<PAGE>
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) March 23, 1998
----------------------
PORTACOM WIRELESS, INC.
--------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Delaware 0-23228 33-0650673
- ------------------------- ------------------------- ----------------
(State or Other Juris- (Commission File Number) (IRS Employer Identi-
diction of Incorporation) fication No.)
10061 Talbert Avenue, Suite 200, Fountain Valley, California 92708
- ------------------------------------------------------------ ---------
(Address of principle executive offices) (Zip Code)
Registrant's telephone number, including area code 714-593-3234
--------------
N/A
-------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
____________________________________
<PAGE>
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
--------------------------
On March 23, 1998, PortaCom Wireless, Inc. (the "Company") filed a
voluntary petition for relief under Chapter 11 of the United States Bankruptcy
Code in the United States Bankruptcy Court, District of Delaware. The petition
requests that the existing directors and officers of the Company be left in
possession of the Company's assets and responsible for the business of the
Company.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
---------------------------------------------
KPMG, the Company's former independent accountants, informed the Company
that they would be unable to perform the annual audit of the Company's financial
statements for the fiscal year ended December 31, 1997. In prior years, KPMG had
conducted its audit of the Company out of KPMG's Vancouver, British Columbia
office. In December 1996, the Company emigrated from Canada and became domiciled
in the State of Delaware. Accordingly, KPMG informed the Company that KPMG could
not conduct the audit from KPMG's Vancouver office. Furthermore, KPMG informed
the Company that, because of professional staffing constraints, none of KPMG's
southern California offices would be able to perform the audit for the 1997
fiscal year. As a result, the Company was forced to engage a new firm of
independent accountants. On February 4, 1998, the Company engaged the accounting
firm of Cogen Sklar LLP of Bala Cynwyd, Pennsylvania to be the Company's
independent accountants and to conduct the 1997 audit. Prior to this retention
of Cogen Sklar LLP by the Company, the Company did not consult with Cogen Sklar
LLP regarding any financial or accounting matters.
During the past two fiscal years and the period up to and including the
date of this report, there were no disagreements between the Company and KPMG on
any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure. During the same period, there were
no "reportable events", as that term is defined in Item 304(a)(1)(v). KPMG's
reports on the Company's financial statements for the fiscal years ended
December 31, 1996 and December 31, 1995 do not contain adverse, qualified or
disclaiming opinions. However, the report for the fiscal year ended December 31,
1996 does contain the following statement:
In the United States, reporting standards for auditors require
the addition of an explanatory paragraph (following the
opinion paragraph) when the financial statements are affected
by conditions and events that cast substantial doubt on the
Company's ability to continue as a going concern, such as
those described in note 1 to the consolidated financial
statements. Our report to the shareholders dated January 14,
1997 is expressed in accordance with Canadian reporting
standards which do not permit a reference to such events and
conditions in the auditors' report when these are adequately
disclosed in the financial statements.
Note 1 to such financial statements contains the following statement:
At the date of these consolidated financial statements, the
Company has not generated cash flow from recurring operating
activities and it is uncertain when it will commence to
generate such a cash flow. In addition, the Company's largest
recorded asset is restricted until January 1, 1999 (note
5(a)). Accordingly, there can be considered to be doubt as to
the nature and extent of the Company's future operations.
-2-
<PAGE>
ITEM 5. OTHER EVENTS.
------------
On March 13, 1998, the Company announced that it had executed an
agreement amending the Asset Purchase Agreement, dated November 25, 1997 (the
"Agreement") between the Company, as seller, and VDC Corporation, as buyer, to
extend the expiration date of the Agreement to April 30, 1998, or such later
date, not later than November 1, 1998, as VDC may determine. The Company also
announced the resignations of Chief Executive Officer and Director, Douglas C.
MacLellan, the resignations of Directors Stephen Leahy, Keith Hay, Howard
Frantom and Stephen Stephens, the election of Michael Richard as Director and
acting Chief Executive Officer, and the elections of Thomas Madden and Steven
Rosner as Directors.
ITEM 7. FINANCIAL STATEMENT, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
-----------------------------------------------------------------
(c) Exhibits
2 The Company's Voluntary Petition for Relief under Chapter 11 of
the United States Bankruptcy Code, filed March 23, 1998 in the
United States Bankruptcy Court, District of Delaware.
16 Letter from KPMG to the United States Securities and Exchange
Commission regarding the change in the Company's certifying
accountant. (To be filed by amendment.)
17.1 Letter of Resignation of Douglas C. MacLellan dated March 9, 1998.
17.2 Letter of Resignation of Keith A.J. Hay dated March 8, 1998.
17.3 Letter of Resignation of Stephen M. Leahy dated March 8, 1998.
17.4 Letter of Resignation of Howard Frantom dated February 26, 1998.
17.5 Letter of Resignation of Stephen Stephens dated November 5, 1997.
99.1 Press Release dated March 13, 1998.
-3-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PORTACOM WIRELESS, INC.
(Registrant)
Date: March 30, 1998 By: /s/ Michael Richard
----------------------------------------
Name: Michael Richard
Title: Acting Chief Executive Officer
-4-
<PAGE>
EXHIBIT INDEX
-------------
EXHIBIT NO.
