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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): August 7, 1996
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Individual, Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-27734 04-3036959
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
8 New England Executive Park W.
Burlington, Massachusetts 01803
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(Address of Principal Executive (Zip Code)
Offices)
Registrant's telephone number, including area code: (617) 273-6000
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Item 5. Other Events.
The Board of Directors of Individual, Inc. (the "Company") has
terminated the employment of Joseph A. Amram, a founder and former President
and Chief Executive Officer of the Company.
The Company has commenced a search for a new Chief Executive Officer.
The Board has established an Office of the President consisting of Janesse T.
Bruce, the Company's Senior Vice President and General Manager, Internet and
Single-User Services, Bruce D. Glabe, the Company's Executive Vice President,
and Robert L. Lentz, the Company's Vice President, Finance and Chief Financial
Officer, to manage the Company pending successful completion of the search. The
Company has elected William A. Devereaux, a director of the Company since 1989,
to serve as Chairman of the Board.
There can be no assurance that the management changes implemented by
the Company, including the termination of Mr. Amram, the establishment of the
Office of the President and the search for a new Chief Executive Officer, will
not have a material adverse affect on the Company's business, results of
operations and financial condition, as well as on perceptions of the Company by
current and prospective investors. Ms. Bruce and Mr. Lentz have been with the
Company for only a short period of time, having joined the Company in January
1996 and March 1996, respectively. Mr. Glabe has been with the Company since May
1994. There can be no assurance that Ms. Bruce, Mr. Glabe and Mr. Lentz will be
able to effectively manage the Company pending the search for a new Chief
Executive Officer. In addition, there can be no assurance that the Company will
be successful in recruiting a new Chief Executive Officer in a timely fashion,
or that a new Chief Executive Officer, if hired, will be able to successfully
manage the Company.
For additional information concerning these management changes, see the
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Company's press release dated August 7, 1996, a copy of which is attached to
this Form 8-K as Exhibit 99.1 and incorporated herein by reference thereto.
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Item 7. Financial Statements and Exhibits.
(c) Exhibits.
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Exhibit No. Description
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99.1 Press Release of Individual, Inc. dated August 7, 1996
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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.
Individual, Inc.
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(Registrant)
Date: August 8, 1996 /s/ Robert L. Lentz
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Robert L. Lentz
Vice President, Finance and Chief
Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release of Individual, Inc. dated August 7, 1996
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EXHIBIT 99.1
For further information, contact: Bruce Glabe
Individual, Inc.
(617) 273-6000 x 308
[email protected]
INDIVIDUAL, INC. ANNOUNCES TERMINATION OF JOSEPH AMRAM'S EMPLOYMENT
Burlington, MA August 7, 1996--Individual, Inc. (NASDAQ: INDV) announced
today that the Board of Directors has terminated the employment of Joseph Amram.
Mr. Amram, a founder of the Company, has served as the Company's President and
Chief Executive Officer. As previously announced on July 24, 1996, Mr. Amram has
been on an indefinite leave of absence from the Company. Mr. Amram remains a
member of the Board of Directors.
Also previously announced, the Company has commenced a search for a new
Chief Executive Officer. The Board has established an Office of the President,
consisting of Jan Bruce, Senior Vice President, Bruce Glabe, Executive Vice
President and Robert Lentz, Vice President, Finance and Chief Financial Officer
to manage the Company pending successful completion of this search.
Individual, Inc. is a pioneer and leading innovator of electronic
personalized information services. Through its exclusive information retrieval,
filtering and delivery technologies, Individual brings highly relevant,
precisely targeted news, information, and advertising to more than 280,000
readers worldwide. Individual's services include: First! for corporate
enterprises; NewsPage, a comprehensive custom news site on the World Wide Web
(http://www.newspage.com); BookWire, a book and publishing information site on
the Web (http://www.bookwire.com); and FreeLoader, the first Web off-line
delivery service (http://www.freeloader.com). Individual's partners include
Lotus, Knight-Ridder, Microsoft Corp., NETCOM, Netscape and Toshiba. Individual
is headquartered in Burlington, Mass., with offices around the world. Visit
Individual on the Web at http://www.individual.com.
