-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FUAsCuU/CRE8hcRQJVhr50v0pbfe7kofEoxVtQVCzqFsqQbT2Mlmq+KuhqJQgtyj SUdEjgBZSJ0tlp2teDCwhA== 0001017062-98-000692.txt : 19980331 0001017062-98-000692.hdr.sgml : 19980331 ACCESSION NUMBER: 0001017062-98-000692 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 19980323 ITEM INFORMATION: ITEM INFORMATION: ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980330 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PORTACOM WIRELESS INC/ CENTRAL INDEX KEY: 0000907166 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 330650673 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-23228 FILM NUMBER: 98578597 BUSINESS ADDRESS: STREET 1: 10061 TALBERT AVENUE SUITE 200 CITY: FOUNTAIN VALLEY STATE: CA ZIP: 92708 BUSINESS PHONE: 7145933234 MAIL ADDRESS: STREET 1: 8055 W MANCHESTER AVE STREET 2: SUITE 730 CITY: PLAYA DEL REY STATE: CA ZIP: 90293 FORMER COMPANY: FORMER CONFORMED NAME: EXTREME TECHNOLOGIES INC DATE OF NAME CHANGE: 19950127 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL PCBX SYSTEMS INC DATE OF NAME CHANGE: 19940119 8-K 1 FORM 8-K RE MARCH 23, 1998 EVENT 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) March 23, 1998 ---------------------- PORTACOM WIRELESS, INC. -------------------------------------------------------------------- (Exact name of registrant as specified in charter) Delaware 0-23228 33-0650673 - ------------------------- ------------------------- ---------------- (State or Other Juris- (Commission File Number) (IRS Employer Identi- diction of Incorporation) fication No.) 10061 Talbert Avenue, Suite 200, Fountain Valley, California 92708 - ------------------------------------------------------------ --------- (Address of principle executive offices) (Zip Code) Registrant's telephone number, including area code 714-593-3234 -------------- N/A ------------------------------------------------------------------------- (Former name or former address, if changed since last report.) ____________________________________ ITEM 3. BANKRUPTCY OR RECEIVERSHIP. -------------------------- On March 23, 1998, PortaCom Wireless, Inc. (the "Company") filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, District of Delaware. The petition requests that the existing directors and officers of the Company be left in possession of the Company's assets and responsible for the business of the Company. ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT. --------------------------------------------- KPMG, the Company's former independent accountants, informed the Company that they would be unable to perform the annual audit of the Company's financial statements for the fiscal year ended December 31, 1997. In prior years, KPMG had conducted its audit of the Company out of KPMG's Vancouver, British Columbia office. In December 1996, the Company emigrated from Canada and became domiciled in the State of Delaware. Accordingly, KPMG informed the Company that KPMG could not conduct the audit from KPMG's Vancouver office. Furthermore, KPMG informed the Company that, because of professional staffing constraints, none of KPMG's southern California offices would be able to perform the audit for the 1997 fiscal year. As a result, the Company was forced to engage a new firm of independent accountants. On February 4, 1998, the Company engaged the accounting firm of Cogen Sklar LLP of Bala Cynwyd, Pennsylvania to be the Company's independent accountants and to conduct the 1997 audit. Prior to this retention of Cogen Sklar LLP by the Company, the Company did not consult with Cogen Sklar LLP regarding any financial or accounting matters. During the past two fiscal years and the period up to and including the date of this report, there were no disagreements between the Company and KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. During the same period, there were no "reportable events", as that term is defined in Item 304(a)(1)(v). KPMG's reports on the Company's financial statements for the fiscal years ended December 31, 1996 and December 31, 1995 do not contain adverse, qualified or disclaiming opinions. However, the report for the fiscal year ended December 31, 1996 does contain the following statement: In the United States, reporting standards for auditors require the addition of an explanatory paragraph (following the opinion paragraph) when the financial statements are affected by conditions and events that cast substantial doubt on the Company's ability to continue as a going concern, such as those described in note 1 to the consolidated financial statements. Our report to the shareholders dated January 14, 1997 is expressed in accordance with Canadian reporting standards which do not permit a reference to such events and conditions in the auditors' report when these are adequately disclosed in the financial statements. Note 1 to such financial statements contains the following statement: At the date of these consolidated financial statements, the Company has not generated cash flow from recurring operating activities and it is uncertain when it will commence to generate such a cash flow. In addition, the Company's largest recorded asset is restricted until January 1, 1999 (note 5(a)). Accordingly, there can be considered to be doubt as to the nature and extent of the Company's future operations. -2- ITEM 5. OTHER EVENTS. ------------ On March 13, 1998, the Company announced that it had executed an agreement amending the Asset Purchase Agreement, dated November 25, 1997 (the "Agreement") between the Company, as seller, and VDC Corporation, as buyer, to extend the expiration date of the Agreement to April 30, 1998, or such later date, not later than November 1, 1998, as VDC may determine. The Company also announced the resignations of Chief Executive Officer and Director, Douglas C. MacLellan, the resignations of Directors Stephen Leahy, Keith Hay, Howard Frantom and Stephen Stephens, the election of Michael Richard as Director and acting Chief Executive Officer, and the elections of Thomas Madden and Steven Rosner as Directors. ITEM 7. FINANCIAL STATEMENT, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. ----------------------------------------------------------------- (c) Exhibits 2 The Company's Voluntary Petition for Relief under Chapter 11 of the United States Bankruptcy Code, filed March 23, 1998 in the United States Bankruptcy Court, District of Delaware. 