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<A NAME="A001"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>UNITED
STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>WASHINGTON, DC 20549</B></FONT></FONT></P>

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<P ALIGN="CENTER">_________________ </P>

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<A NAME="A004"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>FORM
8-K</B></FONT></FONT></P>

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<A NAME="A005"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>CURRENT
REPORT<BR>Pursuant to Section 13 or 15(d) of the<BR>Securities Exchange Act of 1934</B></FONT></FONT></P>


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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Date of
Report (date of earliest event reported): January 8, 2007</FONT></FONT> </P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>Global
Pari-Mutual Serivces, Inc.</B><BR><FONT SIZE="2">(Exact Name of Registrant as Specified in its Charter)</FONT></FONT></FONT></P>

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  <TR vAlign=bottom>
    <TH colSpan=2><FONT face="Times New Roman, Times, Serif" size=2></FONT></TH>
    <TH colSpan=2><FONT face="Times New Roman, Times, Serif" size=2></FONT></TH>
    <TH colSpan=2><FONT face="Times New Roman, Times, Serif"
  size=2></FONT></TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="37%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Nevada</B></FONT></TD>
    <TD align=left width="4%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="30%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>000-32509</B></FONT></TD>
    <TD align=left width="4%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="23%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>88-0396452</B></FONT></TD>
    <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>(State or
      other jurisdiction of</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>(Commission File Number)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>(I.R.S.
      Employer</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>
      incorporation or organization)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
size=2></FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification No.)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR></TABLE><BR><BR>

 <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="450" ALIGN="CENTER">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 North Carson Street</FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carson City, Nevada</FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">89706</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="64%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of Principal Executive Offices</FONT></TD>
     <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="23%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD>&nbsp;</TD><TD></TD>
     <TD></TD><TD></TD>
</TR>
</TABLE>



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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Registrant&#146;s
Telephone Number, Including Area Code:<BR><B>(415)&nbsp;&nbsp;302-8621</B></FONT></FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><U><B>N/A</B> </U><BR>(Former
name, former address, and formal fiscal year, if changed  since last report)</FONT></FONT> </P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (<I>see</I> General Instruction A.2. below):</FONT></FONT></P>

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     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;
Written  communications  pursuant to Rule 425 under the  Securities Act  (17 CFR 230.425)</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">
Soliciting  material pursuant to Rule 14a-12 under the Exchange Act  (17 CFR 240.14a-12)</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">
Pre-commencement  communications  pursuant to Rule  14d-2(b)  under the  Exchange Act (17
CFR 240.14d-2(b))</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">
Pre-commencement  communications  pursuant to Rule  13e-4(c)  under the  Exchange Act (17
CFR 240.13e-4(c)</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Item 1.01,
7.01, and 8.01 Entry into a Material Definitive Agreement, Regulation FD Disclosure,
Other Events</B></FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">On
January 8, 2007, the Royal Turf Club, Inc., a Nevada corporation (herein
&#147;RTCN&#148;) a wholly owned subsidiary of Global Pari-Mutuel Services, Inc.
and the Royal Turf Club of Antigua, Inc. a coporation organized under the laws
and regulations of Antigua (herein &#147;RTC&#148;) and a wholly owned
subsidiary of RTCN completed an Agreement effective December 31, 2006 with
Global Financial Solutions Holdings, Ltd. a corporation organized under the laws
and regulations of the Turks and Caicos Islands (herein &#147;GFS&#148;) for the
Transfer of Stock of the Royal Turf Club of Antigua, Inc. and the Development,
Implementation and Operation of a Horse and Dog Racing Hub in Antigua.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Under
the terms of the agreement, (a) RTC will issue to GFS such number of shares of
its common stock such that after the issuance thereof, GFS will own fifty
percent (50%) of RTC&#146;s outstanding common stock (the &#147;RTC
Shares&#148;), (b) payments made by GFS for the purpose of developing,
constructing, implementing and operating a central system horse and dog racing
hub, hereinafter referred to as the &#147;Hub Operation,&#148; will be
acknowledged and it will agree to continue such funding on the basis described
herein, (c) RTCN will agree to manage the business of RTC, and (d) RTCN and GFS,
as the sole Shareholders of RTC, will make certain agreements regarding the
operations and their ownership of RTC.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">For
consideration of receiving the RTC Shares, GFS has as of the date of this
Agreement provided an amount of the funds necessary for all expenses related to
the initial development, construction and implementation of the Hub Operation
(hereinafter &#147;Hub Implementation Expenses&#148;) aggregating approximately
US $400,000, and (ii) will agree to continue to pay Hub Implementation Expenses
on the basis provided herein, said obligation continuing until the Hub Operation
is profitable. The Hub Implementation Expenses shall include, but are not
limited to:</FONT></FONT></P>