- -----------
2 The Company's Voluntary Petition for Relief under Chapter 11 of the
United States Bankruptcy Code, filed March 23, 1998 in the United
States Bankruptcy Court, District of Delaware.
17.1 Letter of Resignation of Douglas C. MacLellan dated March 9, 1998.
17.2 Letter of Resignation of Keith A.J. Hay dated March 8, 1998.
17.3 Letter of Resignation of Stephen M. Leahy dated March 8, 1998.
17.4 Letter of Resignation of Howard B. Frantom dated February 26, 1998.
17.5 Letter of Resignation of Stephen O. Stephens dated November 5, 1997.
99.1 Press Release dated March 13, 1998.
-5-
<PAGE>
EXHIBIT 2
FORM 1 VOLUNTARY PETITION
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
UNITED STATES BANKRUPTCY COURT VOLUNTARY
District of Delaware PETITION
<S> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
IN RE (Name of debtor-if individual, enter Last, First Middle) NAME OF JOINT DEBTOR (Spouse) (Last, First, Middle)
PortaCom Wireless, Inc., a Delaware Corporation
- -----------------------------------------------------------------------------------------------------------------------------------
ALL OTHER NAMES used by debtor in the last 6 years ALL OTHER NAMES used by the joint debtor in the last
(Include married, maiden and trade names) 6 years
Extreme Technologies, Inc., International PCBX Systems, Inc., (Include married, maiden and trade names)
USTR Information Systems (Canada), Ltd., Worthing Enterprises, Ltd.
- -----------------------------------------------------------------------------------------------------------------------------------
SOC. SEC./TAX I.D. NO. (If more than one, state all) SOC. SEC./TAX I.D. NO. (If more than one, state all)
33-0650673
- -----------------------------------------------------------------------------------------------------------------------------------
STREET ADDRESS OF DEBTOR (No. and street, city, state, zip) STREET ADDRESS OF JOINT DEBTOR (No. and street, city,
state, zip)
---------------------------- ---------------------------
10061 Talbert Avenue, Suite 200 COUNTY OF RESIDENCE OR COUNTY OF RESIDENCE OR
Fountain Valley, CA 92708 PRINCIPAL PLACE OF BUSINESS PRINCIPAL PLACE OF BUSINESS
Orange
- -----------------------------------------------------------------------------------------------------------------------------------
MAILING ADDRESS OF DEBTOR (if different from street address) MAILING ADDRESS OF JOINT DEBTOR (if different from
street address)
- ----------------------------------------------------------------------------------------------------------------------------------
LOCATION OF PRINCIPAL ASSETS OF BUSINESS DEBTOR [_] Debtor has been domiciled or has had a residence,
(if different from addresses listed above) principal place of business or principal assets
in this District for 180 days immediately
preceding the date of this petition or for a
longer part of such 180 days than in any other
District.
[_] There is a bankruptcy case concerning debtor's
general partner or partnership pending in this
District.
- -----------------------------------------------------------------------------------------------------------------------------------
INFORMATION REGARDING DEBTOR (Check applicable boxes)
- -----------------------------------------------------------------------------------------------------------------------------------
TYPE OF DEBTOR CHAPTER OR SECTION OF BANKRUPTCY CODE UNDER WHICH THE PETITION IS
[_] Individual [X] Corporation Publicly Held FILED (Check one box)
[_] Joint (H&W) [_] Corporation Not Publicly Held [_] Chapter 7 [X] Chapter 11 [_] Chapter 13
[_] Partnership [_] Municipality [_] Chapter 9 [_] Chapter 12 [_] (S) 304-Case Ancillary to
[_] Other ____________________________________________ FILING FEE (Check one box) Foreign Proceeding
[X] Filing fee attached.
NATURE OF DEBT [_] Filing fee to be paid in installments. (Applicable to
[_] Non-Business Consumer [X] Business - individuals only). Must attach signed application for the courts
Complete A&B below consideration certifying that the debtor is unable to pay fee
A. TYPE OF BUSINESS (check one box) except in installments. Rule 1006(b). See Official Form No. 3.
[_] Farming [_] Transportation ------------------------------------------------------------------
[_] Commodity Broker NAME AND ADDRESS OF LAW FIRM OR ATTORNEY
[_] Professional [_] Manufacturing/ [_] Construction
[_] Retail/Wholesale [_] Mining
[_] Real Estate Francis A. Monaco, Jr., Esquire
[_] Railroad [_] Stockbroker [X] Other Business Walsh & Monzack, P.A.
B. BRIEFLY DESCRIBE NATURE OF BUSINESS 400 Commerce Center
12th and Orange Streets
Development of wireless and wireline telecommunications P.O. Box 2031
services in selected developing world markets. Wilmington, DE 19899
Telephone No. (302) 656-8162
------------------------------------------------------------------
NAME(S) OF ATTORNEY(S) DESIGNATED TO REPRESENT THE DEBTOR
Francis A. Monaco, Jr., Esquire
- -----------------------------------------------------------------------------------------------------------------------------------
STATISTICAL ADMINISTRATIVE INFORMATION (28 U.S.C. (S) [_] Debtor is not represented by an attorney. Telephone no.