16 Letter from KPMG to the United States Securities and Exchange Commission regarding the change in the Company's certifying accountant. (To be filed by amendment.) 17.1 Letter of Resignation of Douglas C. MacLellan dated March 9, 1998. 17.2 Letter of Resignation of Keith A.J. Hay dated March 8, 1998. 17.3 Letter of Resignation of Stephen M. Leahy dated March 8, 1998. 17.4 Letter of Resignation of Howard Frantom dated February 26, 1998. 17.5 Letter of Resignation of Stephen Stephens dated November 5, 1997. 99.1 Press Release dated March 13, 1998. -3- 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 hereunto duly authorized. PORTACOM WIRELESS, INC. (Registrant) Date: March 30, 1998 By: /s/ Michael Richard ---------------------------------------- Name: Michael Richard Title: Acting Chief Executive Officer -4- EXHIBIT INDEX ------------- EXHIBIT NO. - ----------- 2 The Company's Voluntary Petition for Relief under Chapter 11 of the United States Bankruptcy Code, filed March 23, 1998 in the United States Bankruptcy Court, District of Delaware. 17.1 Letter of Resignation of Douglas C. MacLellan dated March 9, 1998. 17.2 Letter of Resignation of Keith A.J. Hay dated March 8, 1998. 17.3 Letter of Resignation of Stephen M. Leahy dated March 8, 1998. 17.4 Letter of Resignation of Howard B. Frantom dated February 26, 1998. 17.5 Letter of Resignation of Stephen O. Stephens dated November 5, 1997. 99.1 Press Release dated March 13, 1998. -5- EX-2 2 VOLUNTARY PETITION FOR RELIEF FILED MARCH 23, 1998 EXHIBIT 2 FORM 1 VOLUNTARY PETITION
- ----------------------------------------------------------------------------------------------------------------------------------- UNITED STATES BANKRUPTCY COURT VOLUNTARY District of Delaware PETITION - ----------------------------------------------------------------------------------------------------------------------------------- IN RE (Name of debtor-if individual, enter Last, First Middle) NAME OF JOINT DEBTOR (Spouse) (Last, First, Middle) PortaCom Wireless, Inc., a Delaware Corporation - ----------------------------------------------------------------------------------------------------------------------------------- ALL OTHER NAMES used by debtor in the last 6 years ALL OTHER NAMES used by the joint debtor in the last (Include married, maiden and trade names) 6 years Extreme Technologies, Inc., International PCBX Systems, Inc., (Include married, maiden and trade names) USTR Information Systems (Canada), Ltd., Worthing Enterprises, Ltd. - ----------------------------------------------------------------------------------------------------------------------------------- SOC. SEC./TAX I.D. NO. (If more than one, state all) SOC. SEC./TAX I.D. NO. (If more than one, state all) 33-0650673 - ----------------------------------------------------------------------------------------------------------------------------------- STREET ADDRESS OF DEBTOR (No. and street, city, state, zip) STREET ADDRESS OF JOINT DEBTOR (No. and street, city, state, zip) ---------------------------- --------------------------- 10061 Talbert Avenue, Suite 200 COUNTY OF RESIDENCE OR COUNTY OF RESIDENCE OR Fountain Valley, CA 92708 PRINCIPAL PLACE OF BUSINESS PRINCIPAL PLACE OF BUSINESS Orange - ----------------------------------------------------------------------------------------------------------------------------------- MAILING ADDRESS OF DEBTOR (if different from street address) MAILING ADDRESS OF JOINT DEBTOR (if different from street address) - ---------------------------------------------------------------------------------------------------------------------------------- LOCATION OF PRINCIPAL ASSETS OF BUSINESS DEBTOR [_] Debtor has been domiciled or has had a residence, (if different from addresses listed above) principal place of business or principal assets in this District for 180 days immediately preceding the date of this petition or for a longer part of such 180 days than in any other District. [_] There is a bankruptcy case concerning debtor's general partner or partnership pending in this District. - ----------------------------------------------------------------------------------------------------------------------------------- INFORMATION REGARDING DEBTOR (Check applicable boxes) - ----------------------------------------------------------------------------------------------------------------------------------- TYPE OF DEBTOR CHAPTER OR SECTION OF BANKRUPTCY CODE UNDER WHICH THE PETITION IS [_] Individual [X] Corporation Publicly Held FILED (Check one box) [_] Joint (H&W) [_] Corporation Not Publicly Held [_] Chapter 7 [X] Chapter 11 [_] Chapter 13 [_] Partnership [_] Municipality [_] Chapter 9 [_] Chapter 12 [_] (S) 304-Case Ancillary to [_] Other ____________________________________________ FILING FEE (Check one box) Foreign Proceeding [X] Filing fee attached. NATURE OF DEBT [_] Filing fee to be paid in installments. (Applicable to [_] Non-Business Consumer [X] Business - individuals only). Must attach signed application for the courts Complete A&B below consideration certifying that the debtor is unable to pay fee A. TYPE OF BUSINESS (check one box) except in installments. Rule 1006(b). See Official Form No. 3. [_] Farming [_] Transportation ------------------------------------------------------------------ [_] Commodity Broker NAME AND ADDRESS OF LAW FIRM OR ATTORNEY [_] Professional [_] Manufacturing/ [_] Construction [_] Retail/Wholesale [_] Mining [_] Real Estate Francis A. Monaco, Jr., Esquire [_] Railroad [_] Stockbroker [X] Other Business Walsh & Monzack, P.A. B. BRIEFLY DESCRIBE NATURE OF BUSINESS 400 Commerce Center 12th and Orange Streets Development of wireless and wireline telecommunications P.O. Box 2031 services in selected developing world markets. Wilmington, DE 19899 Telephone No. (302) 656-8162 ------------------------------------------------------------------ NAME(S) OF ATTORNEY(S) DESIGNATED TO REPRESENT THE DEBTOR Francis A. Monaco, Jr., Esquire - ----------------------------------------------------------------------------------------------------------------------------------- STATISTICAL ADMINISTRATIVE INFORMATION (28 U.S.C. (S) [_] Debtor is not represented by an attorney. Telephone no. 