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OMB APPROVAL
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OMB Number: 3235-0145
SECURITIES AND EXCHANGE COMMISSION Expires: October 31, 1994
WASHINGTON, DC 20549 Estimated average burden
hours per form .......14.90
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 2)1
GLOBAL TELECOMMUNICATION SOLUTIONS, INC.
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
37935Y 20 6
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(CUSIP Number)
December 10, 1998
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(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)
1 The remainder of this cover page shall be filled out for a reporting person's
initial filing on 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 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).
Page 1 of 6 Pages
<PAGE>
- ----------------------------- -----------------------------
CUSIP No. 37935Y 20 6 13G Page 2 of 6 Pages
- ----------------------------- -----------------------------
- --------- ---------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SHELLY FINKEL
- --------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
- --------- ---------------------------------------------------------------------
3 SEC USE ONLY
- --------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------- ---------------------------------------------------------------------
5 SOLE VOTING POWER
672,744
NUMBER OF ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ----------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 672,744
-----------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- --------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
672,744
- --------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.9%
- --------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- --------- ---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Item 1(a). Name of Issuer:
The name of the issuer of the security to which this Amendment No. 2
to Schedule 13G pertains is Global Telecommunication Solutions, Inc.,
a Delaware corporation ("Issuer").
Item 1(b.) Address of Issuer's Principal Executive Offices:
The Issuer's principal executive offices are located at 10 Stow Road,
Suite 200, Marlton, New Jersey 08053.
Item 2(a). Name of Person Filing:
Mr. Shelly Finkel
Item 2(b). Address of Principal Business Office or, if none, Residence:
Mr. Finkel has a business address of c/o Global Telecommunication
Solutions, Inc., 60 East 42nd Street, Suite 464, New York, New York
10165.
Item 2(c). Citizenship:
Mr. Finkel is a citizen of the United States.
Item 2(d). Title of Class of Securities:
The security to which this Amendment No. 2 to Schedule 13G relates is
the common stock, par value $.01 per share, of the Issuer ("Common
Stock"). The percentage of beneficial ownership reflected in this
Statement is based upon 11,277,192 shares of Common Stock outstanding
on December 31, 1998.
Item 2(e). CUSIP Number:
The CUSIP Number assigned to the Common Stock is 37935Y 20 6.
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [ ] Insurance company as defined in Section 3(a)(19) of the Exchange
Act.
(d) [ ] Investment company registered under Section 8 of the Investment
Company Act.
Page 3 of 6 Pages
<PAGE>
(e) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E).
(f) [ ] An employee benefit plan or endowment fund in accordance with Rule
13d-1(b)(1)(ii)(F).
(g) [ ] A parent holding company or control person in accordance with Rule
13d-1(b)(ii)(G).
(h) [ ] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act.
(i) [ ] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act.
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. |X|
Item 4. Ownership
Provide the following information regarding the aggregate number and
percentage of the class of securities of the Issuer identified in Item 1.
(a) Amount beneficially owned:
672,744 shares of Common Stock, which includes 133,334 shares issuable upon
exercise of currently exercisable options and 30,873 shares issuable upon
exercise of publicly-traded warrants.
(b) Percent of class:
5.9%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote: 672,744 shares
(ii) Shared power to vote or to direct the vote: 0 shares
(iii) Sole power to dispose or to direct the disposition of: 672,744
shares
(iv) Shared power to dispose or to direct the disposition of: 0 shares
Page 4 of 6 Pages
<PAGE>
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 person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [ ].
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
Not Applicable
Item 8. Identification and Classification of Members of the Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable
Item 10. Certifications.
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.
Page 5 of 6 Pages
<PAGE>
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: January 27, 1999
/s/ Shelly Finkel
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Shelly Finkel
Page 6 of 6 Pages
