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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 27, 1996
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GLOBAL OUTDOORS, INC.
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(Exact name of Registrant as specified in its charter)
Alaska 0-17287 33-0074499
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification Number)
43445 Business Park Drive, Suite 113
Temecula, California 92590
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(Address and zip code of principal executive offices)
(909) 699-4749
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changes since last report)
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not Applicable.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not Applicable.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not Applicable.
ITEM 5. OTHER EVENTS.
News Release to be issued on September 27, 1996, attached hereto, and
incorporated herein by this reference.
ITEM 6. RESIGNATIONS OF THE REGISTRANT'S DIRECTORS.
Not Applicable.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit 99 -- News Release.
ITEM 8. CHANGE IN FISCAL YEAR.
Not Applicable.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GLOBAL OUTDOORS, INC.
(Registrant)
Date: September 27, 1996 By: /s/ RICHARD K. DICKSON II
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Richard K. Dickson II,
Senior Vice President
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EXHIBIT 99
GLOBAL OUTDOORS, INC.
43445 Business Park Drive, Suite 113
Temecula, CA 92590
(800) 551-9707 * Fax (909) 699-4062
FOR IMMEDIATE RELEASE
GLOBAL OUTDOORS, INC.
SB-2 Registration Statement Status
Temecula, California - September 27, 1996: Management of GLOBAL OUTDOORS, INC.
(NASDAQ:GLRS), an Alaskan corporation, today announced that it has received
accounting comments from the Securities and Exchange Commission in connection
with its SB-2 Registration Statement filed with the SEC on August 5, 1996. The
most important aspect of the comments concerns the revenue recognition policy
for the Company's Lost Dutchmans Mining Camp Club. Presently, sales revenue is
recognized upon execution of a membership sales contract and receipt of
cumulative payments of at least 10% of the sales price. The Company also
provides a 10% allowance for doubtful accounts and discounts the contracts over
the contractual repayment period. The SEC has proposed that Global's financial
statements be revised to defer revenue for lifetime memberships and amortize it
on a straight line basis over the estimated period which the member is expected
to use the land and facilities.
The SEC's proposed revision would substantially reduce the revenues and profits
of the Company. In June 1996, Global retained an independent accounting firm to
provide advice as to its accounting policies. Said firm has provided
consultation to the Company in preparing a response to the SEC's comment letter.
Global has delayed responding to the SEC comment letter pending receipt and
review of the accounting treatment of a campground company in another SEC
filing. The Company anticipates filing a response in the near future and is
uncertain as to the ultimate determination of this matter.
Regardless, of the resolution of the Lost Dutchmans accounting issue,
management of Global believes the Company is undervalued due primarily to the
value that has been added to the Company in the continuing development of The
Outdoor Channel.
The Outdoor Channel, which Global owns and operates, is the first national
television network devoted solely to outdoor activities, such as hunting,
fishing, scuba diving and recreational gold prospecting. To date, The Outdoor
Channel has achieved significant visibility in the cable television industry
and has signed carriage agreements with many large cable systems. Launched as
a part-time network in June 1993, The Outdoor Channel progressed to a full-time
channel in April 1994 and since then has continued to develop its management,
programming, distribution and revenue.
The Company also owns and operates related businesses which serve the interests
of viewers of The Outdoor Channel and other outdoor enthusiasts. These related
businesses include, LDMA-AU, Inc. ("Lost Dutchmans"), Gold Prospectors'
Association of America, Inc. ("GPAA"),
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the Trips Division and a majority interest in American Prospecting Equipment
Company ("APEC"). Lost Dutchman's is a national recreational gold prospecting
camp club with over 6,000 members and properties in California, Oregon, Alaska,
Nevada, Arizona, Colorado, Georgia, North Carolina and South Carolina. Since
January 1993, Lost Dutchman's has added five properties and approximately 3,500
members. GPAA is the largest recreational gold prospecting club in the world
with approximately 50,000 active members. GPAA also sells products and services
related to recreational gold prospecting and is the publisher of the Gold
Prospector magazine. APEC markets products related to the recreational
prospector and publishes a products catalog which is distributed recreational
prospecting enthusiasts. The Company's Trips Division sponsors unique
recreational prospecting trips to Australia and to the Company's 2300 acre camp,
located 11 miles west of Nome, Alaska.
FOR MORE INFORMATION CONTACT: SANDY CHOO
(909) 699-4749
CHUCK MEYER
(714) 476-2760
GLOBAL OUTDOORS, INC.
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