604) of debtor not represented by an attorney: ( )
(Estimates only) (Check applicable boxes)
- -----------------------------------------------------------------------------------------------------------------------------------
THIS SPACE FOR COURT USE ONLY
[X] Debtor estimates that funds will be available for distribution to unsecured creditors.
[_] Debtor estimates that after any exempt property is excluded and administrative expenses
paid, there will be no funds available for distribution to unsecured creditors.
- --------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------
<S> <C>
ESTIMATED NUMBER OF CREDITORS
[_] 1-15 [_] 16-49 [X] 50-99 [_] 100-199 [_] 200-999 [_] 1000-over
- --------------------------------------------------------------------------------
ESTIMATED ASSETS (in thousands of dollars)
[_] Under 50 [_] 50-99 [_] 100-499 [_] 500-999 [X] 1000-9999
[_] 10,000-99,000 [_] over 100,000
- --------------------------------------------------------------------------------
ESTIMATED LIABILITIES (in thousands of dollars)
[_] Under 50 [_] 50-99 [_] 100-499
[_] 500-999 [X]1000-9999 [_] 10,000-99,000 [_] over 100,000
- --------------------------------------------------------------------------------
ESTIMATED NUMBER OF EMPLOYEES - CH.11 & 12 ONLY
[_] 0 [X] 1-19 [_] 20-99 [_] 100-999 [_]1000-over
- --------------------------------------------------------------------------------
ESTIMATED NO. OF EQUITY SECURITY HOLDERS - CH 11 & 12 ONLY
[_] 0 [_] 1-19 [_] 20-99 [_] 100-499 [X]500-over
- --------------------------------------------------------------------------------
Name of Debtor: PortaCom Wireless, Inc., a Delaware Corporation Case No._____________________________
</TABLE>
<PAGE>
<TABLE>
(Court use only)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
FILING OF PLAN
For Chapter 9, 11, 12 and 13 cases only. Check appropriate box.
[_] A copy of debtor's proposed plan dated ________________ [X] Debtor intends to file a plan within the time allowed by statute,
is attached. rule, or order of the court.
- ------------------------------------------------------------------------------------------------------------------------------------
PRIOR BANKRUPTCY CASE FILED WITHIN LAST 6 YEARS (if more than one, attach additional sheet)
- ------------------------------------------------------------------------------------------------------------------------------------
Location Where Filed Case Number Date Filed
- ------------------------------------------------------------------------------------------------------------------------------------
PENDING BANKRUPTCY CASE FILED BY ANY SPOUSE, PARTNER, OR AFFILIATE OF THIS DEBTOR (if more than one, attach additional sheet)
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Debtor Case Number Date
- ------------------------------------------------------------------------------------------------------------------------------------
Relationship District Judge
- ------------------------------------------------------------------------------------------------------------------------------------
REQUEST FOR RELIEF
Debtor requests relief in accordance with the chapter of title II, United States Code, specified in this petition.
- ------------------------------------------------------------------------------------------------------------------------------------
SIGNATURES
- ------------------------------------------------------------------------------------------------------------------------------------
ATTORNEY
X /s/ Francis A. Monaco, Jr. Date March 23, 1998
- ------------------------------------------------------------------
Francis A. Monaco, Jr., Esquire
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
INDIVIDUAL/JOINT DEBTOR(S) CORPORATE OR PARTNERSHIP DEBTOR
I declare under penalty of perjury that the information I declare under penalty of perjury that the information provided
provided in this petition is true and correct. in this petition is true and correct and that the filing of this
X petition on behalf of the debtor has been authorized.
- ---------------------------
Signature of Debtor PortaCom Wireless, Inc.
Date By: Michael Richard, CEO
X X /s/ Michael A. Richard
- --------------------------- ----------------------------------------------------------------
Signature of Joint Debtor Signature of Authorized Individual
Date
Michael Richard
----------------------------------------------------------------
Print or Type Name of Authorized Individual
Chief Executive Officer of PortaCom Wireless, Inc.
-------------------------------------------------------------------
Title of Individual Authorized by Debtor to File this Petition
Date: March 23, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
EXHIBIT "A" (To be completed if debtor is a corporation requesting relief under chapter 11)
[X] Exhibit "A" is attached and made a part of this petition.
- ------------------------------------------------------------------------------------------------------------------------------------
TO BE COMPLETED BY INDIVIDUAL CHAPTER 7 DEBTOR WITH PRIMARILY CONSUMER DEBTS (See P.L. 98-353 (S) 322)
I am aware that I may proceed under chapter 7, 11, 12 or 13 of title 11, United States Code, understand the relief available
under each such chapter and choose to proceed under chapter 7 of such title.
If I am represented by an attorney, exhibit "B" has been completed.
X Date
- --------------------------------------------------------
Signature of Debtor
X Date
- --------------------------------------------------------
Signature of Joint Debtor
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<S> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
EXHIBIT "B" (To be completed by attorney for individual chapter 7 debtor(s) with primarily consumer debts)
I, the attorney for the debtor(s) named in the foregoing petition, declare that I have informed the debtor(s) that (he, she, or
they) may proceed under chapter 7, 11, 12 or 13 of title 11, United States Code and have explained the relief available under
each such chapter.
