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PHILADELPHIA--(BUSINESS WIRE)--October 5, 2000--GLOBAL TECHNOLOGIES, LTD. (NASDAQ: GTLL - news), today announced the fiscal year-end and fourth quarter results for the period ended June 30, 2000.

For the fiscal year ended June 30, 2000, revenues were $7.4 million, compared with $1.6 million, reported for the eight-month Transition Period ended June 30, 1999. Net loss for fiscal 2000 was $(35.9) million, or $(3.64) per share, compared with a loss of $(2.4) million, or $(0.30) per share, reported for the Transition Period 1999. For the year ended June 30, 2000 and the Transition Period ending June 30, 1999 there were 9,842,392 and 8,124,186 weighted average basic and diluted shares outstanding, respectively. For comparative purposes only, results for the pro forma twelve-month period ended June 30, 1999 included revenues of $2.3 million (pro forma unaudited), and a net loss of $(9.2) million (pro forma unaudited), or $(1.24) per share (pro forma unaudited).

Revenues for the quarter ended June 30, 2000 were $1.7 million (unaudited), compared with $1.1 million (unaudited) for the pro forma three-month period ended June 30, 1999. Net loss for the quarter was $(20.0) million (unaudited), or $(1.92) per share (unaudited), compared with a net profit of $0.004 million (unaudited), or $0.00 per share (unaudited), for the corresponding prior year period. For the quarters ended June 30, 2000 and 1999 there were 10,392,256 (unaudited) and 8,190,954 (unaudited) weighted average basic and diluted shares outstanding, respectively.

The Company noted that fiscal 2000 year-end net loss includes non-cash charges of $11.5 million, or $(1.17) per share, consisting of 1) $5.7 million of non-cash interest expenses related to an embedded conversion feature attributable to the issuance of $4 million of convertible notes and stock purchase warrants issued in connection with cash advances from a related party, 2) $2.0 million of special charges related to a contract settlement, 3) $1.9 million of non-cash compensation expenses related to stock purchase warrants issued in connection with consulting/financial advisory agreements, and 4) $1.9 million related to the write off or write down of the Company`s investments in Donativos S.A. de C.V., Inter Lotto (UK) Limited (``Inter Lotto``) and Shop4Cash.com, Inc. Exclusive of these non-cash items, net loss for the fourth quarter and fiscal year ended June 30, 2000 was $(24.3) million, or $(2.46) per share.

Commenting on the results, Irwin Gross, Chairman and Chief Executive Officer of Global Technologies, said, ``The lion`s share of our operating loss reflects the significant investment committed to the development of Global`s proprietary digital gaming network in the United Kingdom (UK), as well as marketing and operating expenses incurred by Inter Lotto and our UK-based subsidiary, GTL Management Limited, for the launch of the daily lottery game in April 2000.

``As previously announced, we have opted out of the capital intensive daily lottery venture, significantly reduced costs by severing our relationship with Inter Lotto, and proceeded to seek strategic alternatives for our network with new potential partners. While we still retain certain obligations relating to this venture, the benefits of these cost-conscious initiatives were immediate and should be reflected in the first fiscal quarter ended September 30, 2000.

``The UK gaming market is rich with opportunity and we believe our digital network, including 3,600 gaming terminals and a state-of-the-art Network Operations Center (NOC), can be of considerable value to the right partners. We remain engaged in active discussions with UK-based enterprises to monetize these gaming assets.

``Another significant component of the operating loss is attributable to expenditures related to the growth-oriented activities of our operating subsidiary The Network Connection, Inc. (``TNCi``) (NASDAQ: TNCX - news). During the past year TNCi hired a new management team and began implementing elements of its new business strategy. In its execution of the new strategic plan, TNCi management has made significant investments in infrastructure and personnel. These investments have already translated into improved product offerings, and increasingly successful marketing efforts in all its targeted markets. For example, over the last nine months, TNCi has entered into agreements covering 10 hotel properties (totaling more than 2,500 rooms) for its InnView(TM) entertainment and information system.

``We believe that TNCi`s efforts will continue to yield positive results in the hotel market, as well as in the other vertical markets currently being pursued. In addition to finalizing negotiations with several hotels, the company is presently involved in advanced discussions with several major cruise lines and European train operators regarding both the installation of its interactive systems as well as the ongoing management of the system`s content offerings. The growing acceptance of TNCi`s customized entertainment and information solution in each of the targeted vertical markets is reflective of the notable progress its new management team has made in a short period of time. The global `away-from-home` market for such information and entertainment products is a multi-billion dollar marketplace, which is vastly underserved, and we are excited about the opportunities available to TNCi and are committed to our continued participation in the company.

