Good morning everyone! We have some good news! For those of you who haven't seen it yet here is a copy of Friday's press release.
Global Intellicom Moves Forward With $2 Million
Debenture Placement
NEW YORK, May 8 /PRNewswire/ -- Global Intellicom, Inc., (Nasdaq: GBIT - news), announced
its completion of a $2 million funding on April 30, 1998 with an investment fund. This funding will
allow Global to continue to develop its systems integration business, including its state of the art
cabling services, the area in which the company anticipates its greatest growth.
The $2 million was raised by the sale of convertible debentures. Each debenture has a 3 year term
and bears interest at 6% per annum. The payments can be made by Global in cash or stock. The
debt instrument is convertable into Global common stock at the lower of 110% of the closing bid
prices for the 5 trading days immediately preceding the closing or 20% off the five (5) lowest trade
prices of Global stock for the preceding 25 days.
A second line of $2 million has been discussed for funding in 60 days, market conditions permitting.
This second line would allow Global to continue to maximize its operations and to consider
redeeming its series 8 convertible preferred shares.
Global Intellicom, Inc., is a vertically integrated, value added installer, manufacturer and reseller of
network services and PCs as well as designing and installing network and telephony cabling systems.
Global holds reseller licenses with such companies as Microsoft, SUN, NEC, NCR Worldwide,
Microsystems, Compaq and Hewlett-Packard. Their clients include 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.
NOTE: 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 17th Fl. 814 Lakeway Dr. Ste. 262
New York, NY 10017 Bellingham, WA 98226
212-750-3772 360-676-8072
Todd Sanders |
