SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: November 27, 2000
GLOBAL ASSET HOLDINGS, INC.
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(Exact name of Registrant as specified in charter)
Florida 011-15499 55-0722193
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(State or Other (Commission File No.) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
11900 Biscayne Blvd., Suite 262, Miami, Florida 33181
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(Address of principal executive officers)
305-981-0539
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(Telephone)
Item 2. Acquisition or Disposition of Assets
On November 14, 2000, we acquired the entire ownership interest of Transvoice
Investments, Ltd. ("Transvoice") in SavOnCalling.com, LLC., a Florida limited
liability company ("SavOn"). SavOn is engaged in the marketing of casual access
long distance services, better known as "10-10 dial around". Dial around is a
telecommunications service that allows consumers to select alternative long
distance providers by entering the particular carrier identification code (CIC)
prior to dialing a long distance telephone call. Transvoice's interest consists
of a 51% ownership interest in SavOn which increased to 80% on November 15, 2000
pursuant to an Acquisition Agreement between Teltran and Transvoice dated May 1,
2000. The interest is subject to possible increase in the minority partner's
interest to 66.67% upon terms mutually agreeable to the parties. The purchase
price of Transvoice's entire interest in SavOn was 2,000,000 shares of our
common stock. In addition, if during the period commencing January 1, 2001 and
ending June 30, 2002 ("The Earnings Period") the accumulated net after tax
income of SavOn is $1,200,000 or greater, then Transvoice shall receive
additional shares of our common stock. For each $1.00 of net after tax income of
SavOn in excess of $1,200,000 during the Earnings Period, Transvoice shall
receive additional shares of our common stock having a market value of $10.00
per share.
Item 7. Financial Statements, Pro-Forma Information and Exhibits
(a) and (b) *
(c) Exhibits
10.23 Exchange Agreement for the Purchase of Part of SavOnCalling.com, LLC
between Global Asset Holdings, Inc. and Transvoice Investments, Ltd. dated
November 14, 2000.
* Registrant's filing of financial and pro-forma information relating to the
Agreement within fifteen (15) days after the exchange is impracticable.
Registrant will file such financial information by amendment hereto no later
than sixty (60) days after the filing of this report.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated: November 27, 2000
GLOBAL ASSET HOLDINGS, INC.
(Registrant)
By: /s/ Irving Greenman
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Irving Greenman, President