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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
World Access, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
98141A101
(CUSIP Number)
December 31, 1998
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing of this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No
98141A101
Page 2 of 6 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Hambrecht & Quist Group
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF SHARES -0-
BENEFICIALLY OWNED BY
EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
----------------------------------------------------
6 SHARED VOTING POWER
800,000
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----------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
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----------------------------------------------------
8 SHARED DISPOSITIVE POWER
800,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
800,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* / /
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.1%
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12 TYPE OF REPORTING PERSON*
CO
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CUSIP No
98141A101
Page 3 of 6 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Hambrecht & Quist California
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
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3 SEC USE ONLY
- --------------------------------------------------------------------------------
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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5 SOLE VOTING POWER
NUMBER OF SHARES 800,000
BENEFICIALLY OWNED BY
EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
----------------------------------------------------
6 SHARED VOTING POWER
-0-
- --------------------------------------------------------------------------------
----------------------------------------------------
7 SOLE DISPOSITIVE POWER
800,000
- --------------------------------------------------------------------------------
----------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
800,000
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.1%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
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CUSIP No
98141A101
Page 4 of 6 Pages
ITEM 1.
(a) NAME OF ISSUER:
World Access, Inc., a Delaware corporation (the "Issuer")
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
The Issuer has its principal executive offices at 945 East Paces Ferry
Road, Suite 2240, Atlanta, Georgia 30326.
ITEM 2.
(a) NAMES OF PERSONS FILING:
This statement is filed on behalf of Hambrecht & Quist Group ("H&Q
Group") and its wholly owned subsidiary Hambrecht & Quist California ("H&Q
California").
(b) ADDRESS OF PRINCIPAL OFFICE:
The principal place of business of H&Q Group is One Bush Street, San
Francisco, CA 94104.
The principal place of business of H&Q California is One Bush Street,
San Francisco, CA 94104.
(c) CITIZENSHIP:
The place of organization of H&Q Group is the State of Delaware.
The place of organization of H&Q California is the State of California.
(d) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $0.01 per share
(e) CUSIP NUMBER:
The CUSIP number of the Common Stock is 98141A101.
ITEM 3. TYPE OF REPORTING PERSON:
If this statement is filed pursuant to 240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C.
78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the
Act (15 U.S.C. 78c).
(d) [ ] Investment company as defined in section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8).
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CUSIP No
98141A101
Page 5 of 6 Pages
(e) [ ] An investment adviser in accordance with 240.13d-1(b)(1)
(ii)(E).
(f) [ ] An employee benefit plan or endowment fund in accordance
with 240.13d-1(b)(1)(ii)(F).
(g) [ ] A parent holding company or control person in accordance
with 240.13d-1)b)(1)(ii)(G).
(h) [ ] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813).
(i) [ ] A church plan that is excluded from the definition
of an investment company under section 3(c)(14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3).
(j) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to 240.13d-1(c), check this box
[X].
ITEM 4. OWNERSHIP:
Reference is made to Items 5-9 and 11 of the cover page to this
Schedule, which Item is incorporated by reference herein. According to
information contained in the Issuer's Quarterly Report on Form 10-Q for the
fiscal quarter ended September 30, 1998, there were 25,797,167 shares of Common
Stock issued and outstanding as of November 19, 1998. As of December 31, 1998,
H&Q California beneficially owned 800,000 shares of the Issuer's Common Stock.
Under the definition of "beneficial ownership" in Rule 13d-3 under the
Securities Exchange Act of 1934, it is also possible that the individual
directors, executive officers, members and/or managers of the foregoing entities
might be deemed "beneficial owners" of some or all of the securities to which
this Schedule relates in that they might be deemed to share the power to direct
the voting or disposition of such securities. Neither the filing of this
Schedule nor any of its contents shall be deemed to constitute an admission that
any of such individuals is, for any purpose, the beneficial owner of any of the
securities to which this Schedule relates, and such beneficial ownership is
expressly disclaimed.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
If this statement is being filed to report the fact that as of the date
hereof the reporting persons have ceased to be the beneficial owners of more
than five percent of the class of securities, check the following [X].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
Inapplicable
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
Inapplicable
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CUSIP No
98141A101
Page 6 of 6 Pages
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
Inapplicable
ITEM 9. NOTICE OF DISSOLUTION OF THE GROUP:
Inapplicable
ITEM 10. CERTIFICATION:
By signing below, I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 11, 1999
HAMBRECHT & QUIST GROUP
By: ______________________________________________
Steven N. Machtinger
General Counsel & Secretary
HAMBRECHT & QUIST CALIFORNIA
By: ______________________________________________
Steven N. Machtinger
General Counsel & Secretary