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     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">a) </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> Costs
of the  software,  hardware,  and all  equipment  necessary  for the  implementation  and
proper  operation  of the Hub  Operation.</FONT></FONT> </P></TD>
</TR>
</TABLE>


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     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">b) </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> Costs
of training employees, management, owners, and contractors on the proper operation of the
Hub Operation.</FONT></FONT> </P></TD>
</TR>
</TABLE>


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     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">c) </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> Cost
of the licensing rights to the software program for the Hub Operation.</FONT></FONT> </P></TD>
</TR>
</TABLE>


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     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">d) </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> Operational
costs directly related to the running of the Hub Operation.</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The
Hub Implementation Expenses shall be paid by GFS as part of its consideration
for receiving the RTC Shares. Hub Implementation Expenses shall be subject to
the reasonable, prior (if it is reasonably possible for RTCN to provide prior
notice of pending Hub Implementation Expenses), approval of GFS, and GFS shall
not be under any obligation to bear or pay for any Hub Implementation Expenses
that it does not approve. RTCN has provided GFS with a monthly budget of Hub
Implementation Expenses. Any modifications or changes to this monthly budget
shall be submitted to GFS in advance each month on or before the 20<SUP>th</SUP>
day of the immediately preceding month, and failure of GFS to receive any such
revised budget in a timely fashion or failure of RTCN to adhere to any such
budget shall be, without limitation, reasonable basis for GFS not approving Hub
Implementation Expenses.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Once
the Hub Operation has been launched and is considered operational and
profitable, all expenses necessary and related to the ongoing operation and
management of the Hub Operation (&#147;Hub Operational Expenses&#148;) shall be
paid out of the funds generated by the operation of the Hub Operation prior to
any distribution of profits.</FONT></FONT></P>



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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The
Hub Operational Expenses shall include all costs of operating and managing the
Hub Operation.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">If the
Hub Operation does not immediately generate sufficient funds to pay for the
ongoing Hub Operational Expenses, GFS shall pay the expenses on the same basis
and upon the same conditions as Hub Implementation Expenses until such time as
the Hub Operation is profitable without reimbursement or setoff, or until April
30 2007, whichever occurs first. Thereafter, any contributions needed for Hub
Operational Expenses shall be paid by the Shareholders equally. If either
Shareholder fails to make all or a part of any required contribution, at the
option of the other Shareholder either (i) such other Shareholder shall make
said payment or (ii) the Shareholder failing to make the contribution shall
forfeit such portion of its stockholding in RTC as is proportionate to the
amount of the failure and a figure equal to an overall capitalization of RTC of
twice the aggregate amount paid by GFS for the RTC Shares (excluding amounts
paid by it under this sentence).</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The
Hub Operational Expenses paid by GFS as part of this Section shall be further
consideration for receiving the RTC Shares. From the gross income of the Hub
Operation, the Manager shall (i) first pay the expenses of the ongoing Hub
Operation, (ii) then reimburse a Shareholder for any advances or payments made
after April 30, 2007, and (iii) then distribute equally to the Shareholders the
profits of the Hub Operation as they accrue for the term of this Agreement.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The
term &#147;profits&#148; shall be defined as any amounts generated by the Hub
Operation after payment of all Hub Operational Expenses, and as generally
defined and commonly used in practice and custom.</FONT></FONT></P>

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<A NAME="A011"></A>
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Item 7.01,
and 8.01 Regulation FD Disclosure, Other Events</B></FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">On
December 21, 2007, a Unanimous Written Consent of Shareholders was completed
wherein, the majority of the shareholders of Global Pari-Mutuel Services, Inc.
(the &#147;Company&#148;), agreed to modify the employee stock option plan by
increasing the number of options available for the purchase of common shares of
the Company by 1,000,000 from 750,000 to 1,750,000.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Upon
the amendment there are 1,049,550 options to purchase common s hares of the
Company that have not been granted and 550,000 options that have been granted
but not exercised, of these granted options 250,000 options to purchase common
shares of the Company are presently exercisable.</FONT></FONT></P>