``Meanwhile, we are very pleased with the performance of our investment in U.S. Wireless Corporation (NASDAQ: USWC - news) which has consistently met our high expectations. U.S. Wireless continues to validate its technological leadership in the burgeoning wireless location information market by attracting powerhouse strategic partners such as Hewlett-Packard Company (NYSE: HWP - news) and American Tower Corp. (NYSE: AMT - news).``

As of fiscal year-end, Global Technologies holds 3,000,000 shares of U.S. Wireless Corporation (Nasdaq: USWC - news) with a current market price of $14.391 per share (as of 10/04/00), and maintains a majority-interest in The Network Connection that is comprised of 24,361,236 common shares, on a fully-converted basis, with a current market price of $2.625 per share (as of 10/04/00). Together, these investments represent approximately $100 million in equity assets.

About Global Technologies, Ltd.

Global Technologies, Ltd. is a technology incubator that invests in, develops and manages emerging growth companies in the networking solutions, interactive entertainment, e-commerce, telecommunications and gaming industries.

Global Technologies currently holds approximately 79% of The Network Connection, Inc. (NASDAQ: TNCX - news) on a fully converted basis and approximately 14.2% of the common stock of U.S. Wireless Corporation (NASDAQ: USWC - news) as of June 30, 2000. In addition, Global owns 100% of GlobalTech Holdings Ltd., which holds all of Global`s UK gaming interests. Global also maintains a minority interest in Shop4Cash.com, Inc., a privately-held cash-incentive Internet shopping portal.

Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties that may affect Global`s business and prospects and cause actual results to differ materially from these forward-looking statements. These assumptions, risks and uncertainties are discussed in detail in Global`s Annual Report on Form 10-KSB for the fiscal year ended June 30, 2000, and its other public filings, all of which are on file with and available from the Securities and Exchange Commission.

This release is available on the KCSA Public Relations Worldwide website at www.kcsa.com

Über das Management:
Irwin L. Gross
Chairman and Chief Executive Officer
Irv Gross was a founder of International Mobile Machines, now InterDigital Communications Corporation, a pioneer of the wireless technology standard, Time Division Multiple Access (TDMA). He was a founding shareholder of Powerspectrum Technologies, Ltd., a developer of innovative digital spread spectrum radio technologies. Irv Gross was also a founder and Chairman of ICC Technologies, a manufacturer of desiccant-based, active humidity control, air comfort systems. ICC subsequently sold its primary business to its joint venture partner, Engelhard Corporation, and reinvested the proceeds in Rare Medium Group, Inc., a provider of Internet and e-commerce business solutions.

Irv received his Bachelor of Science in Accounting from Temple University and his Juris Doctorate from Villanova University. He is a member of the national Board of Directors for the American Technion Society (The Israeli Institute of Technology) and a recipient of the Kjakan Award for ``entrepreneurial spirit`` from Westergaard Publishing. In 1998, Mr. Gross was the commencement speaker for the Temple University Graduate School of Business.


James W. Fox

President & Chief Operating Officer
Jim Fox has spent his entire career building businesses, beginning as a line operating manager and subsequently as a corporate finance advisory professional. Following a four-year stint as a U.S. Navy officer in the business and supply management arm of the Pacific Submarine Force, Jim held several positions with operating subsidiaries of W. R. Grace & Co. These included general management roles with Grace’s Veratex Products subsidiary--producers of health care products sold through diverse channels of distribution, as well as Grace’s specialty chemical operations. With this operating foundation, he went on to hold senior mergers and acquisitions positions with Coopers & Lybrand and General Foods Corp. Immediately prior to joining Interactive Flight Technologies, Jim served as the Managing Partner of First Lawrence Capital Corp, where he was responsible for the firm’s management and the growth of its transaction advisory and principal investment activities. Through these experiences, he has had significant exposure to the technology, networking, telecommunications and other related industry sectors. Jim received his M.B.A. degree from the Wharton School of the University of Pennsylvania and Bachelor of Arts degree from Amherst College. He previously served as an instructor at the University of Cincinnati (School of Business), and is active in community organizations in New Canaan, CT, where he resides.


