Here are the results fo the meeting:
SPRINGFIELD, Va., May 16 /PRNewswire/ -- Global Intellicom, Inc.
(Nasdaq: GBIT), which provides integrated diversified technology and data
communication solutions to corporate and government customers, today announced
that the Company's revenues for 1997 were expected to exceed $100 million, "a
dramatic increase" over last year's $47 million, David Mortman, president of
Global Intellicom, told shareholders at the Company's annual meeting.
He added that any estimates or projections were couched by the caveats
regarding forecasts such as the general state of the economy, continuing
relationships with key vendors, customers and personnel, technological
developments, price competition and credit availability.
He continued, however, that "our first quarter, which has concluded, will
be our lowest revenue quarter and we expect to incur a loss, but we anticipate
an improved second quarter with revenue and earnings expected to grow
significantly in the third and fourth quarters."
In other developments, Mr. Mortman announced the completion of a
contractual arrangement with Sun Microelectronics, a wholly owned subsidiary
of Sun Microsystems, Inc., which permits NevCor, a wholly owned subsidiary of
Global Intellicom, to offer Sun's Ultra(TM) Servers. Our goal, Mr. Mortman
said, "is to make this same server technology broadly available to PC
resellers who can offer a wide variety of price and performance
configurations."
Mr. Mortman continued, "We see a tremendous opportunity with this market
place for the enormous performance and reliability provided with Sun's Server
technology. The Ultra AX Server Engine will provide our customers the
flexibility to add significant value because the Sun Server technology is
based on the most common PC standards, such as ATX and PCI. We believe this
Sun arrangement creates a significant revenue and earnings capability for
NevCor."
Mr. Mortman also announced the acquisition of a value added reseller known
as TCP. The addition of TCP expands Vircom's computer product line, service
offerings and marketing presence. TCP will bring an additional revenue base
of approximately $3-5 million and provide market and support products from
virtually all major manufacturers. Vircom now represents the Global mission
of providing single source fulfillment and will be able to provide its clients
under one umbrella the range of solutions offered by Global intellicom and its
subsidiaries: Speech Solutions -- Voice Recognition software and custom
programming; Global InSync -- high quality custom configured PC systems;
Vircom itself -- virtual workplace technology and anywhere to anywhere
connectivity providing sales force and remote telecomputing and wireless
solutions; Nevcor -- a wholesale distributor and aggregator of all types of
computer hardware and software; Natcom -- providing Enterprise-wide client-
server systems, installation and support.
Mr. Mortman further stated that with the conclusion of the company's due
diligence of Mobile Computing, management has decided not to pursue this
project.
Global Intellicom provides total business solutions through its five
wholly owned subsidiaries that manufacture, develop and distribute computer
software, hardware and wireless technology to corporate, government and
educational accounts throughout the United States. It also a provider of
departmental, company and enterprise wide client-server computer systems,
horizontal and vertical software solutions and consulting, network and
integration systems. Additionally, GBIT provides and markets speech
recognition technologies in the form of tools and software
applications/solutions to both developers, manufacturers and end users and is
a leading supplier of "any to any" voice data and image solutions to
industries, government and institutions.
All statements contained herein (other than historical facts) are based
upon current expectations. These statements are forward-looking in nature and
involve a number of risks and uncertainties. Actual results may differ
materially from the anticipated results or other expectations expressed in the
Company's forward-looking statements. Generally, the words "anticipate",
"believe", "estimate", "expects", and similar expressions, as they relate to
the Company and/or its management, are intended to identify forward-looking
statements.
SOURCE Global Intellicom, Inc.
CONTACT: Jo-Anne Sinnott of OA&R, 212-880-5330, for Global Intellicom |
