GlobalMedia.com (WSGI.PK)

GlobalMedia.com was engaged primarily in the development of a broadcasting network over the Internet, including streaming services, integrated e-commerce solutions, a customized media player and simulated live Internet-only radio stations. The centerpiece of its broadcast network solution was the GlobalMedia.com Player, a streaming media player that enabled Internet users to experience multimedia content. The Company sells entertainment products through its online store and through private-label storefronts that it creates for network associates in its associate program. Global has refocused its business strategy away from Internet audio delivery to video delivery over the Internet and on the development of its next generation technology, targeted for the broadband and wireless market. In the first quarter of 2001, the Company sold its radio contracts and related assets. In May 2001, the Company made a voluntary assignment in bankruptcy under the Canadian Bankruptcy and Insolvency Act.

GLMC is an Internet company focused on providing its clients with streaming and e-commerce solutions. Through its Network Associate program, the Company is building the Internet's largest network of private-label streaming media players and store-fronts. For the 6 months ended 1/31/01, revenues rose from $72K to $494K. Net loss from rose from $4.1M to $25.6M. Results reflect increased broadcasting and advertising revenues and higher expenses.