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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
DECEMBER 12, 1997
Date of report (Date of earliest event reported)
U-SHIP, INC.
(Exact Name of Registrant as Specified in Charter)
UTAH 000-28452 39-1713181
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification Number)
5583 WEST 78TH STREET
EDINA, MINNESOTA 55439
(Address of Principal Executive Offices, including Zip Code)
(612) 941-4080
(Registrant's Telephone Number, including Area Code)
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ITEM 5 OTHER EVENTS
Reference is made to the press release issued to the public by the
Registration on December 11, 1997, and attached hereto as an exhibit.
ITEM 7 FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99 - Press Release dated December 11, 1997.
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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 on December 12, 1997.
U-SHIP, INC.
By: /s/ Bruce H. Senske
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Bruce H. Senske
President
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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99 Press Release dated December 11, 1997
EXHIBIT 99
Contact: Richard Vogen or Bruce Senske
U-Ship, Inc.
(612) 941-4080 ext. 140
FOR IMMEDIATE RELEASE
U-SHIP ANNOUNCES MAJOR STRATEGY SHIFTS
AND EXPENSE REDUCTIONS
MINNEAPOLIS, December 11, 1997 --- U-Ship, Inc. (Nasdaq: USHP) announced today a
number of major strategy shifts aimed to improve shareholder value, which
include:
* Immediately ceasing to deploy its automated shipping centers
(ASCs) and its current sales and marketing strategies unless
it can secure a partnership with a major express package
carrier which it is aggressively pursuing;
* Examining alternative strategies for leveraging its existing
shipping technologies, patents and information management
solutions;
* Seeking to identify opportunities for an acquisition or
merger; and
* Making significant reductions in its personnel and other
general expenses.
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"After careful examination of our business and its future prospectus,
the Board of Directors has decided that it is not economically feasible to
continue deployment of ASCs without a partnership or alliance arrangement with a
major express package carrier," said B. Richard Vogen, chairman. "We believe we
can create greater opportunities and value for our shareholders and customers by
embarking on these alternative strategies."
U-Ship will continue to service existing ASCs in accordance with its
contractual obligations, and will sell or redeploy its existing ASCs and related
technology at the expiration of existing contracts.
U-Ship is a developer, manufacturer and operator of consumer-operated
automated shipping centers for copy centers, office supply stores and retail
service counters.
Some of the information in this news release is forward-looking and
subject to certain risks as described in the company's filings with the
Securities and Exchange Commission, including the company's Form 10-K for fiscal
year ended June 30, 1997 and the company's Form 10-Q for the quarter ended
September 30, 1997.
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