Patrick J Fodale
Chief Financial Officer
Patrick J. Fodale is a senior financial executive, with significant operational, corporate finance and restructuring experience. As both a member of senior management and a consultant, he has developed and implemented programs to improve profitability and cash flow. Prior to joining Global Technologies, Mr. Fodale was Senior Vice president and Chief Financial Officer of HomePlace Holdings, Inc., of Cleveland, Ohio, where he was recruited in early 1998 to help turn around this $450 million revenue home furnishings retailer operating under Chapter 11 of the U.S. Bankruptcy Code. He also directed the Company’s restructuring process, which resulted in a successful sale of the company. During 1996 and 1997 Mr. Fodale was Senior Vice President and Chief Financial Officer of Color Tile, Inc., a $400 million revenue floor covering retailer, where he was instrumental in developing their restructuring plan. From 1985 to 1995 Mr. Fodale was with Arthur Andersen, LLP, the last six years of which, as a corporate turnaround consultant. As a Senior Manager in their Corporate Recovery Services practice, Mr. Fodale directed corporate turnaround and restructuring assignments for companies with revenues up to $2 billion. Mr. Fodale holds a Bachelor’s of Business Administration and a Master’s Degree of Accountancy from the University of Michigan, Ann Arbor.


David N. Shevrin

Vice President & Secretary
David N. Shevrin has served as Vice President and Secretary of the Company since September 1998, with primary responsibility for business development and analysis. Prior thereto, from July 1998, Mr. Shevrin was Vice President of Ocean Castle Investments, LLC. His responsibilities there were also in the areas of business development and analysis. From November 1994 to July 1998, Mr. Shevrin was Assistant to the Chairman and Chief Executive Officer of ICC Technologies. Before then, Mr. Shevrin served as a Product Manager with Kraft General Foods. Mr. Shevrin received his M.B.A. degree from Duke University’s Fuqua School of Business and Bachelor of Arts degree in Economics from Emory University.



S. Lance Silver

General Counsel
S. Lance Silver has been General Counsel of Global Technologies, Ltd. since September 7, 1999. Prior thereto, he had been an associate in the corporate department of Wolf, Block, Schorr and Solis-Cohen LLP, a major Philadelphia-based law firm, since September 7, 1994. Mr. Silver`s practice at Wolf, Block focused on securities law, mergers and acquisitions, venture capital and general corporate law. Mr. Silver is admitted to the Pennsylvania and New Jersey Bars and is a member of the American, Pennsylvania and Philadelphia Bar Associations. Mr. Silver received a Bachelor of Science in Finance from the Pennsylvania State University in August 1990. Mr. Silver obtained his Juris Doctor in July 1994 from The Temple University School of Law in Philadelphia, where he graduated magna cum laude and was on The Temple Law Review.




Board of Directors




CHARLES T. CONDY

Mr. Condy had been a director of ICC Technologies, Inc. since June 1996. Mr. Condy is the founder, chairman and chief executive officer of NextCentury Restaurants, Inc., a private company which is the owner of Aqua, and Charles of Nob Hill, both of which are in San Francisco. He is founder and has been chairman and chief executive officer of Proven Alternatives, Inc., a privately held international energy management company, since 1991. Mr. Condy was chairman and chief executive officer of California Energy Company, Inc., a geothermal energy company which he founded in 1971, and which became the largest geothermal energy company in the world. Prior to founding California Energy Company, Mr. Condy was executive vice president-Western region of John Nuveen and Company, members of the New York Stock Exchange. In the public policy area, Mr. Condy helped found and has served as board member of the Business Council for a Sustainable Energy Future and the Coalition for Energy Efficiency and Renewable Technologies. Mr. Condy currently advises the U.S. Department of Energy, the U.S. Agency for International Development, and the U.S. Asian Environmental Partnership on energy efficiency technology transfer and related funding to developing economies.



STEPHEN SCHACHMAN

Presently a private consultant and is the owner of his own consulting firm, Public Affairs Management, located in the suburban Philadelphia area. From 1992 to 1995 has was an executive officer and consultant to Penn Fuel Gas Company, a supplier of natural gas products. Prior thereto, he was an attorney with the Philadelphia law firm of Dilworth, Paxson, Kalish & Kaufman. Mr. Schachman was also executive vice president of Bell Atlantic Mobile System and prior thereto president of the Philadelphia Gas Works, the largest municipally owned gas company in the United States. Mr. Schachman has a Bachelor of Arts degree from the University of Pennsylvania and a Juris Doctor degree from the Georgetown University Law School.