604) of debtor not represented by an attorney: ( ) (Estimates only) (Check applicable boxes) - ----------------------------------------------------------------------------------------------------------------------------------- THIS SPACE FOR COURT USE ONLY [X] Debtor estimates that funds will be available for distribution to unsecured creditors. [_] Debtor estimates that after any exempt property is excluded and administrative expenses paid, there will be no funds available for distribution to unsecured creditors. - --------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- ESTIMATED NUMBER OF CREDITORS [_] 1-15 [_] 16-49 [X] 50-99 [_] 100-199 [_] 200-999 [_] 1000-over - -------------------------------------------------------------------------------- ESTIMATED ASSETS (in thousands of dollars) [_] Under 50 [_] 50-99 [_] 100-499 [_] 500-999 [X] 1000-9999 [_] 10,000-99,000 [_] over 100,000 - -------------------------------------------------------------------------------- ESTIMATED LIABILITIES (in thousands of dollars) [_] Under 50 [_] 50-99 [_] 100-499 [_] 500-999 [X]1000-9999 [_] 10,000-99,000 [_] over 100,000 - -------------------------------------------------------------------------------- ESTIMATED NUMBER OF EMPLOYEES - CH.11 & 12 ONLY [_] 0 [X] 1-19 [_] 20-99 [_] 100-999 [_]1000-over - -------------------------------------------------------------------------------- ESTIMATED NO. OF EQUITY SECURITY HOLDERS - CH 11 & 12 ONLY [_] 0 [_] 1-19 [_] 20-99 [_] 100-499 [X]500-over - -------------------------------------------------------------------------------- Name of Debtor: PortaCom Wireless, Inc., a Delaware Corporation Case No._____________________________
(Court use only) - ------------------------------------------------------------------------------------------------------------------------------------ FILING OF PLAN For Chapter 9, 11, 12 and 13 cases only. Check appropriate box. [_] A copy of debtor's proposed plan dated ________________ [X] Debtor intends to file a plan within the time allowed by statute, is attached. rule, or order of the court. - ------------------------------------------------------------------------------------------------------------------------------------ PRIOR BANKRUPTCY CASE FILED WITHIN LAST 6 YEARS (if more than one, attach additional sheet) - ------------------------------------------------------------------------------------------------------------------------------------ Location Where Filed Case Number Date Filed - ------------------------------------------------------------------------------------------------------------------------------------ PENDING BANKRUPTCY CASE FILED BY ANY SPOUSE, PARTNER, OR AFFILIATE OF THIS DEBTOR (if more than one, attach additional sheet) - ------------------------------------------------------------------------------------------------------------------------------------ Name of Debtor Case Number Date - ------------------------------------------------------------------------------------------------------------------------------------ Relationship District Judge - ------------------------------------------------------------------------------------------------------------------------------------ REQUEST FOR RELIEF Debtor requests relief in accordance with the chapter of title II, United States Code, specified in this petition. - ------------------------------------------------------------------------------------------------------------------------------------ SIGNATURES - ------------------------------------------------------------------------------------------------------------------------------------ ATTORNEY X /s/ Francis A. Monaco, Jr. Date March 23, 1998 - ------------------------------------------------------------------ Francis A. Monaco, Jr., Esquire - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ INDIVIDUAL/JOINT DEBTOR(S) CORPORATE OR PARTNERSHIP DEBTOR I declare under penalty of perjury that the information I declare under penalty of perjury that the information provided provided in this petition is true and correct. in this petition is true and correct and that the filing of this X petition on behalf of the debtor has been authorized. - --------------------------- Signature of Debtor PortaCom Wireless, Inc. Date By: Michael Richard, CEO X X /s/ Michael A. Richard - --------------------------- ---------------------------------------------------------------- Signature of Joint Debtor Signature of Authorized Individual Date Michael Richard ---------------------------------------------------------------- Print or Type Name of Authorized Individual Chief Executive Officer of PortaCom Wireless, Inc. ------------------------------------------------------------------- Title of Individual Authorized by Debtor to File this Petition Date: March 23, 1998 - ------------------------------------------------------------------------------------------------------------------------------------ EXHIBIT "A" (To be completed if debtor is a corporation requesting relief under chapter 11) [X] Exhibit "A" is attached and made a part of this petition. - ------------------------------------------------------------------------------------------------------------------------------------ TO BE COMPLETED BY INDIVIDUAL CHAPTER 7 DEBTOR WITH PRIMARILY CONSUMER DEBTS (See P.L. 98-353 (S) 322) I am aware that I may proceed under chapter 7, 11, 12 or 13 of title 11, United States Code, understand the relief available under each such chapter and choose to proceed under chapter 7 of such title. If I am represented by an attorney, exhibit "B" has been completed. X Date - -------------------------------------------------------- Signature of Debtor X Date - -------------------------------------------------------- Signature of Joint Debtor - ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ EXHIBIT "B" (To be completed by attorney for individual chapter 7 debtor(s) with primarily consumer debts) I, the attorney for the debtor(s) named in the foregoing petition, declare that I have informed the debtor(s) that (he, she, or they) may proceed under chapter 7, 11, 12 or 13 of title 11, United States Code and have explained the relief available under each such chapter. X Date - -------------------------------------------------------- Signature of Attorney - ------------------------------------------------------------------------------------------------------------------------------------