X Date
- --------------------------------------------------------
Signature of Attorney
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
EXHIBIT "A"
UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE
<TABLE>
<S> <C> <C> <C>
In re: PortaCom Wireless, Inc., a Delaware Corporation, Debtor(s) Case No. Chapter 11
</TABLE>
(If debtor is a corporation filing under chapter 11 of the Code, this Exhibit
"A" shall be completed and attached to the petition)
EXHIBIT "A" to Voluntary Petition
1. Debtor's employer identification number is 33-0650673
2. If any of debtor's securities are registered under (S) 12 of the Securities
and Exchange Act of 1934, the SEC file number is 0-23228
3. The following financial data is the latest available information and refers
to March 27, 1998 debtor's condition on
<TABLE>
<S> <C> <C>
Estimated Approximate
a. Total assets.......................... $8,000,000.00 number of
b. Total liabilities..................... $2,728,816.00/1/ (+ undetermined amount) holders
-------
Fixed, liquidated secured debt. . . . . . . . . . $370,259.00 1
Contingent secured debt 1
Disputed secured claims 0
Unliquidated secured debt 0
Fixed, liquidated unsecured debt $ 373,983.00 (+ undetermined amount) 55
Contingent unsecured debt $1,984,574.00 20
Disputed unsecured claims. . . . . . . . . . . $1,984,574.00 20
Unliquidated unsecured debt . . . . . . . . . . $1,984,574.00 20
Number of shares of preferred stock. . . . . . . . 0
Number of shares of common stock. . . . . . . . . 13,576,970
</TABLE>
Comments, if any:
4. Brief description of debtor's business:
Development of wireless and wireline telecommunications services in
selected developing world markets.
5. List the name of any person who directly or indirectly owns, controls or
holds, with power to vote, 20% or more of the voting securities of debtor:
None.
6. List the names of all corporations 20% or more of the outstanding voting
securities of which are directly or indirectly owned, controlled, or held, with
power to vote, by debtor:
PCBX Systems, Inc.
Portacom International, Ltd.
Extrerme Telecom, Inc.
Extreme Laboratories, Inc.
__________________
/1/ Some debts owed by the Debtor are expressed, in whole or in part,
in terms of shares of VDC Corporation, Ltd. common stock pursuant to
prepetition settlement agreements. All such debts are of an undetermined
value and will be listed as such in the Debtor's schedules. A summary of
such debts are attached to Schedule "F" as Attachment #1.
5
<PAGE>
PORTACOM CORPORATE RESOLUTION
-----------------------------
6
<PAGE>
UNANIMOUS WRITTEN CONSENT
OF THE
BOARD OF DIRECTORS
OF
PORTACOM WIRELESS, INC.
The undersigned, constituting all of the directors (the "Board") of
PORTACOM WIRELESS, INC., a Delaware corporation (the "Corporation"), do hereby
adopt the following resolutions by consent in writing, pursuant to Section
141(f) of the General Corporation Law of the State of Delaware, to the adoption
of the following resolutions effective the date hereof, as if they were adopted
at a duly convened meeting of the Board at which a quorum was present and acting
throughout:
RESOLVED, that the management of the Corporation is authorized to file
a petition for relief under Chapter 11 of Title 11, United States Code (the
"Bankruptcy Code"), in the United States Bankruptcy Court for the District of
Delaware if, in management's discretion, such filing is necessary to protect the
Corporation's assets or to prevent termination of, or to facilitate the
performance of the Corporation's obligations under, certain of its contracts;
and it is
FURTHER RESOLVED, that the officers of the Corporation are authorized
and empowered to execute on behalf of the Corporation a petition for relief
under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court
for the District of Delaware, and any affidavits, forms, schedules, applications
or any other pleadings or documents which are necessary or appropriate,
including debtor-in-possession financing arrangements; and it is
FURTHER RESOLVED, that the officers of the Corporation are authorized
to retain on behalf of the Corporation the law firm of Klehr, Harrison, Harvey,
Branzburg & Ellers LLP as special transactional counsel and the law firm of
Walsh & Monzack, P.A. as bankruptcy counsel, upon such terms and conditions as
the officers shall approve, to render legal services to, and to represent, the
Corporation in connection with such Chapter 11 proceedings and other related
matters in connection therewith; and it is
FURTHER RESOLVED, that the officers of the Corporation are authorized
and directed to take any and all further action and to execute and deliver any
and all such further instruments and documents and to pay all such expenses
(subject to bankruptcy court approval), where necessary or appropriate in order
to carry out fully the intent and accomplish the purposes of the resolutions
adopted herein; and it is
FURTHER RESOLVED, that all actions taken by the officers of the
Corporation in connection with the reorganization of the Corporation or any
matter related thereto, or by virtue of these resolutions, are hereby in all
respects ratified, confirmed and approved.
FURTHER RESOLVED, that these resolutions may be executed in one or
more counterparts and when each director has executed at least one counterpart,
the foregoing resolutions shall be adopted and in full force and effect as of
the date hereof.
<PAGE>
IN WITNESS WHEREOF, the undersigned have set their hands and seals
effective the 16th day of March, 1998.
/s/ Michael A. Richard /s/ Thomas P. Madden
- ------------------------------ -----------------------------
Michael A. Richard, Director Thomas P. Madden, Director
/s/ Steven B. Rosner
-----------------------------
Steven B. Rosner, Director
CONSTITUTING ALL OF THE DIRECTORS OF PORTACOM WIRELESS, INC.
