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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
GLOBAL TELECOMMUNICATION SOLUTIONS, INC.
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(Name of Issuer)
Common Stock, $0.01 Par Value Per Share
Warrants to Purchase Common Stock
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(Title of Class of Securities)
37935Y
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(CUSIP Number)
Jonathan L. Awner, Esq.
Akerman, Senterfitt & Eidson, P.A.
One S.E. Third Avenue, Suite 2800
Miami, FL 33131 (305) 374-5600
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 30, 1996
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(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
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(1) Name of Reporting Person. S.S. or I.R.S. Norton Herrick
Identification No. of Above Person
(2) Check the Appropriate Box if (a)
a Member of a Group (See Instructions) (b)
(3) SEC Use Only
(4) Source of Funds (See Instructions) PF
(5) Check if Disclosure of Legal
Proceedings is Required
Pursuant to Items 2(d) or 2(e)
(6) Citizenship or Place of Organization United States
Number of Shares (7) Sole Voting Power 250,000
Beneficially
Owned by Each (8) Shared Voting Power -0-
Reporting
Person With (9) Sole Dispositive Power 250,000
(10) Shared Dispositive Power -0-
(11) Aggregate Amount Beneficially 250,000
owned by Each Reporting Person
(12) Check if the Aggregate Amount
in Row (11) Excludes Certain
Shares (See Instructions)
(13) Percent of Class Represented 4.9%
by Amount in Row (11)
(14) Type of Reporting Person (See Instructions) IN
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The Reporting Person listed on the cover page to this Schedule 13D
hereby makes the following statement pursuant to Section 13(d) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and
regulations promulgated thereunder. This Statement is an amendment and
restatement of the Schedule 13D dated April 17, 1995 (the "Original Schedule
13D"). For further information regarding any of the items amended and restated
herein, reference is made to the Original Schedule 13D.
ITEM 1. SECURITY AND ISSUER.
This statement relates to the common stock, par value $.01 per share
(the "Common Stock"), of Global Telecommunication Solutions, Inc., a Delaware
corporation (the "Issuer"), and to warrants to purchase Common Stock of the
Issuer (the "Warrants").(1) The principal executive offices of the Issuer are
located at 40 Elmont Road, Elmont, New York 11003.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is being filed by Mr. Norton Herrick ("Mr. Herrick")
whose business address is 2295 Corporate Boulevard, N.W., Suite 222, Boca Raton,
Florida 33431. Mr. Herrick is Chairman and Chief Executive Officer of The
Herrick Company, which is a diversified holding company and management firm for
Mr. Herrick's real estate and corporate investments, headquartered at 2295
Corporate Boulevard, N.W., Suite 222, Boca Raton, Florida 33431.
Mr. Herrick is a citizen of the United States. Mr. Herrick has not,
during the last five years, (a) been convicted in any criminal proceeding
(excluding traffic violations or similar misdemeanors) or (b) been a party to
any civil proceeding of a judicial or administrative body of competent
jurisdiction and a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violations with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Mr. Herrick used personal funds in making his purchases of the Common
Stock and the Warrants. Mr. Herrick paid an aggregate purchase price of $572,000
for 100,000 shares of Common Stock. The total purchase price for the Warrants is
as follows: (a) Warrants to purchase 350,000 shares of Common Stock were issued
to Mr. Herrick in connection with a loan to the Issuer of $350,000 prior to the
Issuer's initial public offering, and (b) Mr. Herrick paid $2,500 for Warrants
to purchase 25,000 shares of Common Stock issued to him in the Issuer's initial
public offering. Mr. Herrick's source of funds for the exercise of the Warrants
is undetermined as of the date hereof, but most likely will come from personal
funds.
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(1) Each of the Warrants entitles the registered holder thereof to
purchase one share of Common Stock at an exercise price of $4.00 per share at
any time during the period commencing June 15, 1995 and ending December 14,
1999.
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ITEM 4. PURPOSE OF TRANSACTION.
