to the Staff.


<P align="center" style="font-size: 10pt"><U>Form&nbsp;10-K for the Year Ended December&nbsp;31, 2004</U>



<P align="left" style="font-size: 10pt"><U>Note A. Acquisition of CableTEL AD, page F-8</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Comment/Observation No.&nbsp;1. </B>It is unclear how you concluded to account for the acquisition of
CableTEL AD as a reverse acquisition under the guidelines of SFAS No.&nbsp;141, &#147;Business Combinations,&#148;
paragraph 17, prior to the transaction and exchange of shares being approved by stockholders.
Please tell us why it is appropriate citing specific accounting literature, to count this
transaction as a reverse acquisition in your financial statements for the period ended December&nbsp;31,
2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Response to Comment/Observation No.&nbsp;1. </B>Management of the Company believes that the completed
acquisition was properly accounted for in the financial statements included in the 2004 Form 10-K.
As a preface to this response and for convenience of reference, attached as Appendix&nbsp;A is a copy of
the full text of paragraph 17 of SFAS No.&nbsp;141.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;12, 2004, CabelTel International Corporation, then known as Greenbriar Corporation
(the &#147;Company&#148;), entered into an Acquisition Agreement with four individuals (the &#147;Individuals&#148;)
pursuant to which the Company acquired in a stock &#150; for &#150;stock exchange all of the issued and
outstanding equity interests of two privately held US corporations, Finley Equities, Inc. (&#147;FEINC&#148;)
and American Realty Management, Inc. (&#147;ARM&#148;) in exchange for the issuance by the Company of 31,500
shares of the Company&#146;s newly-designated Series&nbsp;J 2% Preferred Stock, liquidation value $1,000 per
share. FEINC and ARM each own an undivided one-half equity interest in Tacaruna B.V., a
Netherlands company, which in turn directly owns 30% of CableTEL AD. Tacaruna B. V. also owns 64%
of the equity interest of Narisma Holdings Ltd., a Cyprus company,


<P align="center" style="font-size: 10pt">1</DIV>

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<P align="left" style="font-size: 10pt">which in turn owns the balance of 70% of CableTEL AD. The overall result was that the Company
through the acquisition of FEINC and ARM owns and controls 74.8% of the equity interest in CableTEL
AD. The transaction evidenced by the Acquisition Agreement is a completed transaction, and the
exchange of equity interests has occurred.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company used the Series&nbsp;J 2% Preferred Stock as consideration for the acquisition in the
interest of time due to applicable requirements of the American Stock Exchange (&#147;AMEX&#148;) requiring
stockholder vote (or written consent by the requisite number) for significant issuances of common
stock. The Acquisition Agreement provides the Company will present to its current shareholders, no
later than September&nbsp;30, 2005, a proposed mandatory exchange of all of the 31,500 shares of the
Company&#146;s Series&nbsp;J 2% Preferred Stock for Common Stock of the Company on the basis of 279 shares of
Common Stock for each share of Series&nbsp;J Preferred Stock (the &#147;Exchange of Stock&#148;). This mandatory
exchange would result in an aggregate of 8,788,500 shares of Common Stock being issued to the four
Individuals or their transferees, which would then constitute at least 89% of the total issued and
outstanding shares of Common Stock of the Company, all subject to the listing requirements of the
AMEX.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Individuals (or their transferees) hold an aggregate of 31,500 shares of the Company&#146;s
newly designated Series&nbsp;J 2% Preferred Stock which in the aggregate is entitled to 157,500 votes
out of a total of 1,134,504 votes of both the class of Common Stock (977,004 votes) and Series&nbsp;J 2%
Preferred Stock (157,500 votes), voting together as a single class. In addition, three other
entities identified with one of the Individuals own 395,380 shares of Common Stock of the Company
(approximately 40.49% of the total 977,004 issued and outstanding shares of Common Stock). The
combination of such share ownership together with additional share ownership by two directors of
the Company, both of whom have already voted in favor of the Exchange of Stock at the time of the
acquisition, own together an additional 180,805 shares of common stock, which when added together
with the three entities total 576,185 shares of Common Stock, or approximately 59%, of the 977,004
total issued and outstanding shares of Common Stock. At the time of the acquisition, the exchange
of the Series&nbsp;J 2% Preferred Stock for Common Stock was assured with at least 59% of Common Stock
in favor (576,185 shares out of 977,004 shares outstanding), and 733,887 votes out of a total
1,134,504 votes or 64.69% when including both classes of stock, pending completion of the
procedural process for shareholder votes as required by the AMEX. As a result, the former owners
of FEINC and ARM (<I>i.e.</I>, the Individuals) effectively have voting control of the Company through the
ability, at their option, to effect exchange of the Series&nbsp;J 2% Preferred Stock for 89% ownership
in Company Common Stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AMEX has agreed that the approval of the Exchange of Stock may be obtained by a written
consent of the holders of such number of votes as could approve the matters at a meeting of
stockholders followed by a distribution to all stockholders of an Information Statement under
Schedule&nbsp;14C. That is in fact the procedure which the Company intends to use by the written
consent of the three entities holding 395,380 shares of Common Stock, together with the two
directors who hold 71,811 and 108,994 shares of Common Stock, which will total 576,185 shares and
votes of Common Stock (59%) of the class. The Company&#146;s 2004 Form 10-K will be distributed to
stockholders with (or in advance of) the Information Statement. At the time of preparation of the
financial statements for the fiscal year ended December&nbsp;31, 2004, and at the time of filing of the
2004 Form 10-K and amendments thereto (and as of May&nbsp;6, 2005), Management of the Company


