GLOBAL ITECHNOLOGY, INC.

GLOBAL ITECHNOLOGY, INC.

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Company Overview
Global iTechnology, Inc. is a privately held company based in the United States, that is engaged in the distribution and marketing of prepaid phone cards. The company, formerly known as Global Telecommunication Solutions Inc., was incorporated in December of 1992. The registered business office of the company is located in New York, New York.
Global iTechnology is principally involved in dealing prepaid phone cards and other related prepaid cards. These products are offered to the general public.
In March of 2001, Global iTechnology, Inc. ceased all of its operations and filed for bankruptcy.
Business Summary
Global iTechnology, Inc., formerly Global Telecommunication Solutions Inc., has been engaged in the marketing and distribution of prepaid phone cards through its subsidiaries. The Company is the largest stockholder of Enticent.com Inc., owning 44% of the outstanding issued and outstanding shares. Enticent is primarily an incentive marketing and promotional company that allows businesses to communicate one-to-one with existing and potential customers through both online and offline permission-marketing programs. In the third quarter of 1999, the Company’s Board of Directors adopted a plan to discontinue and sell the prepaid phone card business as a result of the Company’s subsidiaries long history of losses in this line of business and an increasingly competitive environment.
Description and history
Global iTechnology, Inc., formerly Global Telecommunication Solutions Inc., incorporated in December 1992, has historically been engaged in the marketing and distribution of prepaid phone cards through its subsidiaries. In February 2000, the Company’s wholly owned subsidiaries Imagine Telecom, Inc. and TalkToGo.com, along with certain of their management and strategic partners, formed Enticent.com, Inc., a startup entity. As a result of the transaction, the Company is the largest stockholder of Enticent, owning 44% of the outstanding issued and outstanding shares. Enticent is primarily an incentive marketing and promotional company that allows businesses to communicate one-to-one with existing and potential customers through both online and offline permission-marketing programs. The consumer’s incentive may take many forms and be delivered through different vehicles.

In the third quarter of 1999,the Company’s Board of Directors adopted a plan to discontinue and sell the prepaid phone card business as a result of the Company’s subsidiaries long history of losses in this line of business and an increasingly competitive environment. To facilitate the possible sale of the phone card assets that are the subject of liabilities for exceeding their fair market value, certain of the Company’s subsidiaries have filed voluntary petitions for relief with the Court for the District of Delaware under Chapter 11 of the Bankruptcy Code. The subsidiaries of the Company that filed for Court protection are Global Link Telecom Corporation, GTS Holding Corp. Inc., TelTime Inc., Network Services System Inc., Network Services System L.P., GTS Marketing Inc., Global Telecommunication Solutions L.P., Networks Around the World Inc. and Centerpiece Communications Inc (collectively the Debtors).

The Debtors intend to present a plan of reorganization to the Court to liquidate and distribute the Debtors’ remaining assets. Under the provisions of the Bankruptcy Code, the Debtors have the exclusive right to file such plan at any time during the 120-day period following the initial filing. The Debtors filed a motion to extend the exclusive period to May 25, 2000 which motion was granted by the Court. As part of the liquidation of the Debtors, the Debtors are required to review payments made to various parties during the year prior to the bankruptcy filing date of October 28, 1999. To be included in such review will be any payment made by the Debtors to the Company during the year prior to the bankruptcy filing. A s of March 31, 2000 no review as to the preferential nature of transfers from the Debtors to the Company has been undertaken. However given the financial condition of the Company, should any repayment to the Debtors by the Company be required,the Company may not have sufficient assets to make such payment and may be required to offer promissory notes and/or the Company’s equity securities in satisfaction of any such obligation.

Formerly known as Global Telecommunication Solutions Inc

Business Line
Engaged in the distribution and marketing of prepaid phone cards
Subsidiary

Advisor
WISS & CO.
IPO date
12/1994
US SIC Code
8742
Company Address
317, Madison Avenue

City province or state postal code
10017, NEW YORK, NY
Phone: +1 212 697 6131
Fax:
Country address: UNITED STATES OF AMERICA
Website url: