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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) June 22, 2000
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RMI.NET, Inc.
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(Exact name of Registrant as specified in charter)
Delaware
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(State or other jurisdiction of incorporation)
001-12063 84-1322326
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(Commission File Number) (IRS Employee Identification No.)
999 Eighteenth Street, Suite 2201, Denver, Colorado 80202
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 672-0700
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On June 22, 2000, RMI.NET, Inc. announced a nationwide reduction of 108
employees or 24 percent of its work force. The majority of terminated employees
were located in Denver, Colorado and Seattle, Washington. The reduction was part
of RMI.NET, Inc.'s five-point plan designed to reduce operation expenses, grow
revenue organically, increase customer retention, develop market driven products
and upgrade its network.
Additionally, RMI.NET, Inc. also recently hired Alex Burney as Vice
President of Sales and Marketing. Prior to joining RMI.NET, Inc. Mr. Burney was
co-founder, president, and CEO of LyncStar Integrated Communications LLC, a
private broadband operator.
RMI.NET, Inc. was also recently extended a $12 million revolving line
of credit facility by RFC Capital Corporation. Under the terms of that facility,
RMI.NET, Inc. may borrow funds equal to a multiple of its monthly recurring
revenue at a comparable market rate of interest. The funds available under this
facility will increase or decrease depending on any corresponding fluctuations
in RMI.NET, Inc.'s monthly recurring revenue.
SIGNATURE
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.
RMI.NET, Inc.
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(Registrant)
Date: July 7, 2000 By: /s/ CHRISTOPHER J. MELCHER
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Christopher J. Melcher
Vice President, General Counsel, and
Corporate Secretary
