UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Lipson, David
c/o Global Telecommunication Solutions, Inc.
10 Stow Road, Suite 200
Marlton, NJ 08053
USA
2. Issuer Name and Ticker or Trading Symbol
Global Telecommunication Solutions, Inc.
GTST
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
March 31, 1999
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Options (1) |$0.9375 |3/31/|A |-|10,000 - |A,D|3/31/|3/30/|Common Stock|10,000 |- |10,000 |D |- |
| |99 | | | | |99 |09 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Granted pursuant to the terms of the Company's 1994 Performance Equity
Plan, which provides that options to
purchase 10,000 shares of Common Stock are to be granted on March 31st of each
year to non-employee
directors of the Company with an exercise price equal to the market price of a
share of Common Stock on the last
trading day immediately preceding the date of
grant.
SIGNATURE OF REPORTING PERSON
/s/ David Lipson
DATE
April 5, 1999