EXHIBIT "A" UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re: PortaCom Wireless, Inc., a Delaware Corporation, Debtor(s) Case No. Chapter 11
(If debtor is a corporation filing under chapter 11 of the Code, this Exhibit "A" shall be completed and attached to the petition) EXHIBIT "A" to Voluntary Petition 1. Debtor's employer identification number is 33-0650673 2. If any of debtor's securities are registered under (S) 12 of the Securities and Exchange Act of 1934, the SEC file number is 0-23228 3. The following financial data is the latest available information and refers to March 27, 1998 debtor's condition on Estimated Approximate a. Total assets.......................... $8,000,000.00 number of b. Total liabilities..................... $2,728,816.00/1/ (+ undetermined amount) holders ------- Fixed, liquidated secured debt. . . . . . . . . . $370,259.00 1 Contingent secured debt 1 Disputed secured claims 0 Unliquidated secured debt 0 Fixed, liquidated unsecured debt $ 373,983.00 (+ undetermined amount) 55 Contingent unsecured debt $1,984,574.00 20 Disputed unsecured claims. . . . . . . . . . . $1,984,574.00 20 Unliquidated unsecured debt . . . . . . . . . . $1,984,574.00 20 Number of shares of preferred stock. . . . . . . . 0 Number of shares of common stock. . . . . . . . . 13,576,970
Comments, if any: 4. Brief description of debtor's business: Development of wireless and wireline telecommunications services in selected developing world markets. 5. List the name of any person who directly or indirectly owns, controls or holds, with power to vote, 20% or more of the voting securities of debtor: None. 6. List the names of all corporations 20% or more of the outstanding voting securities of which are directly or indirectly owned, controlled, or held, with power to vote, by debtor: PCBX Systems, Inc. Portacom International, Ltd. Extrerme Telecom, Inc. Extreme Laboratories, Inc. __________________ /1/ Some debts owed by the Debtor are expressed, in whole or in part, in terms of shares of VDC Corporation, Ltd. common stock pursuant to prepetition settlement agreements. All such debts are of an undetermined value and will be listed as such in the Debtor's schedules. A summary of such debts are attached to Schedule "F" as Attachment #1. 5 PORTACOM CORPORATE RESOLUTION ----------------------------- 6 UNANIMOUS WRITTEN CONSENT OF THE BOARD OF DIRECTORS OF PORTACOM WIRELESS, INC. The undersigned, constituting all of the directors (the "Board") of PORTACOM WIRELESS, INC., a Delaware corporation (the "Corporation"), do hereby adopt the following resolutions by consent in writing, pursuant to Section 141(f) of the General Corporation Law of the State of Delaware, to the adoption of the following resolutions effective the date hereof, as if they were adopted at a duly convened meeting of the Board at which a quorum was present and acting throughout: RESOLVED, that the management of the Corporation is authorized to file a petition for relief under Chapter 11 of Title 11, United States Code (the "Bankruptcy Code"), in the United States Bankruptcy Court for the District of Delaware if, in management's discretion, such filing is necessary to protect the Corporation's assets or to prevent termination of, or to facilitate the performance of the Corporation's obligations under, certain of its contracts; and it is FURTHER RESOLVED, that the officers of the Corporation are authorized and empowered to execute on behalf of the Corporation a petition for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware, and any affidavits, forms, schedules, applications or any other pleadings or documents which are necessary or appropriate, including debtor-in-possession financing arrangements; and it is FURTHER RESOLVED, that the officers of the Corporation are authorized to retain on behalf of the Corporation the law firm of Klehr, Harrison, Harvey, Branzburg & Ellers LLP as special transactional counsel and the law firm of Walsh & Monzack, P.A. as bankruptcy counsel, upon such terms and conditions as the officers shall approve, to render legal services to, and to represent, the Corporation in connection with such Chapter 11 proceedings and other related matters in connection therewith; and it is FURTHER RESOLVED, that the officers of the Corporation are authorized and directed to take any and all further action and to execute and deliver any and all such further instruments and documents and to pay all such expenses (subject to bankruptcy court approval), where necessary or appropriate in order to carry out fully the intent and accomplish the purposes of the resolutions adopted herein; and it is FURTHER RESOLVED, that all actions taken by the officers of the Corporation in connection with the reorganization of the Corporation or any matter related thereto, or by virtue of these resolutions, are hereby in all respects ratified, confirmed and approved. FURTHER RESOLVED, that these resolutions may be executed in one or more counterparts and when each director has executed at least one counterpart, the foregoing resolutions shall be adopted and in full force and effect as of the date hereof. IN WITNESS WHEREOF, the undersigned have set their hands and seals effective the 16th day of March, 1998. /s/ Michael A. Richard /s/ Thomas P. Madden - ------------------------------ ----------------------------- Michael A. Richard, Director Thomas P. Madden, Director /s/ Steven B. Rosner ----------------------------- Steven B. Rosner, Director CONSTITUTING ALL OF THE DIRECTORS OF PORTACOM WIRELESS, INC. UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re: PortaCom Wireless, Inc., a Delaware Corporation Debtor(s) Case No. (if known)
LIST OF CREDITORS HOLDING 20 LARGEST UNSECURED CLAIMS** Following is the list of the debtor's creditors holding the 20 largest unsecured claims. The list is prepared in accordance with Fed. R. Bankr. P. 1007(d) for filing in this chapter 11 [or chapter 9] case. This list does not include (1) persons who come within the definition of "insider" set forth in 11 U.S.C. (S) 101(30), or (2) secured creditors unless the value of the collateral is such that the unsecured deficiency places the creditor among the holders of the 20 largest unsecured claims.
