The former online community provider, which had its heyday during the mid-1990s, said it plans to buy "certain digital telephony assets" that are in development right now with an entrepreneur. The former Alley company, which operates out of Florida, now consists of computer gaming sites such as Computer Games Online, including Computer Games magazines.

The announcement that TheGlobe.com wants to issue 1.75 million warrants to buy the digital telephony assets is tied in part to a $500,000 financing for TheGlobe.com that its CEO Michael Egan and President Edward Cespedes have arranged. They want to issue new preferred shares in order to raise the cash.

The announcement could also signify a final chapter for a dot-com play whose 900 percent rise in price on its first day of trading came to epitomize the height of the tech and dot-com bubble. Since being delisted from the Nasdaq in 2001, its shares trade for about 8 cents in over-the-counter markets.

Repeated messages to management for comment were not returned.

Since shutting down its online community sites in August of 2001 after the online ad market dried up, company officials expressed optimism that the ad market would bounce back. In the meantime, however, it got rid of some of its computer games and youth-focused sites in an effort to find new business lines.

Last year it sold its Games Domain and Console Domain sites to British Telecommunications plc, in October and its Kids Domain Web assets to Kaboose Inc. In February of this year it sold its Happy Puppy Web site to Internet Game Distribution.

That left it with Computer Games print magazine and the associated Web site, which are now on the block as part of its effort to look for strategic alternatives for its business. That includes using the $1.1 million in cash it had as of June 30th to enter into a new line of business.

Its most recent regulatory filing includes an update from accountants who say recurring losses "raise substantial doubt" about its ability to continue as a going concern.

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Its second quarter revenues of $2.6 million were from print advertising in its Computer Games magazine as well as subscription and newsstand sales; from the sale of video games and products through its Chips & Bits game distribution business and from limited online advertising sales. The net loss for the quarter was $1.6 million.