M. MOSHE PORAT

Currently the Dean of the School of Business and Management at Temple University. He is the Chairholder of the Joseph E. Boettner Professorship in Risk Management and Insurance. From 1988 to 1996 he was Chairman of the Risk Management, Insurance and Actuarial Science Department at Temple University. He received his undergraduate degree in economics and statistics (with distinction) from Tel Aviv University. His M.B.A. (Magna Cum Laude) is from the Recanati Graduate School of Management at Tel Aviv University. He completed his doctoral work at Temple University. Prior to his academic work, Dr. Porat served as deputy general manager of a large international insurance brokerage firm and insurance company as an economic and financial consultant. Dr. Porat has authored several monographs on captive insurance companies and their use in risk management, has published numerous articles on captive insurance companies, self insurance and other financial and risk topics, has served as an expert witness and has won several awards. Dr. Porat holds the CPCU professional designation and is a member of ARIA (American Risk and Insurance Association), IIS (International Insurance Society), RIMS (Risk and Insurance Management Society) and Society of CPCU.

PHILADELPHIA--(BUSINESS WIRE)--Sept. 5, 2000--GLOBAL TECHNOLOGIES, LTD. (NASDAQ:GTLL - news), including its wholly-owned UK subsidiaries, GlobalTech Holdings Limited and GTL Management Limited, announced today that, in order to pursue alternative strategic opportunities in the UK, it has terminated its operating agreements with Inter Lotto (UK) Ltd. (``Inter Lotto``), and has divested its 27.5% stake in the UK-based gaming company.

Under a termination agreement, Global Technologies and Inter Lotto have agreed to manage and operate the existing ``Daily Number`` lottery through December 31, 2000, with Global Technologies retaining all net revenues from the operations, after payment for prizes, charities, and sales commissions. Pursuant to the agreement, Inter Lotto has also remitted approximately (pound)750,000 of Value Added Tax rebates to Global Technologies in repayment of certain debts owed by Inter Lotto to Global Technologies, and the two parties have resolved certain other outstanding disputes and obligations.

Over the last eighteen months, Global Technologies has designed and deployed a robust, scalable gaming network in the UK, and has put in place a team of experienced industry executives and strategic partners to operate it. Subsequent to the pilot launch of the ``Daily Number`` lottery in April 2000, Global Technologies was approached by several parties seeking to initiate additional attractive operations using the Company`s gaming network infrastructure and lottery management services. After reviewing the economics of these opportunities relative to the higher operating costs of sustaining the Inter Lotto relationship, Global Technologies decided to terminate its operating agreements with, and divest its equity interest in, Inter Lotto.

Global Technologies Chairman and Chief Executive Officer, Irwin Gross said, ``We have been pleased by the ability of our UK company to successfully meet the challenge of setting up a complex, working network during this period. However, as a company focusing on the development of innovative technologies and businesses, we must maintain a disciplined approach to managing the resources, rewards, risks, and timelines of our various holdings. Therefore, we are repositioning our gaming network in order to pursue more promising business relationships with established UK gaming companies.

``The value of our network has been recognized by several other parties who are interested in utilizing Global Technologies` lottery management services and gaming network infrastructure. We are currently negotiating with certain parties to make use of this network in return for equity, revenue sharing, and/or cost reimbursement arrangements. These negotiations will be accelerated by the move away from Inter Lotto.

``In addition, each of these prospective opportunities is accompanied by an External Lottery Manager`s Certificate (``ELMC``), which will replace the Inter Lotto ELMC we are currently utilizing.``

The Company has recently filed a Current Report on Form 8-K with the Securities and Exchange Commission regarding this matter. The Company will also discuss the Inter Lotto divestiture and other recent developments on a Conference Call scheduled for Wednesday, September 6 at 4:00pm Eastern Daylight Time. Mr. Gross will be hosting the call. To participate please call the following teleconferencing number approximately five minutes before the call begins:


Domestic: 1-(800)-553-2178
International: 1-(303)-267-1007

About Global Technologies, Ltd.

Global Technologies is a technology incubator that invests in, develops and manages emerging growth companies in the networking solutions, interactive information and entertainment systems, e-commerce, telecommunications and gaming industries. http://www.gtll.com.

Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties that may affect Global Technologies` business and prospects and cause actual results to differ materially from these forward-looking statements. These assumptions, risks and uncertainties are discussed in detail in Global Technologies` public filings, all of which are on file with and available from the United States Securities and Exchange Commission.

This release and prior releases are available on the KCSA Public Relations Worldwide Web site at www.kcsa.com.


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