SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): Commission File Number:
DECEMBER 8, 1997 1-10210
EXECUTIVE TELECARD, LTD.
(Exact name of registrant as specified in its charter)
DELAWARE 13-3486421
(State or other jurisdiction (IRS Employer
of incorporation) Identification Number)
1720 S. BELLAIRE STREET, 10TH FLOOR
DENVER, COLORADO 80222
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(303) 691-2115
(Former name or former address, if changed since last report)
NOT APPLICABLE
EXECUTIVE TELECARD, LTD.
ITEM 5 OTHER EVENTS
On December 8, 1997, Executive Telecard, Ltd. ("Executive Telecard") issued
a press release announcing the election of Christopher Vizas as its Chief
Executive Officer. Mr. Vizas has served as Executive Telecard's interim Chief
Executive Officer for the past four weeks since joining Executive Telecard's
Board of Directors as Chairman. Enclosed as Exhibit A to this Current Report on
Form 8-K and incorporated herein by reference is the text of the December 8,
1997 press release.
ITEM 7 FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits.
A. Press Release, dated December 8, 1997, regarding the election of Mr.
Vizas as Chief Executive Officer of Executive Telecard.
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SIGNATURE
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.
EXECUTIVE TELECARD, LTD.
Date: December 9, 1997 By: /s/ Christopher J. Vizas
------------------------
Christopher J. Vizas
Chief Executive Officer
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EXHIBIT INDEX
Exhibit Description Page
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A Press Release dated December 8, 1997
EXHIBIT A
CHRIS VIZAS ELECTED PERMANENT CEO OF EXECUTIVE TELECARD;
HOGAN & HARSTON RETAINED AS GLOBAL LEGAL COUNSEL
DENVER, Dec. 8 /PRNewswire/ -- Election of Christopher Vizas, chairman, as
chief executive officer of Executive Telecard, Ltd. (Nasdaq: EXTL) was announced
today by the company. His election took place at Friday's board meeting here.
Mr. Vizas had been serving as interim chief executive since joining the
board four weeks ago. His election ends an extended period of uncertain
leadership, the board said.
A veteran telecommunications executive and entrepreneur, Mr. Vizas signed a
three-year agreement with the company.
"In the past month I have verified, after digging into the details of the
company, that its business is sound and the growth that has been stalled for two
years is being reestablished," Mr. Vizas said.
"My colleagues on the executive committee of the Board, Don Sledge and
David Warnes, agree with me on the potential of the company and are committed to
working closely with me to achieve it," Mr. Vizas added.
"I have learned much and I have more to learn in the coming months," he
continued, "but I am confident of realizing our goals."
In other actions the board:
Approved the establishment of an investment banking relationship, subject
to final terms.
Initiated a formal search for a chief financial officer and a general
counsel.
Hogan & Hartson, a Washington, DC, legal firm with offices in Denver and
abroad, was retained by the board as primary legal counsel. On recommendation of
Hogan & Hartson, the board adopted a formal code of business policies and
practices designed to ensure that the company and its employees adhere always to
business practices at the highest ethical level.
Executive Telecard, founded in 1987, is an international telecommunications
service company providing direct voice and data services via its WorldDirect(TM)
global network to major corporate and carrier partners worldwide and providing
enhancements to its partners' global calling cards. Executive Telecard's
products and services include: revenue sharing partnerships, global calling
cards, the only
true global prepaid card platform, global Internet access (Eglobe(TM)),
international and domestic toll-free service (Service 800(TM)), and
multi-currency, detailed billing.
Certain statements in this press release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995 and
involve known and unknown risks, uncertainties and other factors that may cause
the company's actual results, performance or achievements to be materially
different from the results, performance or achievements expressed or implied by
the forward-looking statements. Factors that impact such forward-looking
statements include, among others, changes in worldwide general economic
conditions, changes in interest rates, currency rates and worldwide competition.