- ------------------------------------------------------------------------------------------------------------------- (1) (2) (3) (4) (5) NAME OF CREDITOR AND COMPLETE NAME, TELEPHONE NUMBER AND NATURE OF CLAIM C AMOUNT OF CLAIM MAILING ADDRESS INCLUDING COMPLETE (trade debt, bank U (if secured also state ZIP CODE MAILING ADDRESS, INCLUDING loan, government D value of security) ZIP CODE OF contract, etc.) S EMPLOYEE, AGENT, OR DEPARTMENT OF CREDITOR FAMILIAR WITH CLAIM - ------------------------------------------------------------------------------------------------------------------- JMS North America, Inc. Indu Singh D $ 892,432 12450 Fair Lakes Circle #370 fax # (703) 631-6804 U Fairfax, VA 22033 C - ------------------------------------------------------------------------------------------------------------------- Caspian Securities Limited Richard Halcrow D $ 423,503 199 Bishopsgate fax # 44-171-442-8686 U London, England EC2M 3TY C - ------------------------------------------------------------------------------------------------------------------- J. Michael Christiansen J. Michael Christiansen D $ 350,000 2114 Farrell Avenue fax #310-542-4643 U Redondo Beach, CA 90278 C - ------------------------------------------------------------------------------------------------------------------- SLD Capital Corporation Steven Rosner Undetermined One Belmont Avenue, fax # (610) 660-5905 Ste. 417 Bala Cynwyd, PA 19004 - ------------------------------------------------------------------------------------------------------------------- Douglas MacLellan Douglas MacLellan Undetermined 8324 Delgany Avenue fax # (310) 301-7748 Playa del Rey, CA 90293 - ------------------------------------------------------------------------------------------------------------------- Linklaters and Paines Singapore Ian Arstall $ 80,000 9 Raffles Place fax # 65-438-4811 Republic Plaza #52-00 Singapore 848619 - -------------------------------------------------------------------------------------------------------------------
___________________ ** Some debts owed by the Debtor are expressed, in whole or in part, in terms of shares of VDC Corporation, Ltd. common stock pursuant to prepetition settlement agreements. All such debts are of an undetermined value and will be listed as such in the Debtor's schedules. A summary of such debts are attached to Schedule "F" as Attachment #1.
- ------------------------------------------------------------------------------------------------------------------- (1) (2) (3) (4) (5) - ------------------------------------------------------------------------------------------------------------------- Banque SCS Alliance Guyon King $ 205,675 11 Route de Florissant fax # 41-22-346-1530 Case Postale 3733 Geneva 3 Switzerland 1211 - ------------------------------------------------------------------------------------------------------------------- Day Campbell & McGill Rowland Day $ 125,000 3070 Bristol St. #650 fax # 714-429-2901 Costa Mesa, CA 92626 - ------------------------------------------------------------------------------------------------------------------- HMA Associates Howard Appel Undetermined 1 Belmont Avenue, Suite 417 fax #610-660-5905 Bala Cynwyd, PA 19004 - ------------------------------------------------------------------------------------------------------------------- Kochhar and Co. Rohit Kochhar D Undetermined S-454, Greater Kaash-II fax # 91-11-646-9656 U New Delhi, India 110 048 C - ------------------------------------------------------------------------------------------------------------------- SPH Equities Steve Harrington Undetermined 401 City Avenue #725 fax # (610) 660-5905 Bala Cynwyd, PA 19004 - ------------------------------------------------------------------------------------------------------------------- Rozel Internat'l Holdings Ltd. Harold Chaffe Undetermined Whitehill Hse., Newby Road fax #44-161-487-1500 Industrial Estate Stratford Cheshire, UK SK75DA - ------------------------------------------------------------------------------------------------------------------- Wills Wei Corporation Michael Marcus Undetermined 300 S. 4th Street, Ste. 1100 fax #310-457-1892 Las Vegas, NV 89101 - ------------------------------------------------------------------------------------------------------------------- Michael Marcus Michael Marcus Undetermined 300 S. 4th Street, Ste. 1100 fax #310-457-1892 Las Vegas, NV 89101 - ------------------------------------------------------------------------------------------------------------------- Madden Consulting, Inc. Thomas Madden Undetermined 37323 17th Avenue S. fax # (253) 815-1077 Federal Way, WA 98003 - -------------------------------------------------------------------------------------------------------------------
CUDS If contingent, enter C; if unliquidated, enter U; if disputed, enter D; if subject to setoff, enter S.