Mr. Herrick acquired the Common Stock and Warrants for investment
purposes and has no plans or proposals which relate to or would result in any of
the events or transactions described in Item 4(a)-(j) of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) and (b) As of May 30, 1996, Mr. Herrick may be deemed to
beneficially own 250,000 shares of Common Stock (which includes 233,000 shares
of Common Stock issuable upon exercise of Warrants), representing approximately
4.9% of the outstanding shares of Common Stock, calculated in accordance with
Rule 13d-3 under the Exchange Act (based on 4,912,801 shares of Common Stock
outstanding as of April 9, 1996, as reported on the Issuer's annual report on
Form 10-K for the year ending December 31, 1995, plus the 233,000 shares of
Common Stock issuable upon exercise of the Warrants that Mr. Herrick may be
deemed to beneficially own and which are deemed outstanding for purposes of this
computation). Mr. Herrick has the sole power to vote and the sole power to
dispose of all of the 250,000 shares of Common Stock which he may be deemed to
beneficially own described above.
As of November 9, 1995, Mr. Herrick beneficially owned 318,000 shares
of Common Stock (including 243,000 shares issuable upon exercise of Warrants),
representing approximately 9.4% of the outstanding shares of Common Stock (based
on 3,141,678 shares of Common Stock outstanding as of November 15, 1995). As of
March 1, 1996, Mr. Herrick beneficially owned 308,000 shares of Common Stock
(including 233,000 shares issuable upon exercise of Warrants), representing
approximately 6% of the outstanding shares of Common Stock (based on 4,912,801
shares of Common Stock outstanding as of April 9, 1996).
(c) The only transactions in any securities of the Issuer that were
effected during the past sixty days by Mr. Herrick were the following:
(1) On July 7, 1995, Mr. Herrick sold Warrants
to purchase 15,000 shares of Common Stock at
$2 5/8 per Warrant on the open market.
(2) On November 9, 1995, Mr. Herrick sold 25,000
shares of Common Stock at $5 1/2 per share
on the open market.
(3) On March 1, 1996, Mr. Herrick sold Warrants
to purchase 10,000 shares of Common Stock at
$2 7/16 per Warrant on the open market.
(4) On March 14, 1996, Mr. Herrick sold 5,000
shares of Common Stock at $6.00 per share on
the open market.
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(5) On March 21, 1996, Mr. Herrick sold Warrants
to purchase 5,000 shares of Common Stock at
$2 1/4 per Warrant on the open market.(2)
(6) On March 22, 1996, Mr. Herrick sold Warrants
to purchase 4,000 shares of Common Stock at
$2 1/4 per Warrant on the open market.(2)
(7) On March 25, 1996, Mr. Herrick sold Warrants
to purchase 14,500 shares of Common Stock at
$2 1/4 per Warrant on the open market.(2)
(8) On March 26, 1996, Mr. Herrick sold Warrants
to purchase 2,000 shares of Common Stock at
$2 3/8 per Warrant on the open market.(2)
(9) On March 27, 1996, Mr. Herrick sold Warrants
to purchase 15,000 shares of Common Stock at
$2 5/16 per Warrant on the open market.(2)
(10) On March 28, 1996, Mr. Herrick sold Warrants
to purchase 5,000 shares of Common Stock at
$2 1/4 per Warrant on the open market.(2)
(11) On March 29, 1996, Mr. Herrick sold Warrants
to purchase 4,400 shares of Common Stock at
$2 1/8 on the open market.(2)
(12) On April 4, 1996, Mr. Herrick sold 5,000
shares of Common Stock at $5 1/2 per share
on the open market.
(13) On April 9, 1996, Mr. Herrick sold 2,000
shares of Common Stock at $5 5/8 per share
on the open market.
(14) On April 12, 1996, Mr. Herrick sold 1,000
shares of Common Stock at $5 3/4 per share
on the open market.
(15) On April 15, 1996, Mr. Herrick sold 10,000
shares of Common Stock at $5 7/32 per share
on the open market.
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(2) Represents the sale of Warrants that Mr. Herrick did not beneficially own.
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(16) On May 22, 1996, Mr. Herrick sold 10,000
shares of Common Stock at $ 5 5/8 per share
on the open market.
(17) On May 23, 1996, Mr. Herrick sold 10,000
shares of Common Stock at $6 per share on
the open market.
(18) On May 29, 1996, Mr. Herrick sold 10,000
shares of Common Stock at $6 per share on
the open market.
(19) On May 31, 1996, Mr. Herrick sold 5,000
shares of Common Stock at $6 1/8 per share
on the open market.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
Mr. Herrick is not a party to any contract, arrangement, understanding
or relationship with the Issuer or any other person with respect to any
Securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
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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 10, 1997 /s/ Norton Herrick
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Norton Herrick
