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) July 18, 2001
ORBIT E-COMMERCE, INC.
(Exact name of Registrant as specified in its charter)
Nevada 001-03323 91-197860
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or File number) Identification
organization) Number)
22nd Floor, 161 Bay Street
Canada Trust Tower, BCE Place
Toronto, Ontario, Canada M5J 2S1
(Address of principal (Postal Code)
executive offices)
Registrant's telephone number, including area code: (416) 304-0694
Item 5. Other Events.
On July 18, 2001, Douglas C. Lloyd was elected President
and Chief Executive Officer of Orbit E-Commerce, Inc. (the
"Company") and its wholly-owned operating subsidiary, Orbit
Canada Inc. Prior thereto, Mr. Lloyd held the positions of
Vice President and Chief Technology Officer. Mr. Lloyd has
been a director of the Company since September 2000. In
addition, on July 18, 2001, Donald G. Payne was elected Chief
Financial Officer of the Company and became a director.
Immediately prior thereto, on such date, J. Gordon
McMehen, President, Chief Executive Officer and a director of
the Company, and Daniel N. Argiros, Vice President, Chief
Financial Officer and a director of the Company, resigned from
their respective positions effective immediately. In addition,
on such date, Robert J. Picard, also a director of the Company,
resigned effective immediately.
Item 7. Financial Statements and Exhibits.
Exhibits:
99.1 Press Release dated July 20, 2001.
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 thereunto duly
authorized.
ORBIT E-COMMERCE, INC.
(Registrant)
Dated: July 27, 2001 By: /s/ Douglas C. Lloyd
Name: Douglas C. Lloyd
Title: President and
Chief Executive
Officer
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Orbit Canada Inc., Subsidiary of Orbit E-Commerce Inc.,
Announces That Douglas C. Lloyd Will Resume Positions
Of President And Chief Executive Officer
Toronto 20 July 2001 / Douglas C. Lloyd, the founder of Orbit
Canada Inc., a wholly owned subsidiary of Orbit E-Commerce Inc.
(OECI: OTCBB), today announced that he will resume the
positions of President and Chief Executive Officer at Canada''s
leading Voice-Over-Internet-Protocol (VoIP) telecommunications
company.
For the last twelve months Mr. Lloyd held the position of Vice
President - Technology at Orbit Canada, where, working closely
with the Company''s key suppliers, he was focused exclusively
on VoIP network design and the build-out of Canada''s first
Internet Protocol (IP) network.
Mr. Lloyd will resume the leadership of Orbit as it moves
forward on two critical fronts: first, expanding its VoIP
network into the United States and internationally, and,
second, rolling out a national marketing campaign within
Canada.
The Company has appointed Donald G. Payne to the positions of
Chief Financial Officer and Director. During the last decade,
Mr. Payne, a distinguished figure in Canadian business and
finance, built and managed a number of companies in the
finance, insurance, and manufacturing industries. Prior to his
career as an entrepreneur and company builder Mr. Payne held a
number of positions with increasing responsibilities over a 17
year period with Bank of Montreal, culminating in the post of
Executive Vice President, Finance and Administration and Chief
Financial Officer. In addition to his duties as CFO, Mr. Payne
will be responsible for obtaining additional financing for the
Company as it expands its unique VoIP network into the United
States and internationally.
Effective immediately, J. Gordon McMehen, Chief Executive
Officer and Director, and Daniel N. Argiros, Chief Financial
Officer and Director, have resigned from their respective
positions at Orbit Canada Inc. and Orbit E-Commerce Inc. Robert
Picard has resigned from the Board of Directors of Orbit E-
Commerce Inc.
In announcing the changes, Mr. Lloyd mentioned that Orbit with
its unique phone-to-phone IP network is now positioned to
compete with Canada's established telephone companies and,
accordingly, is in the process of recruiting telecommunications
marketing veterans to lead the sales, marketing, and affinity
program development for Orbit''s VoIP-based services. Mr. Lloyd
added that the IP-based telecommunications Company is
increasing its subscriber base and revenues monthly, and the
executive changes announced today will usher in a new period
for Orbit as the Company brings the promise of Internet
Telephony to more and more Canadian consumers.
About Orbit Canada Inc. / Orbit E-Commerce Inc.
Orbit E-Commerce, through its wholly-owned subsidiary, Orbit
Canada, and under the direction of the Company''s founder,
Douglas C. Lloyd, has built the world's first pure Voice-Over-
The-Internet trans-national telecommunications network that
delivers long-distance services (and simultaneous Internet
access) in a phone-to-phone format.
The Company's initial "launch" product or service package is a
long-distance service which allows Canadians to call anywhere
in Canada and continental United States (and have unlimited
Internet access, web-hosting, and e-mail) starting at $19.95
(Cdn.). Subscribers to this service can obtain additional Orbit
lines for $10.00 per month and the long-distance service is
adaptable to either fixed-lines or cellular/wireless phones.
Earlier this month the Company announced its international
calling rate plan, a plan which provides Orbit''s subscribers
the most cost-effective international long distance calling of
any Canadian telephone company. Orbit''s rate plan for
international calling can be accessed on Orbit Canada''s web
site at: www.orbitcanada.com.
Orbit's VoIP-based network has two network capability/design
features that make the Company one of the leaders in the global
VoIP industry. The first of these features is that Orbit's
network is a "pure" VoIP network with no reliance on or
connections to switched-minute or legacy technology networks.
This feature ensures that subscribers can enjoy call quality as
good or better than the call quality on traditional switched-
minute networks, and, furthermore, will allow Orbit to be
profitable in an industry where many companies are losing
money. The second notable feature of Orbit's network is that it
provides services in a phone-to-phone format instead of
computer-to-computer or computer-to-phone formats. Orbit's
services appeal to consumers because callers can use their own
telephones.
The phone-to-phone format allows Orbit to be one of the few
VoIP companies to bring the promise of Internet Telephony to
millions of households and compete head-on with traditional
carriers in the largest segments of the telecommunications
market residential long-distance and non-PC business calling.
Orbit's network, one which industry observers maintain is one
of the largest retail or phone-to-phone VoIP systems anywhere,
is one of the few VoIP networks that was designed specifically
to carry voice as well as data traffic.
For More Information:
Douglas Lloyd, President and Chief Executive Officer
Orbit Canada Inc.
161 Bay Street, Suite 2220
Toronto, Ontario M5J 2S1
Tel: 416-814-4402 / Fax: 416-368-3937
Web: www.orbitcanada.com
Forward Looking Statements
Forward Looking Statements contained in this press release that
are not based upon current or historical fact are forward-
looking in nature. Such forward-looking statements reflect the
current views of management with respect to future events and
are subject to certain risks, uncertainties and assumptions
including potential issues relating to interoperability,
inability to introduce new products, changes in market
conditions, government regulations, technological changes and
other factors. Should one or more of these risks or
uncertainties materialize or should underlying assumptions
prove incorrect, actual results may vary materially from those
described herein.