- ------------------------------------------------------------------------------------------------------------------- (1) (2) (3) (4) (5) - ------------------------------------------------------------------------------------------------------------------- Effectenbank Stroeve Lavaterstrasse 45 Jakes Fernando Undetermined P.O. Box CH-8027 fax # 41-1-202-1942 Zurich, Switzerland 8002 - ------------------------------------------------------------------------------------------------------------------- Mustang Management, Ltd. Steven Leahy D $45,074 1155 Melville Street, Suite 11 fax (604) 682-1324 U Vancouver, BC V6E 4C4 C - ------------------------------------------------------------------------------------------------------------------- Michael A. Richard Michael A. Richard Undetermined 21122 Shepherd Lane fax # (714) 593-3264 Huntington Beach, CA 92648 - ------------------------------------------------------------------------------------------------------------------- Stephens International, Inc. Stephen O. Stephens Undetermined 700 East Ninth Street, Ste. 11-L fax #(501) 374-5855 Little Rock, AR 72202 - ------------------------------------------------------------------------------------------------------------------- Econolynx International, Ltd. Keith Hay D $61,791 1900 Merivale Road #202 fax #(613) 723-7333 U Nepean, ON Canada K2G 4N4 C - -------------------------------------------------------------------------------------------------------------------
Unsworn Declaration under Penalty of Perjury (partnership or corporation). I declare under penalty of perjury that I have read the answers contained in the foregoing list of creditors and that they are true and correct to the best of my knowledge, information and belief. March 23, 1998 /s/ Michael A. Richard Michael A. Richard, C.E.O. - ---------------- ------------------------ -------------------------------- Date Signature Print Name and Title (An individual signing on behalf of a partnership or corporation must indicate position or relationship to debtor.) Penalty for making a false statement: Fine of up to $500.00 or imprisonment for up to 5 years, or both. 18 U.S.C. (S)(S) 152 and 3571. UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ___________________________________ : PORTACOM WIRELESS, INC., : CHAPTER 11 a Delaware Corporation : : CASE NO. Debtor. : ___________________________________: MATRIX OF CREDITORS OF DEBTOR, PORTACOM WIRELESS, INC. ------------------------------------------------------ ADP Independent Investor Comm. Corp. 1048 Ronsa Court Mississauga, ON Canada L4W 4V6 R. K. Alexander 228 Westshore 30 Midpark Cresant, S.E. Calgary, Alberta T2X 1P3 Automatic Data Processing 1505 Pavilion Place Norcross, GA 30093 American States Insurance c/o Robinson Insurance Agency 2081 Business Center Drive Suite 200 Irvine, CA 92612 AT&T P.O. Box 10103 Van Nuys, CA 91410 AT&T Calling Card P.O. Box 27-820 Kansas City, MO 64184 AT&T Wireless Long Distance P.O. Box 30247 Tampa, FL 33630 925 Paterson Plank Road Secaucus, NJ 07094 Bowne of Los Angeles, Inc. 633 W. Fifth Street, 14th Fl. Los Angeles, CA 90071 Carswell Thompson Publishers P.O. Box 1991, Staton B Toronto, ON Canada MST 3G1 Caspian Securities Limited 199 Bishopsgate London, England EC2M 3TY J. Michael Christiansen 2114 Farrell Avenue Redondo Beach, CA 90278 Cybernet Data Services 50 Washington Street, 9th Fl. S. Norwalk, CT 06854 Day Campbell & McGill 3070 Bristol St. #650 Costa Mesa, CA 92626 Dirksen Flipse Doran & Le No. 45 Preah Sunamark Blvd P.O. Box 7 Phnom Penh, Cambodia Disclosure, Inc. P.O. Box 360922 Pittsburgh, PA 15251 Dunn and Bradstreet P.O. Box 75949 Chicago, IL 54726 Eclipse Communications P.O. Box 60961 New Orleans, LA 70160 Econolynx International, Ltd. 1900 Merivale Road #202 Nepean, ON Canada K2G 4N4 Elmcroft Holdings 1900 Merivale Road #202 Nepean, ON Canada K2G 4N4 SPH Equities 401 City Avenue #725 Bala Cynwyd, PA 19004 Vera Frantom P.O. Box 2273 Running Springs, CA 92382 Howard B. Frantom P.O. Box 2273 Running Springs, CA 92382 HMA Associates 1 Belmont Avenue, Suite 417 Bala Cynwyd, PA 19004 Chester E. Howard 8954 Canary Avenue Fountain Valley, CA 92708 Interior Investments, Inc. 1549 Barclay Blvd. Buffalo Grove, IL 60089 Internal Revenue Service Bankruptcy Section 1111 Constitution Avenue, N.W. Washington, DC 20224 JMS North America, Inc. 12450 Fair Lakes Circle #370 Fairfax, VA 22033 Kochhar and Co. S-454, Greater Kaash-II New Delhi, India 110 048 Koffman Kalef 885 W. Georgia Street, 19th Fl. Vancouver, BC Canada VBC 3H4 Los