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) March 5, 2001
Global Technologies, Ltd.
(Exact Name of Registrant as specified in its charter)
Delaware 0-25668 86-0970492
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
The Belgravia, 1811 Chestnut Street, Suite 120, Philadelphia, PA 19103
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (215) 972-8191
(Former Name or Former Address, if Changed Since Last Report)
INFORMATION TO BE INCLUDED IN THIS REPORT
ITEM 5. OTHER EVENTS.
Global Technologies, Ltd.'s majority owned subsidiary, The Network
Connection, Inc. (Nasdaq: TNCX) announced yesterday that it has re-evaluated
certain aspects of its business and will be focusing its efforts on The Network
Connection, Inc.'s operations in the United Kingdom and discontinuing and
suspending its domestic operations. The Network Connection, Inc.'s management
has determined that the international inter-city passenger rail market provides
The Network Connection, Inc. with the business opportunity with the greatest
upside potential. In light of this opportunity and The Network Connection,
Inc.'s limited financial resources, the announcement stated that effective
immediately The Network Connection, Inc. is closing certain of its US-based
operations - which supported the cruise ship, education and corporate training
markets - and suspending the hotel operations. The Network Connection, Inc.'s
management determined, given the current financial condition of the company that
these markets were too expensive to continue to pursue. This decision has
allowed The Network Connection, Inc. to eliminate a very large supporting staff
and corresponding overhead expense. TNCI-UK's inter-city passenger rail
operation will continue from its current location in Derby, UK.
Attached as Exhibit 99 to this Report on Form 8-K is a copy of the press
release issued by The Network Connection, Inc. on March 7, 2001, which is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99 - The Network Connection Press Release.
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: March 8, 2001 By: /s/ Irwin L. Gross
------------------------------------
Name: Irwin L. Gross
Title: Chief Executive Officer