SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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) May 7, 1999
Global Intellicom, Inc.
(Exact Name of Registrant as Specified in Charter)
Nevada 0-26684 13-3797104
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
630 Fifth Avenue, New York, New York 10111
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 332-7918
747 Third Avenue, New York, New York 10017
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On May 7, 1999, the Registrant filed a report with the Federal Bureau of
Investigation ("FBI") to the effect that in connection with the closing of
offices of Global InSync, Incorporated, Vircom TG, Inc. and Vircom, Inc., all of
which are subsidiaries of the Registrant, the Registrant suffered losses of
inventory, equipment and fixed assets totaling approximately $2,000,000. The
inventory losses include inventory necessary for the completion of work in
progress. The equipment losses include computers and peripherals, including the
computer servers which contained the data necessary for the preparation of the
operating results of these subsidiaries. The fixed assets include furniture and
fixtures at the various offices. The Registrant's operations for 1999 will be
severely adversely effected by these losses.
The Registrant believes that the losses at the various offices are related
and are the result of wrongful acts by former employees. Accordingly, the
Registrant has also reported these losses to its insurance carrier. However, the
Registrant has not received the insurance carrier's response to its claim.
As a result of the loss of the computer servers, the Registrant has been
unable to complete its financial reports for the year ended December 31, 1998
and will be unable to compete its Quarterly Report on Form 10-QSB for the
quarter ended March 31, 1999 in a timely fashion. The Registrant will make every
effort to complete these reports, but can give no assurance as to when it will
be able to do so.
As a result of these losses, the Registrant's plan to spin off a minority
interest in its cabling subsidiary to its shareholders is being delayed because
the Registrant can not currently prepare the required financial information.
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SIGNATURES
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.
Global Intellicom, Inc.
Date: May 14, 1999 By: /s/ N. Norman Muller
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N. Norman Muller, Chairman