Angeles Cellular Telephone Co. P.O.Box 6028 Cerritos, CA 90703 Stephen Leahy #11 - 1155 Melville Street Vancouver, BC Canada VSE 4C4 Linklaters and Paines 9 Raffles Place Republic Plaza #52-00 Singapore 848819 Douglas MacLellan 8324 Delgany Avenue Playa del Rey, CA 90293 Nora MacLellan 8324 Delgany Avenue Playa del Rey, CA 90293 Madden Consulting, Inc. 37323 17th Avenue S. Federal Way, WA 98003 Morris Magid 1054 Selby Avenue Los Angeles, CA 90024 Michael Marcus 300 S. 4th Street, Suite 1100 Las Vegas, NV 89101 McCullough O'Conner & Irwin 888 Dunsmuir Street #1100 Vancouver, BC V6E 2EG Merrill Lynch Reorg NJ 101 Hudson Street Jersey City, NJ 07302 Metromedia Asia Corporation c/o Metromedia Company One Meadowlands Plaza East Rutherford, NJ 07073 Mustang Management, Ltd. 1155 Melville Street Vancouver, BC V6E 4C4 James A. Nash, Accountant 244 S. Sepulveda Blvd. Manhattan Beach, CA 90266 Network Technologies, Inc. 7630 Little River Turnpike, Ste. 100 Annadale, VA 22003 Pacific Corporate Trust 625 Howe Street, Ste. 830 Vancouver, BC Canada V6C 3B8 Francis T. Phalen 19620 Superior Street Northridge, CA 91324 Philadelphia Depository Trust Company 1900 Market Street Philadelphia, PA 19103 Robert J. Poulson, Esquire 63 Pioneer Street Cooperstown, NY 13326 RIA Group P.O. Box 6159 Carol Stream, IL 60197 Michael A. Richard 21122 Shepherd Lane Huntington Beach, CA 92648 Richman Lawrence Mann 9601 Wilshire Blvd. Penthouse Beverly Hills, CA 90210 J. Sagar and Assoc. 84-E C-6 Lane Sainik Farms New Delhi, India 110 082 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, DC 20549 Thomas Scichili Via Della Croce 77 Rome, Italy 00187 Gulu Shaw Current Address Unknown SLD Capital Corporation One Belmont Avenue, Ste. 417 Bala Cynwyd, PA 19004 Stephen Stephens Stephens International, Inc. 700 E. Ninth Street, Suite 11-L Little Rock, AR 72202 Stephens International, Inc. 700 E. Ninth Street, Suite 11-L Little Rock, AR 72202 U.S. Attorney's Office District of Delaware Federal Building, Room 5110 844 King Street Wilmington, DE 19801 U.S. Attorney's Office District of Central California 1269 U.S. Courthouse 312 N. Spring Street Los Angeles, CA 90012 UPS P.O. Box 505820 The Lakes, NV 88905 Vancouver Stock Exchange P.O. Box 10333 609 Granville Street Vancouver, BC Canada V7Y 1H1 Video Monitoring Services 330 W. 42nd Street New York, NY 10036 Warren Gorham & Lamont 31 St. James Avenue Boston, MA 02116 Wescott Group 11111 Santa Monica Blvd. Suite 2050 Los Angeles, CA 90025 VDC Corporation, Ltd. P.O. Box HM 1255 44 Church Street Hamilton, Bermuda Banque SCS Alliance 11 Route de Florissant Case Postale 3733 Geneva 3 Switzerland 1211 Rozel International Holdings, Ltd. Whitehill Hse., Newby Road Industrial Estate Stratford Cheshire, UK Samuel Buck P.O. Box 100 Friday Harbor, WA 98250 Effectenbank Stroeve Lavaterstrasse 45 P.O. Box CH-8027 Zurich, Switzerland 8002 David Fujii 1400 Canal Avenue Long Beach, CA 90813 John Fujii 1400 Canal Avenue Long Beach, CA 90813 Daniel Gooze 1748 N. Richmond Street Chicago, IL 60847 Marcos Kohn 9340 Meaux St. Leonard, PQ Canada H1R 3H2 Stan Lackey 1807 San Ysidro Beverly Hills, CA 90210 Michael Milligan 39000 Bob Hope Drive Suite 340 Rancho Mirage, CA 92270 Daniel Slotton 12827 Short Avenue Los Angeles, CA 90085 Wills Wei Corporation 300 S. 4th Street, Ste. 1100 Las Vegas, NV 89101 Warren Zee 921 Arnold Drive Martinez, CA 94553 State of California Franchise Tax Board P.O. Box 942857 Sacramento, CA 94257 State of Delaware Department of State Division of Corporations 401 Federal Street Suite 4 Dover, DE 19901 EX-17.1 3 LETTER OF RESIGNATION - DOUGLAS MACLELLAN EXHIBIT 17.1 DOUGLAS C. MACLELLAN 8324 DELGANY AVE, PLAYA DEL REY, CA 90293 (310) 301-7728 FAX: (310301-7748 MARCH 9, 1998 Mr. Michael Richard Chief Financial Officer PortaCom Wireless, Inc. 10061 Talbert Avenue, Suite 200 Fountain Valley, California 92709 VIA FACSIMILE Dear Michael: This facsimile letter will serve as my notice to PortaCom Wireless, Inc. ("PortaCom") of the confirmation that on March 8, 1998, I resigned my positions as President and CEO of PortaCom, which positions you will fill on an interim basis, and I resign as a member of the Board of Directors of PortaCom. Additionally, I hereby resign any and all officer and director positions in any and all subsidiary businesses of PortaCom of which I currently hold. My resignations are effective as of 6:00 p.m. (PST) March 10, 1998. Please advise all necessary state and or federal regulatory authorities of theses resignations. Sincerely, /s/ Douglas