Friday April 17, 2:38 pm Eastern Time
Company Press Release
SOURCE: Global Intellicom, Inc.
Global Intellicom Reports FY'97 Financial Results
NEW YORK, April 17 /PRNewswire/ -- Global Intellicom, Inc. (Nasdaq: GBIT - news) today announced
preliminary operating results for its Fiscal Year ended December 31, 1997. GBIT reported a net increase
in sales for continuing operations of 83%, to $51,235,121 million in 1997 versus $28,054,341 million for
continuing operations in 1996.
During the same FY'97 period, GBIT posted a net loss from continuing operations of $2.3 million or $.34
per share, compared with a net loss of $927,027 or $.22 per share in FY'96. In addition, GBIT's loss
from the previously discontinued operations of its Nevcor and Speech Solutions subsidiaries amounted to
$7,133,152 or $.95 per share in 1997.
The company stated, ''For the most recent period, GBIT's losses stem mainly from write-offs associated
with the divestiture of two non-core, money-losing operations. In a restructuring started in 1997 and
extending into 1998, GBIT also consolidated its remaining businesses and installed a new management
team.''
It was also stated that GBIT is expected to post an operating loss for the First Quarter of 1998 due to the
seasonal nature of the company's sales and the financial impact of further developing its systems
integration operation. ''In following quarters GBIT expects to begin reaping the financial rewards of its
growing services component.''
GBIT has 7.5 million shares outstanding and a float of 5.3 million shares. GBIT assembles, develops and
distributes computer software (proprietary as well as software from major developers) hardware (from
laptops to high-end servers) and wireless technology mostly to commercial and government markets.
GBIT also holds reseller licenses with Microsoft, IBM, Sun Microsystems, NEC, NCR, Worldwide
Capital Funding, Compaq and Hewlett-Packard. Their clients include IBM, Lockheed Martin, the
Department of Defense, Loral Systems, EDS and the General Services Administration. Through the
aggregate use of Global's resources they offer their clients 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 the ''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. These risks are detailed in the Company's period reports
filed with the Securities and Exchange Commission. These forward-looking statements speak only as of
the date hereof. The company disclaims any intent of obligation to update these forward-looking
statements.
For further information contact:
Global Intellicom, Inc. Liberty Capital Group, Inc.
747 3rd Ave 814 Lakeway Dr. Ste. 262
New York, NY 10017 Bellingham, WA 98226
212-750-3772 800-371-9117
212-750-2320 Fax 360-676-9493 Fax
SOURCE: Global Intellicom, Inc.
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