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<SEC-DOCUMENT>0001010549-07-000979.txt : 20071116
<SEC-HEADER>0001010549-07-000979.hdr.sgml : 20071116
<ACCEPTANCE-DATETIME>20071116095855
ACCESSION NUMBER:		0001010549-07-000979
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070930
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071116
DATE AS OF CHANGE:		20071116

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08187
		FILM NUMBER:		071251639

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cic8k111507.txt
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

         Pursuant to Section 13 or 15(d) of the Securities Exchange Act


      Date of Report (Date of earliest event reported): September 30, 2007


                       CABELTEL INTERNATIONAL CORPORATION

             (Exact Name of Registrant as Specified in its Charter)

           Nevada                     000-08187                  75-2399477
- --------------------------------------------------------------------------------
       (State or other               (Commission               (I.R.S. Employer
jurisdiction of incorporation)        File No.)              Identification No.)


              1755 Wittington Place, Suite 300
                        Dallas, Texas                               75234
- --------------------------------------------------------------------------------
          (Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code       972-407-8400



     Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the Registrant under any of the
following provisions:

[ ]  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

[ ]  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

[ ]  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))


[ ]  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))






<PAGE>

         Section 2 - Financial Information

Item 2.02.  Results of Operations and Financial Condition

     On November  14, 2007,  CabelTel  International  Corporation  ("GBR" or the
"Company") announced its operational results for the quarter ended September 30,
2007. A copy of the announcement is attached as Exhibit "99.1."

     The information furnished pursuant to Item 2.02 in this Form 8-K, including
Exhibit "99.1" attached  hereto,  shall not be deemed to be "filed" for purposes
of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the
liabilities of that Section, unless we specifically  incorporate it by reference
in a document filed under the Securities Act of 1933 or the Securities  Exchange
Act of 1934. We undertake no duty or obligation to publicly-update or revise the
information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.

Section 9 - Financial Statements and Exhibits

Item 9.01.  Financial Statements and Exhibits

         (d) Exhibits.

         The following exhibit is furnished with this Report:


  Exhibit Designation            Description of Exhibit
         99.1*            Press Release dated November 14, 2007.

- ---------------------
*Furnished herewith.




                                      -1-


<PAGE>


                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant has  duly-caused  this Current Report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly-authorized.

     Dated: November 14, 2007               CABELTEL INTERNATIONAL CORPORATION



                                            By:  /s/ Gene S. Bertcher
                                                 -------------------------------
                                                 Gene S. Bertcher, President and
                                                 Chief Financial Officer
















                                      -2-


<PAGE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>cic8kex991111507.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>


                                                                    Exhibit 99.1



For Immediate Release                                Contact: Oscar Smith
                                                              Gene Bertcher
                                                              (972) 407-8400


                       CABELTEL INTERNATIONAL CORPORATION
                         ANNOUNCES THIRD QUARTER RESULTS

Dallas (November 14, 2007) - CabelTel International Corporation (AMEX: GBR) (the
"Company")  today  announced a net profit of $105,000 or $0.11 per share for the
three months ended  September  30, 2007  compared to a loss of $128,000 or $0.13
per share for the same period in 2006.  For the nine months ended  September 30,
2007,  the Company  reported a loss of $328,000 or $0.33 per share compared to a
profit of $1.1 million or $1.11 per share during the comparable periods in 2006.
The Company earned $145,000 or $0.15 per share from continuing operations during
the nine months ending  September  30, 2007 compared to a continuing  operations
profit of $880,000 or $0.90 per share during the same period in 2006.

The Company  recorded an impairment  loss of $314,000 in the quarter ended March
31, 2007. The assets and liabilities  being  transferred  have been reflected as
Assets and  Liabilities  Held for Sale on the Company's  balance  sheets for the
respective  periods.  The Company has an agreement to transfer its  ownership of
the Gainesville Outlet Mall and approximately 40 acres of adjacent,  vacant land
to an independent third party and anticipates that the transaction will close in
the fourth quarter of 2007.

Key items for the three and nine months ended September 30, 2007 compared to the
same period in 2006 were:

o For the three and nine months ended  September 30, 2007, the Company  recorded
revenues  of  $751,000  and $2.2  million  for its real  estate  operations,  as
compared  to  $708,000  and $2.1  million  for the three and nine  months  ended
September 30, 2006.  The increases in revenue  represent  rate  increases at the
Company's retirement community which is fully occupied and anticipated to remain
so during 2007

o For the three and nine months ended September 30, 2007, real estate  operating
expenses were  $294,000 and  $924,000,  as compared to $313,000 and $1.0 million
for the three and nine months ended  September 30, 2006. The decrease was due to
an overall decrease in operating expenses

o General  and  administrative  expenses  for the three  and nine  months  ended
September 30, 2007 were $225,000 and $699,000  compared to $202,000 and $765,000
for the same periods in 2006. 2007 includes $29,000 for prior year income taxes.
In 2006 the Company  incurred  approximately  $80,000 in payroll and  consulting
fees not  incurred  in 2007.  In  general  there  was an  overall  reduction  in
administrative  costs in the  latter  part of 2006  which has had the  effect of
lower administrative costs in 2007.



