UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
(Print or Type Responses)
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1. Name and Address of Reporting Person*
Russo Peter J.
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(Last) (First) (Middle)
c/o Group Long Distance, Inc. 1451 West Cypress Creek Road, Suite 200
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(Street)
Fort Lauderdale FL 33309
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Group Long Distrance, Inc. (Nasdaq SmallCap Market--"GLDI") (Boston Stock
Exchange--"GPL")
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
May 1997
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ X ] Director [ ] 10% Owner
[ X ] Officer (give title below) [ ] Other (specify below)
Chief Financial Officer
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7. Individual or Joint/Group Filing
(Check Applicable Line)
[ X ] Form filed by one Reporting Preson
[ ] Form filed by more than one Reporting Preson
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
2. Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
Transaction Code ------------------------------- Owned at End (D) or Indirect
1. Date (Instr. 8) (A) of Month Indirect Beneficial
Title of Security (Month/Day/ ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) Year) Code V (D) and 4) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- Form of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of (D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Options $3.875 per 5/23/97 A 14,000 (1) 5/23/02 Common 14,000 $0 50,000 D
(Right to Buy) share Stock
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</TABLE>
Explanation of Responses:
(1) Options vest incrementally on a quarterly basis over a three-year period.
/s/ Peter J. Russo 1/21/98
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**Signature of Reporting Person Date
** Intentional misstatements of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
