SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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) September 23, 1999
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GLOBAL TELECOMMUNICATION SOLUTIONS, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-13478 13-3698386
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
10 Stow Road, Suite 200, Marlton, New Jersey 08053
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (856) 797-3434
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 4. Changes in Registrant's Certifying Accountant.
(a) KPMG LLP has served as the independent auditors of the Registrant
for the fiscal years ended December 31, 1994, 1995, 1996, 1997 and 1998 and
until September 23, 1999. On September 23, 1999, the Registrant dismissed KPMG
LLP because it was determined that the best interests of the Registrant would be
served by retaining Wiss & Company, LLP. The decision to change auditors was
approved by the Registrant's Board of Directors and the audit committee of the
Registrant's Board of Directors. There have been no disagreements between the
Registrant and KPMG LLP on any matters of accounting principles or practices,
financial statement disclosure or auditing scope or procedures, which
disagreements, if not resolved to their satisfaction, would have caused them to
make reference in connection with their opinion to the subject matter of the
disagreement.
The Independent Auditors' Report issued by KPMG LLP, dated
April 9, 1999, reported on the consolidated financial statements of the
Registrant and subsidiaries as of and for the years ended December 31, 1998
and 1997. This report contains a separate paragraph stating that the Registrant
has suffered recurring losses from operations and has a significant net working
capital deficiency at December 31, 1998 and has not made certain payments of
taxes and regulatory fees which raise substantial doubt about the Registrant's
ability to continue as a going concern.
(b) Wiss & Company, LLP has been engaged by the Registrant as of
September 23, 1999 as its principal independent auditors and will serve as the
independent auditors of the Registrant for the fiscal year ending December 31,
1999.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
16.1 Letter from KPMG LLP.
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SIGNATURE
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.
Date: September 29, 1999
GLOBAL TELECOMMUNICATION
SOLUTIONS, INC.
By: /s/ Lee R. Montellaro
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Lee R. Montellaro, Chief Financial
Officer (and Principal Accounting Officer)
EXHIBIT 16.1
KPMG LLP
Certified Public Accountants
1600 Market Street
Philadelphia, PA 19103
Telephone: (215) 299-3100
Facsimile: (215) 299-3150
September 29, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Ladies and Gentlemen:
We were previously principal accountants for Global Telecommunication Solutions,
Inc. and, under the date of April 9, 1999, we reported on the consolidated
financial statements of Global Telecommunication Solutions, Inc. and
subsidiaries as of and for the years ended December 31, 1998 and 1997. Our
report contains a separate paragraph stating that the Company has suffered
recurring losses from operations and has a significant net working captial
deficiency at December 31, 1998 and has not made certain payments of taxes and
regulatory fees which raise substantial doubt about the Company's ability to
continue as a going concern. On September 23, 1999, our appointment as
principal accountants was terminated. We have read Global Telecommunication
Solutions, Inc.'s statements included under Item 4 of its Form 8-K dated
September 23, 1999, and we agree with such statements, except that we are not in
a position to agree or disagree with Global Telecommunication Solutions, Inc.'s
stated reason for the change in principal accountants or the statement that the
change was approved by the board of directors and the audit committee of the
board of directors.
Very truly yours,
/s/ KPMG LLP
KPMG LLP
Certified Public Accountants