<P align="center" style="font-size: 10pt">2</DIV>

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<P align="left" style="font-size: 10pt">expects the approval of the Exchange of Stock. If the stockholders of the Company do not
ultimately approve the Exchange of Stock, it would be as a result of events and circumstances that
arise subsequent to the acquisition, the filing of the 2004 Form 10-K and the date of this
response.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the voting rights described above, the following additional facts have been
considered under paragraph 17, SFAS No.&nbsp;141:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the transaction represented by the Acquisition Agreement, one of the
Individuals, Ronald C. Finley on October&nbsp;20, 2004 was selected as a director of the
Company and elected as Chairman of the Board and Chief Executive Officer of the
Company. Ronald C. Finley is also the principal executive officer of CableTEL AD
and the holder of 45% of the shares of Series&nbsp;J Preferred Stock outstanding which,
equate to 70,875 votes together with the common stock and would result in 40.5% of
the issued and outstanding common stock after giving effect to the Exchange of
Stock. See subparts (c)&nbsp;and (d)&nbsp;of paragraph 17, SFAS No.&nbsp;141.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gene E. Phillips, one of the Individuals is the beneficial owner of 12,600
shares of Series&nbsp;J 2% Preferred Stock which is entitled to 63,000 votes when voting
together with the shares of common stock on any and all matters. He would
beneficially own 3,515,400 shares of common stock, constituting 36% of the then
issued and outstanding shares of common stock after giving effect to the Exchange of
Stock. Three corporations, which along with Mr.&nbsp;Phillips and another corporation
are all reporting persons who may be deemed to constitute a &#147;person&#148; within the
meaning of Section&nbsp;13D under the Securities Exchange Act of 1934 own a total of
395,380 shares of Common Stock (approximately 40.49% of the outstanding Common Stock
of the Company) before giving effect to any Exchange of Stock. See subpart (a)&nbsp;of
paragraph 17, SFAS No.&nbsp;141.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective February&nbsp;8, 2005, the Company&#146;s Article of Incorporation were amended
to change the name of the Company to &#147;CabelTel International Corporation&#148; from its
prior name which existed since March&nbsp;26, 1996. The name of the Company was changed
following the Acquisition Transition to reflect the Company&#146;s operations in
telecommunications industry and its ownership of 74.8% of CableTEL AD.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The combination of the voting power of the individuals suggest that acting
together along with the three entities holding 395,380 shares of Common Stock have
the ability to elect or appoint a voting majority (or all) of the governing body of
the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management of the Company has accounted for the Acquisition Transaction as a reverse
acquisition, for the collective reasons described above, to properly reflect the financial
condition and history of the Company in consideration of all of the facts and circumstances.