<PAGE>
UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE
<TABLE>
<S> <C> <C> <C>
In re: PortaCom Wireless, Inc., a Delaware Corporation Debtor(s) Case No. (if known)
</TABLE>
LIST OF CREDITORS HOLDING 20 LARGEST UNSECURED CLAIMS**
Following is the list of the debtor's creditors holding the 20 largest
unsecured claims. The list is prepared in accordance with Fed. R. Bankr. P.
1007(d) for filing in this chapter 11 [or chapter 9] case. This list does not
include (1) persons who come within the definition of "insider" set forth in 11
U.S.C. (S) 101(30), or (2) secured creditors unless the value of the collateral
is such that the unsecured deficiency places the creditor among the holders of
the 20 largest unsecured claims.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
(1) (2) (3) (4) (5)
NAME OF CREDITOR AND COMPLETE NAME, TELEPHONE NUMBER AND NATURE OF CLAIM C AMOUNT OF CLAIM
MAILING ADDRESS INCLUDING COMPLETE (trade debt, bank U (if secured also state
ZIP CODE MAILING ADDRESS, INCLUDING loan, government D value of security)
ZIP CODE OF contract, etc.) S
EMPLOYEE, AGENT, OR
DEPARTMENT OF
CREDITOR FAMILIAR WITH CLAIM
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
JMS North America, Inc. Indu Singh D $ 892,432
12450 Fair Lakes Circle #370 fax # (703) 631-6804 U
Fairfax, VA 22033 C
- -------------------------------------------------------------------------------------------------------------------
Caspian Securities Limited Richard Halcrow D $ 423,503
199 Bishopsgate fax # 44-171-442-8686 U
London, England EC2M 3TY C
- -------------------------------------------------------------------------------------------------------------------
J. Michael Christiansen J. Michael Christiansen D $ 350,000
2114 Farrell Avenue fax #310-542-4643 U
Redondo Beach, CA 90278 C
- -------------------------------------------------------------------------------------------------------------------
SLD Capital Corporation Steven Rosner Undetermined
One Belmont Avenue, fax # (610) 660-5905
Ste. 417
Bala Cynwyd, PA 19004
- -------------------------------------------------------------------------------------------------------------------
Douglas MacLellan Douglas MacLellan Undetermined
8324 Delgany Avenue fax # (310) 301-7748
Playa del Rey, CA 90293
- -------------------------------------------------------------------------------------------------------------------
Linklaters and Paines Singapore Ian Arstall $ 80,000
9 Raffles Place fax # 65-438-4811
Republic Plaza #52-00
Singapore 848619
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
___________________
** Some debts owed by the Debtor are expressed, in whole or in part,
in terms of shares of VDC Corporation, Ltd. common stock pursuant to
prepetition settlement agreements. All such debts are of an undetermined
value and will be listed as such in the Debtor's schedules. A summary of
such debts are attached to Schedule "F" as Attachment #1.
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
(1) (2) (3) (4) (5)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Banque SCS Alliance Guyon King $ 205,675
11 Route de Florissant fax # 41-22-346-1530
Case Postale 3733
Geneva 3 Switzerland 1211
- -------------------------------------------------------------------------------------------------------------------
Day Campbell & McGill Rowland Day $ 125,000
3070 Bristol St. #650 fax # 714-429-2901
Costa Mesa, CA 92626
- -------------------------------------------------------------------------------------------------------------------
HMA Associates Howard Appel Undetermined
1 Belmont Avenue, Suite 417 fax #610-660-5905
Bala Cynwyd, PA 19004
- -------------------------------------------------------------------------------------------------------------------
Kochhar and Co. Rohit Kochhar D Undetermined
S-454, Greater Kaash-II fax # 91-11-646-9656 U
New Delhi, India 110 048 C
- -------------------------------------------------------------------------------------------------------------------
SPH Equities Steve Harrington Undetermined
401 City Avenue #725 fax # (610) 660-5905
Bala Cynwyd, PA 19004
- -------------------------------------------------------------------------------------------------------------------
Rozel Internat'l Holdings Ltd. Harold Chaffe Undetermined
Whitehill Hse., Newby Road fax #44-161-487-1500
Industrial Estate
Stratford Cheshire, UK SK75DA
- -------------------------------------------------------------------------------------------------------------------
Wills Wei Corporation Michael Marcus Undetermined
300 S. 4th Street, Ste. 1100 fax #310-457-1892
Las Vegas, NV 89101
- -------------------------------------------------------------------------------------------------------------------
Michael Marcus Michael Marcus Undetermined
300 S. 4th Street, Ste. 1100 fax #310-457-1892
Las Vegas, NV 89101
- -------------------------------------------------------------------------------------------------------------------
Madden Consulting, Inc. Thomas Madden Undetermined
37323 17th Avenue S. fax # (253) 815-1077
Federal Way, WA 98003
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
CUDS If contingent, enter C; if unliquidated, enter U; if disputed, enter D; if
subject to setoff, enter S.
