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 23, 2001
Global Technologies, Ltd.
(Exact Name of Registrant as specified in its charter)
Delaware 0-25668 86-0970492
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
The Belgravia, 1811 Chestnut Street, Suite 120, Philadelphia, PA 19103
(Address of Principal Executive Offices) (Zip Code)
(215) 972-8191
(Registrant's telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)
INFORMATION TO BE INCLUDED IN THIS REPORT
ITEM 5. OTHER EVENTS
On May 29, 2001, Global Technologies, Ltd. issued the following press
release:
Global Technologies, Ltd. (NASDAQ NMS:GTLL) announced today that it received a
NASDAQ Staff Determination on May 23, 2001 indicating that the Company fails to
comply with the minimum $4,000,000 net tangible assets requirement for continued
listing as set forth in Marketplace Rule 4450(a)(3), and that its securities
are, therefore, subject to delisting from the NASDAQ National Market. The
Company is requesting a hearing before a NASDAQ Listing Qualifications Panel to
review the Staff Determination. The hearing request stays delisting of the
Company's securities pending the issuance of a written determination by the
Panel. There can be no assurance that the Panel will grant the Company's request
for continued listing. The Company is exploring eligibility for listing of its
securities on other markets and exchanges, including the NASDAQ SmallCap Market,
in the event that its request is not granted.
ABOUT GLOBAL TECHNOLOGIES, LTD.
Global Technologies, Ltd. is engaged in developing, managing and commercializing
emerging growth companies primarily in the technology and telecommunications
sectors. Global Technologies, Ltd.'s United Kingdom affiliate, TNCi UK Limited,
has developed a broadband, interactive entertainment and information system for
the long-haul passenger rail market. The system is designed to provide rail
passengers Internet and e-mail access, with such customizable services as
on-demand films, videos and music, video games, reservation information, train
schedules and other Internet-based content and commerce applications. TNCi UK
Limited has teamed with General Dynamics Interactive Corporation, a subsidiary
of General Dynamics (NYSE:GD), on this project. The tandem is currently
marketing the system to major rail operators in Europe, with a focus on the
United Kingdom.
* * * * *
EXCEPT FOR HISTORICAL MATTERS CONTAINED HEREIN, THE MATTERS DISCUSSED IN THIS
PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS AND ARE MADE PURSUANT TO THE
SAFE-HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
THESE FORWARD-LOOKING STATEMENTS REFLECT ASSUMPTIONS AND INVOLVE RISKS AND
UNCERTAINTIES THAT MAY AFFECT THE COMPANY'S BUSINESS AND PROSPECTS AND CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS. THESE
ASSUMPTIONS, RISKS AND UNCERTAINTIES ARE DISCUSSED IN DETAIL IN THE COMPANY'S
PUBLIC FILINGS, ALL OF WHICH ARE ON FILE WITH AND AVAILABLE FROM THE SECURITIES
AND EXCHANGE COMMISSION.
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 TECHNOLOGIES, LTD.
Dated: June 1, 2001 By: /s/ Irwin L. Gross
------------------------------------
Name: Irwin L. Gross
Title: Chairman and Chief Executive
Officer