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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN 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(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) |
1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Warrant | $ 0.0075 | 08/27/2007 | J(1) | 10,000,000 | (2) | 08/27/2017 | Common Stock | 10,000,000 | $ 0.0075 | 19,727,954 | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
WRIGHT JAY O 6701 DEMOCRACY BOULEVARD SUITE 202 BETHESDA, MD 20817 |
X | Chief Executive Officer |
/s/ Jay O. Wright | 08/29/2007 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | Awarded to Jay O. Wright by the Issuer's Compensation Committee pursuant to an Addendum dated August 27, 2007 to Mr. Wright's Employment Agreement in connection with the new direction of the Issuer. |
(2) | Shares of the Issuer's common stock, par value $0.001 per share ("Warrant Stock") to be vested as follows: Three million (3,000,000) shares of Warrant Stock to vest immediately upon the closing of the sale of the CLEC subsidiaries to USA Telephone; two million (2,000,000) shares of Warrant Stock to vest immediately upon eliminating the Company's debt to Yorkville Advisors, LLC (f/k/a Cornell Capital Partners, LP); two million (2,000,000) shares of Warrant Stock to vest immediately upon the closing of the sale of at least 80% of the telephones of Davel Communications; one million (1,000,000) shares of Warrant Stock to vest immediately upon elimination of the debt of Kite Broadband, LLC and Kite Networks, Inc. from the Company's balance sheet, including any guaranties related thereto; and two million (2,000,000) shares of Warrant Stock to vest immediately upon completing an acquisition into a new line of business, which acquisition shall have received Board approval. |
Remarks: Post transaction holdings: Stock 1,244,000, Warrants 30,182,500 |