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Microcap & Penny Stocks : Global Intellicom--Symbol GBIT -- Ignore unavailable to you. Want to Upgrade?

To: PaulB who wrote (617)	7/24/1998 10:30:00 AM
From: PaulB	Read Replies (1) \| Respond to of 1096

News out on the convertables: :-) Business Wire - July 24, 1998 09:01 NEW YORK--(BUSINESS WIRE)--July 24, 1998--Global Intellicom, Inc. (NASDAQ: GBIT) announced today that it has signed a letter of intent providing for a lock-up of outstanding Series 6 Convertible Preferred stock, and additional funding which the company intends to utilize to redeem outstanding Series 7 and Series 8 Convertible Preferred shares. The lock-up will be effected by an agreement providing that the presently outstanding Series 6 shares will not be convertible until November 15, 1998. The company has also received a commitment under which it is anticipated that an investor will purchase an additional $1 million worth of a Series 10 preferred stock, the proceeds of which will be used to redeem outstanding shares of the Series 7 and Series 8 Convertible Preferred stock. The Series 10 stock will also be locked up until November 15, 1998. Under the anticipated agreement, the company will be able to demand conversion during this lock-up period. The company stated that its preferred stock plans reflect the continued confidence of its preferred stock investors who have agreed not to convert their holdings during the lock-up period. The lock-up period affords Global Intellicom Inc. an opportunity to post the company's second and third quarter results prior to conversion by the preferred shareholders. The company anticipates that growth in sales and earnings will stimulate investor interest and enhance shareholder value. Global Intellicom, Inc. is a system integration company with state of the art network cabling and computer integration capabilities located in New York, Pittsburgh, Exton, Pa., Indianapolis, Washington, and Orlando, Fla. Global also functions as a value added reseller of network services and PC's. Global holds reseller licenses with such companies as: Microsoft, IBM, SUN Microsystems, NEC, NCR Worldwide, Compaq, and Hewlett-Packard. Its clients include: Lockheed Martin, The Department of Defense, Loral Systems, EDS, 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 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 & Exchange Commission. These forward looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward looking statements.