C. MacLellan Douglas C. MacLellan DCM/nhm EX-17.2 4 LETTER OF RESIGNATION - KEITH HAY EXHIBIT 17.2 KEITH A.J. HAY 1900 MERIVALE RD. #202 NEPEAN, ON K2G 4N4 CANADA MARCH 8, 1998 THE BOARD OF DIRECTORS PORTACOM WIRELESS, INC. 10061 TALBERT AVE., SUITE #200 FOUNTAIN VALLEY, CA 92708 Dear Sirs: I hereby submit for your acceptance my resignation as a director of PortaCom Wireless, Inc., to become effective at 11:59 p.m. Pacific Standard Time on Sunday, March 8, 1998. Thank you. Sincerely, /s/ Keith A.J. Hay Keith A.J. Hay EX-17.3 5 LETTER OF RESIGNATION - STEPHEN LEAHY EXHIBIT 17.3 STEPHEN M. LEAHY #11 -- 1155 MELVILLE STREET VANCOUVER, BC V6E 4C4 CANADA MARCH 8, 1998 BOARD OF DIRECTORS PORTACOM WIRELESS, INC. 10061 TALBERT AVE., SUITE #200 FOUNTAIN VALLEY, CA 92708 Dear Sirs: I hereby submit for your acceptance my resignation as a director and as Secretary of PortaCom Wireless, Inc., to become effective at 11:59 p.m. Pacific Standard Time on Sunday, March 8, 1998. Thank you. Sincerely, /s/ Stephen M. Leahy Stephen M. Leahy EX-17.4 6 LETTER OF RESIGNATION - HOWARD FRANTOM EXHIBIT 17.4 February 26, 1998 Mr. Douglas McClellan President Portacom Wireless, Inc. 10061 Talbert Avenue, Suite 200 Fountain Valley, California 92708 Dear Mr. McClellan: Please accept this letter as my resignation from the Board of Directors of Portacom Wireless, Inc., effective as of today's date. I trust that the shareholders will enjoy increased value in the coming months and years. Sincerely, /s/ H.B. Frantom Howard B. Frantom HBFsy EX-17.5 7 LETTER OF RESIGNATION - STEPHEN STEPHENS EXHIBIT 17.5 Stephens International, Ltd. Steve Stephens President November 5, 1997 Mr. Douglas C. MacLellan President and Chief Executive Officer PortaCom Wireless, Inc. 8055 West Manchester Avenue Suite 730 Playa del Rey, CA 90293 Dear Douglas: Please consider this letter as official notice that I hereby tender my resignation from the Board of Directors of PortaCom Wireless, Inc., effective immediately. For your records, I have attached a current statement of fee's owed me as of November 1, 1997. Furthermore, it is my understanding that I will have first priority for payment of these fees in full, following the next immediate infusion of monies to PortaCom Wireless, Inc. With best wishes for future success, I am Sincerely yours, /s/ Steve Steve Stephens 700 East Ninth Street - Suite 11-L Little Rock, AR 72202 501-371-9911 FAX 501-374-5855 EX-99.1 8 PRESS RELEASE DATED MARCH 13, 1998 EXHIBIT 99.1 PortaCom Wireless, Inc. 10061 Talbert Avenue, Ste. #200 Fountain Valley, CA 92708 (714)593-3234 FOR IMMEDIATE RELEASE - --------------------- March 13, 1998 Contact: Thomas Madden (253) 815-1076 VSE: PCW OTCBB: PCWR E-Mail: Investor2k@aol.com PORTACOM AMENDS AGREEMENT ON SALE OF PRINCIPAL ASSET, ANNOUNCES CHANGE IN MANAGEMENT, BOARD PortaCom Wireless Inc. ("PortaCom") announced today that it has executed an agreement amending the Asset Purchase Agreement with VDC Corporation ("VDC") of November 25, 1997 that extends the final expiration date for the agreement. PortaCom also announces the election of new directors, the resignation of former directors, and a change in management. PortaCom's new management will concentrate upon resolving the Company's debts and concluding the asset sale to VDC. PortaCom has received the resignation of its CEO and director, Douglas C. MacLellan and those of directors Stephen Leahy, Keith Hay, Howard Frantom, and Stephen Stephens. It announces the election of Michael Richard as a director and acting CEO and the elections of Thomas Madden and Steven Rosner as new directors. Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform act of 1995. Such forward-looking statements made by the company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance of achievements expressed or implied by such forward- looking statements. Such factors include, but are not limited to, risks associated with international operations, dependence on licenses, governmental regulations, technological changes, intense competition and dependence on management. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements. The company disclaims any obligation to forward-looking statements contained herein to reflect any change in the company's expectation with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements. ON BEHALF OF THE BOARD OF DIRECTORS /s/Michael Richard ------------------ Michael Richard President and CEO The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release. -----END PRIVACY-ENHANCED MESSAGE-----