U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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
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1. Name and Address of Reporting Person
Rubenstein, Marilyn
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(Last) (First) (Middle)
68 Wheatley Road
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(Street)
Brookville NY 11545
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
01/01/97
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3. IRS or Social Security Number of Reporting Person
(Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
Global Telecommunication Solutions, Inc. (GTST)
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5 Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ x ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
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Table I -- Non-Derivative Securities Beneficially Owned
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<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr.5)
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<S> <C> <C> <C>
Common Stock, $0.01 par value 20,000 D
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Common Stock, $0.01 par value 65,000 I* By Woodland Partners
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Common Stock, $0.01 par value 9,000 I* By Woodland Venture Fund
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Common Stock, $0.01 par value 94,169 I* By Barry Rubenstein (husband)
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Common Stock, $0.01 par value 1,000 I* By The Marilyn and Barry Rubenstein
Family Foundation
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
<PAGE>
FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
Option (right to buy) 2/14/96 2/14/01 Common Stock 100,000 $4.75 I* (1)
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Warrant (right to buy) 9/16/94 12/14/99 Common Stock 54,169 $4.00 I* (1)
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Warrant (right to buy) 3/1/97 11/27/01 Common Stock 200,000 $2.50 I* (2)
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Warrant (right to buy) 5/15/96 12/14/99 Common Stock 40,000 $4.00 I* (2)
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Warrant (right to buy) 3/1/97 11/27/01 Common Stock 100,000 $2.50 I* (3)
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Warrant (right to buy) 3/1/97 11/27/01 Common Stock 100,000 $2.50 I* (4)
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</TABLE>
Explanation of Responses:
* The reporting person disclaims beneficial ownership of these securities
except to the extent of her pecuniary interest therein.
1) By Barry Rubenstein (husband)
2) By Woodland Partners
3) By Woodland Venture Fund
4) By Seneca Ventures
/s/ Marilyn Rubenstein 1/10/97
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**Signature of Reporting Person Date
Marilyn Rubenstein
** Intentional misstatements or omissions 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.