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
(1) (2) (3) (4) (5)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Effectenbank Stroeve Lavaterstrasse 45 Jakes Fernando Undetermined
P.O. Box CH-8027 fax # 41-1-202-1942
Zurich, Switzerland 8002
- -------------------------------------------------------------------------------------------------------------------
Mustang Management, Ltd. Steven Leahy D $45,074
1155 Melville Street, Suite 11 fax (604) 682-1324 U
Vancouver, BC V6E 4C4 C
- -------------------------------------------------------------------------------------------------------------------
Michael A. Richard Michael A. Richard Undetermined
21122 Shepherd Lane fax # (714) 593-3264
Huntington Beach, CA 92648
- -------------------------------------------------------------------------------------------------------------------
Stephens International, Inc. Stephen O. Stephens Undetermined
700 East Ninth Street, Ste. 11-L fax #(501) 374-5855
Little Rock, AR 72202
- -------------------------------------------------------------------------------------------------------------------
Econolynx International, Ltd. Keith Hay D $61,791
1900 Merivale Road #202 fax #(613) 723-7333 U
Nepean, ON Canada K2G 4N4 C
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
Unsworn Declaration under Penalty of Perjury (partnership or corporation). I
declare under penalty of perjury that I have read the answers contained in the
foregoing list of creditors and that they are true and correct to the best of my
knowledge, information and belief.
March 23, 1998 /s/ Michael A. Richard Michael A. Richard, C.E.O.
- ---------------- ------------------------ --------------------------------
Date Signature Print Name and Title
(An individual signing on behalf of a partnership or corporation must indicate
position or relationship to debtor.)
Penalty for making a false statement: Fine of up to $500.00 or imprisonment for
up to 5 years, or both. 18 U.S.C. (S)(S) 152 and 3571.
<PAGE>
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
___________________________________
:
PORTACOM WIRELESS, INC., : CHAPTER 11
a Delaware Corporation :
: CASE NO.
Debtor. :
___________________________________:
MATRIX OF CREDITORS OF DEBTOR, PORTACOM WIRELESS, INC.
------------------------------------------------------
ADP Independent Investor Comm. Corp.
1048 Ronsa Court
Mississauga, ON Canada L4W 4V6
R. K. Alexander
228 Westshore
30 Midpark Cresant, S.E.
Calgary, Alberta T2X 1P3
Automatic Data Processing
1505 Pavilion Place
Norcross, GA 30093
American States Insurance
c/o Robinson Insurance Agency
2081 Business Center Drive
Suite 200
Irvine, CA 92612
AT&T
P.O. Box 10103
Van Nuys, CA 91410
AT&T Calling Card
P.O. Box 27-820
Kansas City, MO 64184
AT&T Wireless Long Distance
P.O. Box 30247
Tampa, FL 33630
925 Paterson Plank Road
Secaucus, NJ 07094
Bowne of Los Angeles, Inc.
633 W. Fifth Street, 14th Fl.
Los Angeles, CA 90071
Carswell Thompson Publishers
P.O. Box 1991, Staton B
Toronto, ON Canada MST 3G1
Caspian Securities Limited
199 Bishopsgate
London, England EC2M 3TY
J. Michael Christiansen
2114 Farrell Avenue
Redondo Beach, CA 90278
Cybernet Data Services
50 Washington Street, 9th Fl.
S. Norwalk, CT 06854
Day Campbell & McGill
3070 Bristol St. #650
Costa Mesa, CA 92626
Dirksen Flipse Doran & Le
No. 45 Preah Sunamark Blvd
P.O. Box 7
Phnom Penh, Cambodia
<PAGE>
Disclosure, Inc.
P.O. Box 360922
Pittsburgh, PA 15251
Dunn and Bradstreet
P.O. Box 75949
Chicago, IL 54726
Eclipse Communications
P.O. Box 60961
New Orleans, LA 70160
Econolynx International, Ltd.
1900 Merivale Road #202
Nepean, ON Canada K2G 4N4
Elmcroft Holdings
1900 Merivale Road #202
Nepean, ON Canada K2G 4N4
SPH Equities
401 City Avenue #725
Bala Cynwyd, PA 19004
Vera Frantom
P.O. Box 2273
Running Springs, CA 92382
Howard B. Frantom
P.O. Box 2273
Running Springs, CA 92382
HMA Associates
1 Belmont Avenue, Suite 417
Bala Cynwyd, PA 19004
Chester E. Howard
8954 Canary Avenue
Fountain Valley, CA 92708
Interior Investments, Inc.
1549 Barclay Blvd.
Buffalo Grove, IL 60089
Internal Revenue Service
Bankruptcy Section
1111 Constitution Avenue, N.W.
Washington, DC 20224
JMS North America, Inc.
12450 Fair Lakes Circle #370
Fairfax, VA 22033
Kochhar and Co.
S-454, Greater Kaash-II
New Delhi, India 110 048
Koffman Kalef
885 W. Georgia Street, 19th Fl.
Vancouver, BC Canada VBC 3H4
Los Angeles Cellular Telephone Co.
P.O.Box 6028
Cerritos, CA 90703
Stephen Leahy
#11 - 1155 Melville Street
Vancouver, BC Canada VSE 4C4
Linklaters and Paines
9 Raffles Place
Republic Plaza #52-00
Singapore 848819
Douglas MacLellan
8324 Delgany Avenue
Playa del Rey, CA 90293
Nora MacLellan
8324 Delgany Avenue
Playa del Rey, CA 90293
Madden Consulting, Inc.
