UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

             [ X ] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                      For the quarter ended March 31, 1999
                                       or

           [  ] TRANSITION REPORT PURSUANT TO SECTION 10 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                        Commission File Number: # 0-20556

                            GBS COM-TECH CORPORATION
                 (Name of small business issuer in its charter)

                  DELAWARE                      13-3400758
       (State of Incorporation)     (IRS Employer Identification)

                                 9652 Hood Road
                        Jacksonville, Florida 32257-1141
                   (Address of Principal Executive Offices)

                                 904-260-5156
                           (Issuer's telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes____ No X


The number of shares  outstanding of the  registrant's  common stock as of the
last practicable date.  4,878,000 SHARES
<PAGE>
                            GBS COM-TECH CORPORATION

                                   FORM 10-QSB

                                TABLE OF CONTENTS

      PART I.     FINANCIAL INFORMATION

         ITEM 1:  Financial Statements (Unaudited)

                  Condensed Consolidated Balance Sheet - March 31, 1999

                  Condensed Consolidated Statements of Operations -
                  Quarters ended March 31, 1999 and 1998

                  Condensed Consolidated Statements of Cash Flows -
                  Quarters ended March 31, 1999 and 1998

                  Condensed Consolidated Statement of Changes in
                  Stockholders' Equity for the Quarter ended March 31, 1999

                  Notes to unaudited condensed consolidated financial
                  statements

         ITEM 2:  Management's Discussion and Analysis of Financial Condition
                  and Results of Operation

      PART II.    OTHER INFORMATION

                  SIGNATURES
<PAGE>
GBS COM-TECH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
MARCH 31, 1999

                                                                      MARCH 31,
                                                                       1999
                           ASSETS                                    UNAUDITED
                                                                    -----------
CURRENT ASSETS:
      Cash and cash equivalents ..............................      $         0

        Total current assets .................................                0
                                                                    -----------
           TOTAL ASSETS ......................................      $         0
                                                                    ===========
            LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

      Accounts payable & accrued expenses ....................      $         0
                                                                    -----------
         Total current liabilities ...........................                0
                                                                    -----------
            TOTAL LIABILITIES ................................                0

STOCKHOLDERS' EQUITY:

      Preferred stock, $ .10 par value, authorized
            1,000,000 shares, issued, none ...................      $         0

      Common stock, par value $ .01, authorized
            15,000,000 shares, issued 4,878,000 ..............           48,780

      Capital in excess of par value .........................        1,686,146

      Accumulated deficit ....................................       (1,734,926)
                                                                    -----------
      TOTAL LIABILITIES & STOCKHOLDERS' EQUITY ...............      $        (0)
                                                                    ===========

         The accompanying notes to financial statements are an integral
                             part of this statement
<PAGE>
GBS COM-TECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND ACCUMULATED DEFICIT FOR
THE QUARTERS ENDED MARCH 31, 1999 AND 1998


                                                      MARCH 31,      MARCH 31,
                                                      1999              1998
                                                      UNAUDITED      UNAUDITED
                                                     -----------    -----------
INCOME:
      Sales of products & services ...............   $         0    $         0
                                                     -----------    -----------
            Total income .........................             0              0

SELLING, GENERAL AND ADMINISTRATIVE EXPENSE ......             0              0
                                                     -----------    -----------
      Income (loss) from operations ..............             0              0


OTHER INCOME AND EXPENSE:
      Other income - forgiveness of debts ........             0              0
      Assets written off .........................             0              0
                                                     -----------    -----------
      Net loss ...................................             0              0

      Accumulated deficit-beginning of period ....    (1,734,926)    (1,734,926)
                                                                    -----------
      Accumulated deficit-end of period ..........   $(1,734,926)   $(1,734,926)
                                                     ===========    ===========
PER SHARE DATA:

      Loss per share .............................   $         0    $         0
                                                     -----------    -----------
      Weighted average number of
        shares outstanding .......................   $ 4,878,000    $ 4,878,000
                                                     -----------    -----------


         The accompanying notes to financial statements are an integral
                             part of this statement
<PAGE>
GBS COM-TECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE QUARTERS ENDED MARCH 31, 1999 AND 1998


                                                        MARCH 31,     MARCH 31,
                                                          1999          1998
                                                        UNAUDITED     UNAUDITED
                                                       -----------   -----------
CASH FLOWS FROM OPERATING ACTIVITIES:

    Net (loss) ......................................  $         0   $         0

    Adjustments to reconcile net loss
         to net cash by (used in)
         operations:

         Depreciation ...............................            0             0
         Changes in operating assets ................            0             0
                                                       -----------   -----------
Net cash provided by (used in) operating activities .            0             0
                                                       -----------   -----------
CASH FLOWS FROM INVESTING ACTIVITIES:

