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Global Technologies Meets Merrill Credit Line Demand

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Global Technologies


said it was halting further sales of its stock holdings in

U.S. Wireless


as the company had satisfied Merrill Lynch's

demand to pay off a $10 million line of credit received in March.

The technology incubator said it sold 732,500 shares of U.S. Wireless and will retain about 2.3 milion shares, or more than two-thirds of its initial holdings.

A significant portion of the proceeds received from draws on the Merrill line of credit were used to fund the operations of

Network Connection


, of which Global Technologies owns about 77% on a fully converted basis.

Shares of Global Technologies closed at 78 cents, off a 52-week high of $21.50 in trading on the