37323 17th Avenue S.
Federal Way, WA 98003
<PAGE>
Morris Magid
1054 Selby Avenue
Los Angeles, CA 90024
Michael Marcus
300 S. 4th Street, Suite 1100
Las Vegas, NV 89101
McCullough O'Conner & Irwin
888 Dunsmuir Street #1100
Vancouver, BC V6E 2EG
Merrill Lynch Reorg NJ
101 Hudson Street
Jersey City, NJ 07302
Metromedia Asia Corporation
c/o Metromedia Company
One Meadowlands Plaza
East Rutherford, NJ 07073
Mustang Management, Ltd.
1155 Melville Street
Vancouver, BC V6E 4C4
James A. Nash, Accountant
244 S. Sepulveda Blvd.
Manhattan Beach, CA 90266
Network Technologies, Inc.
7630 Little River Turnpike, Ste. 100
Annadale, VA 22003
Pacific Corporate Trust
625 Howe Street, Ste. 830
Vancouver, BC Canada V6C 3B8
Francis T. Phalen
19620 Superior Street
Northridge, CA 91324
Philadelphia Depository Trust Company
1900 Market Street
Philadelphia, PA 19103
Robert J. Poulson, Esquire
63 Pioneer Street
Cooperstown, NY 13326
RIA Group
P.O. Box 6159
Carol Stream, IL 60197
Michael A. Richard
21122 Shepherd Lane
Huntington Beach, CA 92648
Richman Lawrence Mann
9601 Wilshire Blvd.
Penthouse
Beverly Hills, CA 90210
J. Sagar and Assoc.
84-E C-6 Lane
Sainik Farms
New Delhi, India 110 082
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Thomas Scichili
Via Della Croce 77
Rome, Italy 00187
Gulu Shaw
Current Address Unknown
SLD Capital Corporation
One Belmont Avenue, Ste. 417
Bala Cynwyd, PA 19004
Stephen Stephens
Stephens International, Inc.
700 E. Ninth Street, Suite 11-L
<PAGE>
Little Rock, AR 72202
Stephens International, Inc.
700 E. Ninth Street, Suite 11-L
Little Rock, AR 72202
U.S. Attorney's Office
District of Delaware
Federal Building, Room 5110
844 King Street
Wilmington, DE 19801
U.S. Attorney's Office
District of Central California
1269 U.S. Courthouse
312 N. Spring Street
Los Angeles, CA 90012
UPS
P.O. Box 505820
The Lakes, NV 88905
Vancouver Stock Exchange
P.O. Box 10333
609 Granville Street
Vancouver, BC Canada V7Y 1H1
Video Monitoring Services
330 W. 42nd Street
New York, NY 10036
Warren Gorham & Lamont
31 St. James Avenue
Boston, MA 02116
Wescott Group
11111 Santa Monica Blvd.
Suite 2050
Los Angeles, CA 90025
VDC Corporation, Ltd.
P.O. Box HM 1255
44 Church Street
Hamilton, Bermuda
Banque SCS Alliance
11 Route de Florissant
Case Postale 3733
Geneva 3 Switzerland 1211
Rozel International Holdings, Ltd.
Whitehill Hse.,
Newby Road
Industrial Estate
Stratford Cheshire, UK
Samuel Buck
P.O. Box 100
Friday Harbor, WA 98250
Effectenbank Stroeve
Lavaterstrasse 45
P.O. Box CH-8027
Zurich, Switzerland 8002
David Fujii
1400 Canal Avenue
Long Beach, CA 90813
John Fujii
1400 Canal Avenue
Long Beach, CA 90813
Daniel Gooze
1748 N. Richmond Street
Chicago, IL 60847
Marcos Kohn
9340 Meaux
St. Leonard, PQ Canada H1R 3H2
Stan Lackey
1807 San Ysidro
Beverly Hills, CA 90210
<PAGE>
Michael Milligan
39000 Bob Hope Drive
Suite 340
Rancho Mirage, CA 92270
Daniel Slotton
12827 Short Avenue
Los Angeles, CA 90085
Wills Wei Corporation
300 S. 4th Street, Ste. 1100
Las Vegas, NV 89101
Warren Zee
921 Arnold Drive
Martinez, CA 94553
State of California
Franchise Tax Board
P.O. Box 942857
Sacramento, CA 94257
State of Delaware Department of State
Division of Corporations
401 Federal Street
Suite 4
Dover, DE 19901
<PAGE>
EXHIBIT 17.1
DOUGLAS C. MACLELLAN
8324 DELGANY AVE,
PLAYA DEL REY, CA 90293
(310) 301-7728
FAX: (310301-7748
MARCH 9, 1998
Mr. Michael Richard
Chief Financial Officer
PortaCom Wireless, Inc.
10061 Talbert Avenue, Suite 200
Fountain Valley, California 92709
VIA FACSIMILE
Dear Michael:
This facsimile letter will serve as my notice to PortaCom Wireless, Inc.
("PortaCom") of the confirmation that on March 8, 1998, I resigned my positions
as President and CEO of PortaCom, which positions you will fill on an interim
basis, and I resign as a member of the Board of Directors of PortaCom.
