<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): November 1, 1996
----------------
Individual, Inc.
---------------
(Exact Name of Registrant as Specified in Charter)
<TABLE>
<S> <C> <C>
Delaware 0-27734 04-3036959
- ------------------------------ ----------- --------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
8 New England Executive Park W.
Burlington, Massachusetts 01803
- -------------------------------- ----------
(Address of Principal Executive (Zip Code)
Offices)
</TABLE>
Registrant's telephone number, including area code: (617) 273-6000
--------------
<PAGE>
ITEM 5. OTHER EVENTS.
On November 1, 1996, Individual, Inc. ("Individual") entered into an
Asset Purchase Agreement with Cahners Publishing Company, a division of Reed
Elsevier Inc. ("Cahners"), pursuant to which Individual sold to Cahners (the
"Sale") substantially all of the assets of Individual's BookWire division
("BookWire"), including the BookWire/TM/ World Wide Web site, and Cahners
assumed certain liabilities associated with BookWire. Cahners paid Individual
approximately $1 million in cash for BookWire.
For additional information concerning Individual's sale of BookWire, see
---
the press release of Individual dated November 18, 1996, a copy of which is
attached to this Form 8-K as Exhibit 99.1 and incorporated herein by reference.
------------
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
--------
Exhibit No. Description
- ----------- -----------
99.1 Press Release of Individual dated November 18, 1996
2
<PAGE>
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.
----------------
(Registrant)
Date: November 25, 1996 /s/ Robert L. Lentz
---------------------
Robert L. Lentz
Vice President, Finance and
Chief Financial Officer
3
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
99.1 Press Release of Individual dated November 18, 1996
</TABLE>
<PAGE>
EXHIBIT 99.1
------------
FOR IMMEDIATE RELEASE
<TABLE>
<CAPTION>
For further information contact:
<S> <C>
Richard Vancil, ext. 403 Michelle Goodall, ext. 215
Bob Lentz, ext. 259 Shawn Whalen, ext. 238
Individual, Inc. Schwartz Communications
(617) 273-6000 (617) 431-0770
[email protected] [email protected]
[email protected] [email protected]
</TABLE>
INDIVIDUAL, INC., INCREASES FOCUS ON PERSONALIZED ELECTRONIC INFORMATION, SELLS
BOOKWIRE TO CAHNERS PUBLISHING
SALE ENABLES INDIVIDUAL TO FOCUS ON DEVELOPING ITS CUSTOMIZED ELECTRONIC NEWS
SERVICES: FIRST!, NEWSPAGE AND FREELOADER
BURLINGTON, MASS.--NOVEMBER 18, 1996-- Individual, Inc., (NASDAQ:INDV) the
pioneer and leading provider of customized news services, announced today that
it has sold its BookWire division to Cahners Publishing (Newton, Mass.) for
approximately $1 million. The sale became effective on November 1, 1996.
"BookWire is the most comprehensive guide to the book-related resources on the
Internet," said Individual's President and CEO Michael E. Kolowich. "However,
Individual's true forte is in the delivery of customized, relevant electronic
information, and the Company is committed to becoming the undisputed leader in
that field. We feel that Cahners is well-suited to continue developing BookWire,
while Individual concentrates on its electronic information services: First! for
corporate enterprises, NewsPage on the World Wide Web, and FreeLoader for off-
line delivery of Web content. The sale of BookWire will not significantly impact
Individual's ongoing revenue."
Kolowich noted that in the last year, Individual has increased its customer base
by 600%, and has continued to reach record revenue levels during each fiscal
quarter. "We have improved our flagship electronic news services for
enterprises, First! with a number of new features and optimized it for intranet
use. Last month, Individual introduced a new version of NewsPage, the web-based
news service for single users, and added a new feature that allows users to view
their own customized newspaper for free. FreeLoader 2.0 recently made its debut
with many enhancements, including a new screen-saver-based delivery method with
customizable channels for news."
<PAGE>
Individual also made two strategic acquisitions in recent months. In July,
Individual acquired FreeLoader which, when integrated with First! and NewsPage,
will give Individual's customers more options for content and news delivery. In
October, Individual acquired the Hoover business intelligence services unit from
the Information Access Company, a purchase that brought 6,000 new sources to
Individual's First! customers. "Both of these companies contribute towards
Individual's long-term strategy of becoming the leading provider of customized
electronic news services," said Kolowich.
Individual, Inc. is a pioneer and leading provider 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 425,000 readers worldwide.
Individual's services include: First! and Hoover for corporate enterprises;
NewsPage, a comprehensive custom news site on the World Wide Web
(http://www.newspage.com); and FreeLoader, the first off-line Web delivery
service (http://www.freeloader.com). Individual's partners include Lotus,
Knight-Ridder, Microsoft Corp., NETCOM, Netscape, and Toshiba. The Company is
headquartered in Burlington, Mass., with offices around the world. Visit
Individual on the Web at http://www.individual.com.
Certain of the above statements are forward looking statements that involve
risks and uncertainties. Actual results could differ materially as a result of a
variety of factors, including, risks associated with acquisitions, the timely
development and acceptance of new products, competitive developments, the
success of relationships with third parties, and the other risk factors
described from time to time in the Company's SEC reports.
NOTE TO EDITORS/REPORTERS: FOR BACKGROUND INFORMATION, VISIT INDIVIDUAL'S
ELECTRONIC PRESS ROOM AT: HTTP://WWW.INDIVIDUAL.COM/COMPANY/RELEASE.HTM
# # #
NewsPage, First, and FreeLoader are trademarks of Individual, Inc. All other
trademarks contained herein are the property of their respective owners.
