<PAGE>
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
1. Name and Address of Reporting Person*
Sovereign Partners, LP
(Last) (First) (Middle)
c/o Southridge Capital Management LLC
90 Grove St., Suite 01
(Street)
Ridgefield, CT 06877
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
3/17/99
3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)
4. Issuer Name and Ticker or Trading Symbol
Global Intellicom, Inc. (GBIT)
5. Relationship of Reporting Person to Issuer (Check all applicable)
/ / Director /X/ 10% Owner
/ / Officer (give title below) / / Other (specify below)
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Reporting (Check applicable line)
/X/ Form filed by One Reporting Person
/ / Form filed by More than One Reporting Person
* If the Form is filed by more than one Reporting Person, see instruction
5(b)(v).
<TABLE>
<CAPTION>
Table I -- Non-Derivative Securities Beneficially Owned
2. Amount 3. Ownership
of Secu- Form:
rities Direct 4. Nature of
Bene- (D) or Indirect
ficially Indirect Beneficial
Owned (I) Ownership
1. Title of Security (Instr. 4) (Instr. 5) (Instr. 5)
- -------------------------------- ------------- ------------- ----------------
<S> <C> <C> <C>
Common Stock, $.01 par value 1,873,122 D
Series 10 Convertible Preferred
Stock 25 D
</TABLE>
<TABLE>
<CAPTION>
Table II--Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
2. Date Exercisable
and Expiration Date 3. Title and Amount of Securities Underlying Derivative
(Month/Day/Year) Security (Instr. 4)
---------------------- -----------------------------------------------------------
Date Amount or
1. Title of Derivative Exercis- Expiration Title Number of
Security (Instr. 4) able Date Shares
- ---------------------------------------------- ---------- ---------- ---------------------------------------------- -----------
<S> <C> <C> <C> <C>
Series 10 Convertible Preferred Stock Current N/A Common Stock, $.01 par value 80,613(1)
<CAPTION>
5. Ownership
Form of
Derivative
4. Conver- Security:
sion or Direct 6. Nature of
Exercise (D) or Indirect
Price of Indirect Beneficial
1. Title of Derivative Derivative (I) Ownership
Security (Instr. 4) Security (Instr. 5) (Instr. 5)
- ---------------------------------------------- ------------- ------------- --------------
<S> <C> <C> <C>
Series 10 Convertible Preferred Stock .3101(1) D
</TABLE>
Explanation of Responses:
(1) Reporting Person owns 25 shares of Series 10 Convertible Preferred Stock,
having a liquidation preference of $1,000 per share. The number of shares
of Common Stock is determined by dividing the liquidation preference of the
shares being converted (plus any accrued by unpaid dividends) by a
conversion price, which is 75% of the average closing bid price of the
Common Stock for the five trading days immediately preceding the date of
conversion. As of March 17, 1999, for example, the conversion rate was
$0.3101 (75% of $0.4135), and the 25 shares of Convertible Preferred Stock
would have converted into 80,613 shares of Common Stock. The exact
conversion price and the number shares of Common Stock into which the
Convertible Preferred Stock can be converted, however, can not be specified
until the conversion date.
/s/ Daniel Pickett 3/25/99
- --------------------------------------- --------------------------
Daniel Pickett, Secretary of
Southridge Capital Management, LLC,
GP of Sovereign Partners, LP
**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