                                      -3-
<PAGE>


o For the three and nine months ended  September 30, 2007,  interest  income was
$28,000 and $84,000,  as compared to $95,000 and $417,000 for the three and nine
months ended  September 30, 2006.  During the first quarter of 2006, the Company
recorded  interest  income of $307,000 on loans for funds that were  advanced to
CableTEL AD for operating  expenses.  The balance of the interest income is from
current and former notes receivable held by the Company.

o There was no interest  expense for the three and nine months  ended  September
30,  2007,  as compared to $91,000  and  $486,000  for the three and nine months
ended September 30, 2006. During the first quarter of 2006, the Company recorded
interest  expense  of  $307,000  on loans it made to  acquire  funds  which were
provided to CableTEL AD for operating expenses. The interest expense equaled the
interest income.

o Other  income was $77,000  and  $142,000  for the three and nine months  ended
September 30, 2007, compared to $101,000 and $1.6 million for the three and nine
month  periods  ended  September  30,  2006.  The  income in 2006 was due almost
entirely to the Company's rescinding its acquisition of CableTEL AD for which it
received  and  recorded  a break up fee of $1.5  million  net of  expenses.  The
balance  of the income  represents  cash  received  from  receivables  that were
previously fully reserved.









                                      -4-
<PAGE>





                       CabelTel International Corporation
                           Consolidated Balance Sheets
                             (amounts in thousands)

                                                      September 30, December 31,
Assets                                                    2007         2006
                                                         ------       ------
                                                       (Unaudited)

Current assets
         Cash and cash equivalents                       $  108       $  324
         Notes and interest receivable - related party    1,612        1,428
         Other current assets                                38           36
         Assets held for sale                             6,564        7,047
                                                         ------       ------

                  Total current assets                    8,322        8,835

Property and equipment, at cost
         Land and improvements                               20           20
         Buildings and improvements                         172          169
         Equipment and furnishings                          317          290
                                                         ------       ------
                                                            509          479

          Less accumulated depreciation                     387          364
                                                         ------       ------
                                                            122          115

Deferred tax asset                                          491          491

Other assets                                                122          261
                                                         ------       ------

Total Assets                                             $9,057       $9,702
                                                         ======       ======




                                      -5-
<PAGE>

                       CabelTel International Corporation
                     Consolidated Balance Sheets - Continued
                  (amounts in thousands, except share amounts)

                                                      September 30, December 31,
Liabilities and Stockholders' equity                      2007        2006
                                                        --------    --------
                                                      (Unaudited)

Current liabilities
         Accounts payable - trade                       $    200    $    439
         Accrued expenses                                    150         124
         Liabilities held for sale                         6,564       6,642
                                                        --------    --------

                  Total current liabilities                6,914       7,205

Other long-term liabilities                                  392         418
                                                        --------    --------

                  Total liabilities                        7,306       7,623

Stockholders' equity
         Preferred stock, Series B                             1           1
         Common stock $.01 par value; authorized,
               100,000,000 shares; 976,954 shares at
               September 30, 2006 and 986,939 shares at
               September 30, 2007 issued and outstanding      10          10
         Additional paid-in capital                       55,992      55,992
         Accumulated deficit                             (54,252)    (53,924)
                                                        --------    --------

                                                           1,751       2,079
                                                        --------    --------

Total Liabilities and Equity                            $  9,057    $  9,702
                                                        ========    ========


                                      -6-
<PAGE>
<TABLE>
<CAPTION>


                       CabelTel International Corporation
                      Consolidated Statements of Operations
                  (Amounts in thousands, except per share data)

                                                 For The Three Months  For The Nine Months
                                                 Ended September 30,   Ended September 30,
                                                    2007     2006        2007       2006
                                                  -------   -------    -------    -------
                                                     (Unaudited)           (Unaudited)
<S>                                               <C>       <C>        <C>        <C>

Revenue
   Real estate operations                         $   751       708    $ 2,233    $ 2,141
                                                  -------   -------    -------    -------

Operating expenses
   Real estate operations                             294       313        924      1,001
   Lease expense                                      232       233        691        707
   Corporate general and administrative               225       202        699        765
                                                  -------   -------    -------    -------
                                                      751       748      2,314      2,473
                                                  -------   -------    -------    -------

   Operating loss                                    --         (40)       (81)      (332)

Other income (expense)
   Interest income                                     28        95         84        417
   Interest expense                                  --         (91)      --         (486)
   Other                                               77       101        142      1,611
                                                  -------   -------    -------    -------
                                                      105       105        226      1,542
                                                  -------   -------    -------    -------

   Earnings from continuing operations                105        65        145      1,210
   Provision for income taxes                        --        --         --          330
                                                  -------   -------    -------    -------
   Net income from continuing operations              105        65        145        880

Discontinued operations
   Loss from operations                              --        (193)      (159)      (206)
   Income (loss) from sale of assets                 --        --         (314)       418
                                                  -------   -------    -------    -------
   Net income (loss) on discontinued operations      --        (193)      (473)       212
                                                  -------   -------    -------    -------

Net income (loss) applicable to common shares     $   105   $  (128)   $  (328)   $ 1,092
                                                  =======   =======    =======    =======

Net earnings (loss) per common share -
          basic and diluted
   Continuing operations                          $  0.11   $  0.06    $  0.15    $  0.90
   Discontinued operations                           --       (0.19)     (0.48)      0.21
                                                  -------   -------    -------    -------
   Net income (loss) per share                    $  0.11   $ (0.13)   $ (0.33)   $  1.11

Weighted average of common and
   equivalent shares outstanding -
   basic and diluted                                  986       977        986        977


</TABLE>





                                      -7-
<PAGE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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