Net cash provided (used in) investing activities ....            0             0
                                                       -----------   -----------
CASH FLOWS FROM FINANCING ACTIVITIES:

Net cash provided (used in) financing activities ....            0             0
                                                       -----------   -----------
NET INCREASE (DECREASE) IN CASH .....................            0             0

CASH AND CASH EQUIVALENTS-BEGINNING OF PERIOD .......            0             0
                                                       -----------   -----------
CASH AND CASH EQUIVALENTS-END OF PERIOD .............  $         0   $         0
                                                       ===========   ===========

               The accompanying notes to financial statements are
                       an integral part of this statement.
<PAGE>
GBS COM-TECH CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLERS' EQUITY
FOR THE QUARTER ENDED MARCH 31, 1999


                      COMMON STOCK            ADDITIONAL
                         SHARES                PAID IN    ACCUMULATED
                         ISSUED      AMOUNT    CAPITAL      DEFICIT        TOTAL
                      ------------   ------   ----------   -----------    ------
Balance,
  March 31, 1998 ...     4,878,000   48,780    1,686,146    (1,734,926)        0
                      ------------   ------   ----------   -----------    ------
Balance,
  June 30, 1998 ....     4,878,000   48,780    1,686,146    (1,734,926)        0
                      ============   ======   ==========   ===========    ======

               The accompanying notes to financial statements are
                       an integral part of this statement.
<PAGE>
GBS COM-TECH CORPORATION.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE QUARTER ENDED MARCH 31, 1999     (UNAUDITED)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The accompanying financial statements include the accounts of GBS Com-Tech
Corporation and are not consolidated with any other subsidiary or affiliated
entities.

CASH AND CASH EQUIVALENTS

The Company maintains its cash, when in existence, in demand deposit accounts.
All cash is available to operations without restriction. The Company considers
all highly liquid investments with a maturity of three months of less, when
purchased, to be "cash equivalents".

INVENTORY PRICING

Inventory values are stated at the lower of cost (first-in, first-out-FIFO) or
market.

PROPERTY, EQUIPMENT AND DEPRECIATION

Property and equipment are carried at cost. Expenditures for replacements are
capitalized, and the replaced items are retired. Maintenance and repairs are
charged to operations. Gains and losses from the sale of fixed assets are
included in other income. Depreciation is calculated on a straight-line basis
utilizing U.S. Internal Revenue Service estimated lives.

EARNINGS PER SHARE

Earnings per share is computed by dividing net income by the weighted average
number of shares of common stock outstanding.

RESEARCH AND DEVELOPMENT

Research and development costs are charged to expense as incurred.

ALLOWANCE FOR DOUBTFUL ACCOUNTS

The Company reviews its bad debts policy on an ongoing basis and makes changes
to allowances for doubtful accounts should the necessity arise.
<PAGE>
GBS COM-TECH CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE QUARTER ENDED MARCH 31, 1999    (UNAUDITED)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

INTANGIBLE ASSETS

Cost of the master franchise and directorship fees paid are amortized using the
straight-line method of amortization as follows:

            Franchises:             10 Years
            Directorships:          10 Years

Organization costs are amortized over five years using the straight-line method.


NOTE 2 - BUSINESS PURPOSE, ORGANIZATION AND ACQUISITIONS

The Company was formed as Drillstar International Corp., on March 9, 1987, in
the State of Delaware, to engage in the business of marketing specially designed
footwear for marching band and drum and bugle corps. On June 18, 1993, the
Company changed its name to Mobile Service International Corp. On November 8,
1995, the Company changed its name to International Communications &
Technologies Corp. On May 13, 1997, the Company changed its name to GBS COM-TECH
CORPORATION.
<PAGE>
                                     PART II

ITEM 2:     MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL  CONDITION AND
            RESULTS OF OPERATION


At the date of the financial statements the Company had no liquidity or capital
resources and was essentially in a dormant state of existence. The former
management had abandoned all operating activities and subsequently resigned from
the Company and the bank, leaving no cash resources.

The current management has not been able to provide any amount of new capital to
date, however, there are many sources of new capital currently being pursued. In
the event the Company is successful in raising the required capital, the Company
will commence with its new business plan in an attempt to revive the Company
into a positive operation cash position.

In the event the new capital is not generated, the Company has no foreseeable
means by which to continue operating.
<PAGE>
                                   SIGNATURES


In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

Date:  June 18, 1999    GBS COM-TECH CORPORATION


                              ________________________________
                              /s/ Chief G. Bolanle Shonekan
                              By: Chief G. Bolanle Shonekan
                              Chairman of the Board and
                              Chief Executive Officer