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<A NAME="A012"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>EXHIBITS</B></FONT></FONT> </P>

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<A NAME="A013"></A>
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><U>Exhibit
Number</U></FONT></FONT></P>

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     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">99 </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> Agreement
for the Transfer of Stock and the Development and Operation of a  Horse and Dog Racing
Hub in Antigua between the Royal Turf Club, Inc, the  Royal Turf Club of Antigua, Inc.
and Global Financial Solutions Holdings, Inc.</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>


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<A NAME="A014"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>SIGNATURES</B></FONT></FONT> </P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Pursuant
to the requirements of the Securities Exchange of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.</FONT></FONT></P>

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     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Global
Pari-mutuel Services, Inc.</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>



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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Dated:  January
8, 2007</FONT></FONT></P>



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     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">By&nbsp;&nbsp;&nbsp;
/s/ James A. Egide  <BR>James A. Egide<BR>Chief Executive Officer</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>



</BODY>
</HTML>
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{"company-data": {"conformed-name": "GLOBAL PARI-MUTUEL SERVICES, INC.", "cik": "0001137417", "assigned-sic": "6770", "irs-number": "880396452", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-32509", "film-number": "07530971"}, "business-address": {"street1": "2533 NORTH CARSON STREET", "city": "CARSON CITY", "state": "NV", "zip": "89706", "phone": "4808832272"}, "mail-address": {"street1": "2533 NORTH CARSON STREET", "city": "CARSON CITY", "state": "NV", "zip": "89706"}, "former-company": {"former-conformed-name": "ORBIS DEVELOPMENT INC", "date-changed": "20010330"}}
AutoCoded Document
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): January 8, 2007
Global
Pari-Mutual Serivces, Inc.
(Exact Name of Registrant as Specified in its Charter)
Nevada
000-32509
88-0396452
(State or
      other jurisdiction of
(Commission File Number)
(I.R.S.
      Employer
incorporation or organization)
Identification No.)
2533 North Carson Street
Carson City, Nevada
89706
(Address of Principal Executive Offices
(Zip Code)
Registrant's
Telephone Number, Including Area Code:
(415)  302-8621
N/A
(Former
name, former address, and formal fiscal year, if changed  since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see
General Instruction A.2. below):
[    ]
Written  communications  pursuant to Rule 425 under the  Securities Act  (17 CFR 230.425)
[    ]
Soliciting  material pursuant to Rule 14a-12 under the Exchange Act  (17 CFR 240.14a-12)
[    ]
Pre-commencement  communications  pursuant to Rule  14d-2(b)  under the  Exchange Act (17
CFR 240.14d-2(b))
[    ]
Pre-commencement  communications  pursuant to Rule  13e-4(c)  under the  Exchange Act (17
CFR 240.13e-4(c)
Item 1.01,
7.01, and 8.01 Entry into a Material Definitive Agreement, Regulation FD Disclosure,
Other Events
On
January 8, 2007, the Royal Turf Club, Inc., a Nevada corporation (herein
"RTCN") a wholly owned subsidiary of Global Pari-Mutuel Services, Inc.
and the Royal Turf Club of Antigua, Inc. a coporation organized under the laws
and regulations of Antigua (herein "RTC") and a wholly owned
subsidiary of RTCN completed an Agreement effective December 31, 2006 with
Global Financial Solutions Holdings, Ltd. a corporation organized under the laws
and regulations of the Turks and Caicos Islands (herein "GFS") for the
Transfer of Stock of the Royal Turf Club of Antigua, Inc. and the Development,
Implementation and Operation of a Horse and Dog Racing Hub in Antigua.
Under
the terms of the agreement, (a) RTC will issue to GFS such number of shares of
its common stock such that after the issuance thereof, GFS will own fifty
percent (50%) of RTC's outstanding common stock (the "RTC
Shares"), (b) payments made by GFS for the purpose of developing,
constructing, implementing and operating a central system horse and dog racing
hub, hereinafter referred to as the "Hub Operation," will be
acknowledged and it will agree to continue such funding on the basis described
herein, (c) RTCN will agree to manage the business of RTC, and (d) RTCN and GFS,
as the sole Shareholders of RTC, will make certain agreements regarding the
operations and their ownership of RTC.
For
