SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
Current report (date of earliest event reported.....December 20, 1996)
KINETIKS.COM, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-27418 76-0478045
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation or organization) Identification No.)
700 Rockmead Drive
Suite 240
Kingwood, Texas 77339
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
281-359-7638
<PAGE>
Item 5. Other Events.
(1) On December 20, 1996, Gregory S. Carr announced his resignation as Chief
Executive Officer to devote full time to the Company's Corporate
Development effort.
(2) In order to facilitate the financial restructuring of the Company,
co-founders Gregory and Dyann Carr elected to retire 3,000,000 shares of
the Company's common stock owned by them. This significant retirement of
founders shares increases current shareholder value and enhances the
Company's efforts toward attracting a new group of financial investors.
(3) See attached copy of press release on both matters.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: December 26, 1996
KINETIKS.COM, INC.
BY: /s/ GREGORY S. CARR
Gregory S. Carr
President
<PAGE>
FOR IMMEDIATE RELEASE DATE: December 20, 1996
KINETIKS.COM ANNOUNCES MANAGEMENT CHANGE AND STOCK RESTRUCTURING
KINGWOOD, TEXAS - December 4, 1996 - Kinetiks.com, Inc. (KNET)
today announced management changes and a common stock retirement plan that it
believes are important to the Company's restructuring and growth.
Gregory S. Carr has decided to resign as CEO and step into a role to
lead the Company's Corporate Development efforts. In this position, he will be
able to focus on moving the Company more rapidly ahead in the fast changing
Internet content-commerce, and software development market. In the last nine
months, Mr. Carr has lead the Company to reach it's first $1,000,000 in sales
from start-up and recently structured an important relationship with Trader
Publishing Company. The Company has initiated a search for a new CEO while the
Board of Directors continues an active role in managing the financial side of
the business during reorganization.
In an additional move to financially restructure the Company,
co-founders Greg and Dyann Carr have elected to retire 3,000,000 shares of
common stock owned by them, bringing total 1996 stock retirement to 3,450,000
shares. Of those, 1,000,000 shares will be transferred to the Board with voting
rights and be subject to retirement at Board discretion within six to twelve
months. The significant retirement of founders shares increases current
shareholder value and facilitates Company efforts toward working with a new
group of financial investors. Management is in various stages of discussions to
complete it's plan to sign a new investment banker in 1997.
Kinetiks.com, Inc. is a producer of affinity group supersites on the Web
as well as related client-server enabling software products. The Company has
received numerous awards for it's supersite projects including honors from
YAHOO!, Microsoft Network and USA Today.
Kinetiks is a publicly traded company under the symbol KNET.
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CONTACT: Kinetiks.com, Inc.: James Waldrop, 281/359-7638
