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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: February 24, 1997
WebSecure, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-21649 04-3296069
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1711 Broadway, Saugus, Massachusetts 01906
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(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: (617) 867-2300
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Item 5. Other Events
The Board of Directors of WebSecure, Inc (the "Company") recently voted
unanimously to retain an outside law firm to advise the Company regarding the
validity of certain software licenses and contracts in which Emanuel Pinez, the
former Chairman of Centennial Technologies, Inc., may have been involved.
The Company has retained the Boston law firm of Hill & Barlow, which had no
previous relationship to WebSecure, to conduct an independent investigation of
all the circumstances surrounding license agreements with which Mr. Pinez was,
or may have been, involved. The Board of Directors has also authorized Hill &
Barlow to engage an accounting firm to assist the Company in analyzing the
financial impact, if any, of these and other transactions.
Management believes that it is too early to determine what, if any, impact
the results of this review might have on the Company's financial position, or
its past reporting. However, the particular licenses under examination are not
part of the Company's current ongoing business operations, but they represented
a substantial portion of the revenues reported for the fiscal quarter ending
November 30, 1996.
Tibor Vais was appointed as president and chief executive officer of
WebSecure on January 20, 1997. Mr. Vais previously had not been affiliated with
the company.
WebSecure, Inc. provides Internet network services to corporate customers,
including connections to the World Wide Web through high bandwidth lines,
hosting of Web sites for customers and co-location services. The Company's
Internet address is: http://www.websecure.
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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.
WebSecure, Inc.
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Registrant
DATED: February 24, 1997 By:/s/Tibor Vais
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Tibor Vais
President and Chief Executive Officer
By:/s/Carole Ouellette
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Carole Ouellette
Chief Financial Officer