<P align="center" style="font-size: 10pt">3</DIV>

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<P align="center" style="font-size: 10pt"><B>APPENDIX A</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No.&nbsp;141 &#147;Business Combinations&#148;, paragraph 17 provides, <I>inter alia</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;17. In a business combination effected through an exchange of equity interests, the entity
that issues the equity interests is generally the acquiring entity. In some business combinations
(commonly referred to as reverse acquisitions), however, the acquired entity issues the equity
interests. Commonly, the acquiring entity is the larger entity. However, the facts and
circumstances surrounding a business combination sometimes indicate that a smaller entity acquires
a larger one. In some business combinations, the combined entity assumes the name of the acquired
entity. Thus, in identifying the acquiring entity in a combination effected through an exchange of
equity interests, all pertinent facts and circumstances shall be considered, in particular:</I>



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>a. The relative voting rights in the combined entity after the combination-all
else being equal, the acquiring entity is the combining entity whose owners as a
group retained or received the larger portion of the voting rights in the combined
entity. In determining which group of owners retained or received the larger
portion of the voting rights, consideration shall be given to the existence of any
unusual or special voting arrangements and options, warrants, or convertible
securities.</I>



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>b. The existence of a large minority voting interest in the combined entity
when no other owner or organized group of owners has a significant voting
interest-all else being equal, the acquiring entity is the combining entity whose
single owner or organized group of owners holds the large minority voting interest
in the combined entity.</I>



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>c. The composition of the governing body of the combined entity-all else being
equal, the acquiring entity is the combining entity whose owners or governing body
has the ability to elect or appoint a voting majority of the governing body of the
combined entity.</I>



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>d. The composition of the senior management of the combined entity-all else
being equal, the acquiring entity is the combining entity whose senior management
dominates that of the combined entity. Senior management generally consists of the
chairman of the board, chief executive officer, chief operating officer, chief
financial officer, and those divisional heads reporting directly to them, or the
executive committee if one exists.</I>



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>e. The terms of the exchange of equity securities-all else being equal, the
acquiring entity is the combining entity that pays a premium over the market value
of the equity securities of the other combining entity or entities. &#091;This criterion
shall apply only if the equity securities exchange in a business combination are
traded in a public market on either (a)&nbsp;stock exchange (domestic or foreign) or (b)
in an over-the counter market (including securities quoted only locally or
regionally).&#148;</I>



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<P align="center" style="font-size: 10pt"><B>CABELTEL INTERNATIONAL CORPORATION<BR>
(FORMERLY GREENBRIAR CORPORATION)</B>



<P align="center" style="font-size: 10pt"><B>ACKNOWLEDGMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, on behalf of CabelTel International Corporation, a Nevada corporation
(the &#147;Company&#148;), in connection with a response to a comment letter from the Staff of
the Securities and Exchange Commission dated April&nbsp;27, 2005, does hereby acknowledge on behalf of
the Company that:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is responsible for the adequacy and accuracy of the disclosure
in filings with the Securities and Exchange Commission (the
&#147;Commission&#148;).



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Staff comments or changes to disclosure in response to Staff comments do not
foreclose the Commission from taking any action with respect to the filings.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Company may not assert Staff comments as a defense in any proceeding
initiated by the Commission or any person under the federal securities laws of the
United States.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed this Acknowledgment on and as of the sixth
day of May, 2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CABELTEL INTERNATIONAL CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Gene S. Bertcher
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Gene S. Bertcher, President and&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">
</DIV>

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