Tomasello Raises Stake in WorldGate (WGAT) to 7.8%; Says Outside Directors Should Own Specified Number of Shares

In an amended 13D filing on WorldGate Communications (Nasdaq: WGAT) today, Venezuelan investor Antonio Tomasello disclosed a 7.8% stake (3.15 million share) in the company. This is up from the 7.5% stake Tomasello disclosed in a 10/17 filing.

Tomasello is of the opinion that each of the company's outside directors should be required to own a specified number of shares of the Common Stock as a condition for continuing as a board member, saying that this would more closely align the interests of the directors and shareholders and benefit the company. Tomasello may propose such a requirement for adoption by shareholders at the next annual meeting.

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