Additionally, I hereby resign any and all officer and director positions in any
and all subsidiary businesses of PortaCom of which I currently hold. My
resignations are effective as of 6:00 p.m. (PST) March 10, 1998. Please advise
all necessary state and or federal regulatory authorities of theses
resignations.
Sincerely,
/s/ Douglas C. MacLellan
Douglas C. MacLellan
DCM/nhm
<PAGE>
EXHIBIT 17.2
KEITH A.J. HAY
1900 MERIVALE RD. #202
NEPEAN, ON K2G 4N4
CANADA
MARCH 8, 1998
THE BOARD OF DIRECTORS
PORTACOM WIRELESS, INC.
10061 TALBERT AVE., SUITE #200
FOUNTAIN VALLEY, CA 92708
Dear Sirs:
I hereby submit for your acceptance my resignation as a director of PortaCom
Wireless, Inc., to become effective at 11:59 p.m. Pacific Standard Time on
Sunday, March 8, 1998. Thank you.
Sincerely,
/s/ Keith A.J. Hay
Keith A.J. Hay
<PAGE>
EXHIBIT 17.3
STEPHEN M. LEAHY
#11 -- 1155 MELVILLE STREET
VANCOUVER, BC V6E 4C4
CANADA
MARCH 8, 1998
BOARD OF DIRECTORS
PORTACOM WIRELESS, INC.
10061 TALBERT AVE., SUITE #200
FOUNTAIN VALLEY, CA 92708
Dear Sirs:
I hereby submit for your acceptance my resignation as a director and as
Secretary of PortaCom Wireless, Inc., to become effective at 11:59 p.m. Pacific
Standard Time on Sunday, March 8, 1998. Thank you.
Sincerely,
/s/ Stephen M. Leahy
Stephen M. Leahy
<PAGE>
EXHIBIT 17.4
February 26, 1998
Mr. Douglas McClellan
President
Portacom Wireless, Inc.
10061 Talbert Avenue, Suite 200
Fountain Valley, California 92708
Dear Mr. McClellan:
Please accept this letter as my resignation from the Board of Directors of
Portacom Wireless, Inc., effective as of today's date.
I trust that the shareholders will enjoy increased value in the coming months
and years.
Sincerely,
/s/ H.B. Frantom
Howard B. Frantom
HBFsy
<PAGE>
EXHIBIT 17.5
Stephens International, Ltd.
Steve Stephens
President
November 5, 1997
Mr. Douglas C. MacLellan
President and Chief Executive Officer
PortaCom Wireless, Inc.
8055 West Manchester Avenue
Suite 730
Playa del Rey, CA 90293
Dear Douglas:
Please consider this letter as official notice that I hereby tender my
resignation from the Board of Directors of PortaCom Wireless, Inc., effective
immediately.
For your records, I have attached a current statement of fee's owed me as
of November 1, 1997. Furthermore, it is my understanding that I will have first
priority for payment of these fees in full, following the next immediate
infusion of monies to PortaCom Wireless, Inc.
With best wishes for future success, I am
Sincerely yours,
/s/ Steve
Steve Stephens
700 East Ninth Street - Suite 11-L Little Rock, AR 72202
501-371-9911 FAX 501-374-5855
<PAGE>
EXHIBIT 99.1
PortaCom Wireless, Inc.
10061 Talbert Avenue, Ste. #200
Fountain Valley, CA 92708
(714)593-3234
FOR IMMEDIATE RELEASE
- ---------------------
March 13, 1998 Contact: Thomas Madden
(253) 815-1076
VSE: PCW
OTCBB: PCWR E-Mail: [email protected]
PORTACOM AMENDS AGREEMENT ON SALE OF PRINCIPAL ASSET,
ANNOUNCES CHANGE IN MANAGEMENT, BOARD
PortaCom Wireless Inc. ("PortaCom") announced today that it has executed an
agreement amending the Asset Purchase Agreement with VDC Corporation ("VDC") of
November 25, 1997 that extends the final expiration date for the agreement.
PortaCom also announces the election of new directors, the resignation of former
directors, and a change in management.
PortaCom's new management will concentrate upon resolving the Company's debts
and concluding the asset sale to VDC.
PortaCom has received the resignation of its CEO and director, Douglas C.
MacLellan and those of directors Stephen Leahy, Keith Hay, Howard Frantom, and
Stephen Stephens. It announces the election of Michael Richard as a director and
acting CEO and the elections of Thomas Madden and Steven Rosner as new
directors.
Certain statements in this press release are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform act of 1995. Such
forward-looking statements made by the company involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the company to be materially different from any future
results, performance of achievements expressed or implied by such forward-
looking statements. Such factors include, but are not limited to, risks
associated with international operations, dependence on licenses, governmental
regulations, technological changes, intense competition and dependence on
management. Given these uncertainties, investors are cautioned not to place
undue reliance on such forward-looking statements. The company disclaims any
obligation to forward-looking statements contained herein to reflect any change
in the company's expectation with regard thereto or any change in events,
conditions, circumstances or assumptions underlying such statements.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/Michael Richard
------------------
Michael Richard
President and CEO
The Vancouver Stock Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of the release.