consideration of receiving the RTC Shares, GFS has as of the date of this
Agreement provided an amount of the funds necessary for all expenses related to
the initial development, construction and implementation of the Hub Operation
(hereinafter "Hub Implementation Expenses") aggregating approximately
US $400,000, and (ii) will agree to continue to pay Hub Implementation Expenses
on the basis provided herein, said obligation continuing until the Hub Operation
is profitable. The Hub Implementation Expenses shall include, but are not
limited to:
a)
Costs
of the  software,  hardware,  and all  equipment  necessary  for the  implementation  and
proper  operation  of the Hub  Operation.
b)
Costs
of training employees, management, owners, and contractors on the proper operation of the
Hub Operation.
c)
Cost
of the licensing rights to the software program for the Hub Operation.
d)
Operational
costs directly related to the running of the Hub Operation.
The
Hub Implementation Expenses shall be paid by GFS as part of its consideration
for receiving the RTC Shares. Hub Implementation Expenses shall be subject to
the reasonable, prior (if it is reasonably possible for RTCN to provide prior
notice of pending Hub Implementation Expenses), approval of GFS, and GFS shall
not be under any obligation to bear or pay for any Hub Implementation Expenses
that it does not approve. RTCN has provided GFS with a monthly budget of Hub
Implementation Expenses. Any modifications or changes to this monthly budget
shall be submitted to GFS in advance each month on or before the 20
th
day of the immediately preceding month, and failure of GFS to receive any such
revised budget in a timely fashion or failure of RTCN to adhere to any such
budget shall be, without limitation, reasonable basis for GFS not approving Hub
Implementation Expenses.
Once
the Hub Operation has been launched and is considered operational and
profitable, all expenses necessary and related to the ongoing operation and
management of the Hub Operation ("Hub Operational Expenses") shall be
paid out of the funds generated by the operation of the Hub Operation prior to
any distribution of profits.
The
Hub Operational Expenses shall include all costs of operating and managing the
Hub Operation.
If the
Hub Operation does not immediately generate sufficient funds to pay for the
ongoing Hub Operational Expenses, GFS shall pay the expenses on the same basis
and upon the same conditions as Hub Implementation Expenses until such time as
the Hub Operation is profitable without reimbursement or setoff, or until April
30 2007, whichever occurs first. Thereafter, any contributions needed for Hub
Operational Expenses shall be paid by the Shareholders equally. If either
Shareholder fails to make all or a part of any required contribution, at the
option of the other Shareholder either (i) such other Shareholder shall make
said payment or (ii) the Shareholder failing to make the contribution shall
forfeit such portion of its stockholding in RTC as is proportionate to the
amount of the failure and a figure equal to an overall capitalization of RTC of
twice the aggregate amount paid by GFS for the RTC Shares (excluding amounts
paid by it under this sentence).
The
Hub Operational Expenses paid by GFS as part of this Section shall be further
consideration for receiving the RTC Shares. From the gross income of the Hub
Operation, the Manager shall (i) first pay the expenses of the ongoing Hub
Operation, (ii) then reimburse a Shareholder for any advances or payments made
after April 30, 2007, and (iii) then distribute equally to the Shareholders the
profits of the Hub Operation as they accrue for the term of this Agreement.
The
term "profits" shall be defined as any amounts generated by the Hub
Operation after payment of all Hub Operational Expenses, and as generally
defined and commonly used in practice and custom.
Item 7.01,
and 8.01 Regulation FD Disclosure, Other Events
On
December 21, 2007, a Unanimous Written Consent of Shareholders was completed
wherein, the majority of the shareholders of Global Pari-Mutuel Services, Inc.
(the "Company"), agreed to modify the employee stock option plan by
increasing the number of options available for the purchase of common shares of
the Company by 1,000,000 from 750,000 to 1,750,000.
Upon
the amendment there are 1,049,550 options to purchase common s hares of the
Company that have not been granted and 550,000 options that have been granted
but not exercised, of these granted options 250,000 options to purchase common
shares of the Company are presently exercisable.
EXHIBITS
Exhibit
Number
99
Agreement
for the Transfer of Stock and the Development and Operation of a  Horse and Dog Racing
Hub in Antigua between the Royal Turf Club, Inc, the  Royal Turf Club of Antigua, Inc.
and Global Financial Solutions Holdings, Inc.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Global
Pari-mutuel Services, Inc.
Dated:  January
8, 2007
By   
/s/ James A. Egide
James A. Egide
Chief Executive Officer