Hi everyone
Is everyone waiting to see who will post number 1010?
Aw shucks...I guess I will. Here was the PR concerning the convertibles on Nov 5. Looking Good!
Thursday November 5, 5:20 pm Eastern Time
Company Press Release
SOURCE: Global Intellicom, Inc.
Global Intellicom, Inc. Announces
Conversion of Convertible Debentures To
Equity
NEW YORK, Nov. 5 /PRNewswire/ -- Global Intellicom, Inc. announced
today the closing of an agreement wherein the holders of the company's outstanding convertible debentures exchanged their current convertible debt instruments for equity in the form of convertible preferred stock. The terms of the preferred stock contain the company's prior understanding with the convertible debenture holders whereby the holders have refrained from converting from April 30, 1998 through November 15, 1998.
The preferred stock may be redeemed in part or in whole.
The Company's Chairman, N. Norman Muller, stated that ''The closing of this transaction adds $2 million to the Company's net tangible assets, which we expect to have a significant and positive impact on the Company's appeal of Nasdaq's delisting decision.''
Global Intellicom, Inc. is a systems integration company with state-of-the-art network cabling and computer integration capabilities, located in New York City, Pittsburgh and Exton, Pennsylvania, and Washington D.C. Global also functions as a value-added reseller of network services and PC's. Global holds reseller licenses with such companies as Microsoft, IBM, NEC, Toshiba, 3Com, Compaq and Hewlett-Packard. Its clients include Lockheed Martin, Loral Systems, EDS
and the Department of Defense and the General Services Administration. Through the aggregate use of Global Intellicom's resources, its mission is to be the information technology resource of choice for its customers, and to offer them a ''total system solution'' at competitive rates.
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of ''safe-harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated. Such risks are discussed in the Company's filing with the Securities and Exchange Commission,
including the Company's recent registration statement on Form S-3. These forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update these forward-looking statements.
SOURCE: Global Intellicom, Inc.
Go GBIT!
I like the part about the companys' appeal of NASDAQ delisting decision...imo sounds like they are wanting it back. Good!
Alan |
