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): December 4, 1998
EDnet, INC.
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(Exact name of registrant as specified in its charter)
Colorado 000-21659 84-1273795
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(State or other (Commission File No.) (IRS Employer ID No.)
jurisdiction of incorporation)
One Union Street, San Francisco, California 94111
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (415) 274-8800
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Item 2 Disposition of Assets of Wholly-Owned Subsidiary.
On December 4, 1998, EDnet, Inc., ("EDnet") executed a binding letter of
intent (the "Letter of Intent") with Enterprise Communications Consulting, Inc.,
a Washington Corporation ("Buyer") and a wholly-owned subsidiary of Attachmate
Corporation of Bellevue, Washington, which provided for the acquisition by Buyer
of all of the assets of EDnet's wholly-owned subsidiary Internet Business
Solutions, Inc. ("IBS"), a California corporation. Additionally, Buyer will
assume certain outstanding liabilities of IBS. The Letter of Intent anticipates
that this acquisition will close on December 11, 1998, and it includes certain
conditions precedent to closing, including but not limited to the completion of
certain consents to assignment of property.
As consideration for the IBS assets, Buyer will pay EDnet a total of one
million dollars ($1,000,000) in immediately available funds, and Buyer will
assume certain of IBS's oustanding liabilities.
The assets to be acquired by Buyer include office and computer equipment
used by IBS in its business of web site development and design, as well as
receivables and certain other intangible assets. Buyer is expected to continue
IBS's business of web site development and design.
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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.
December 7, 1998 EDnet, INC.
By: /s/ Tom Kobayashi
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Tom Kobayashi,
Chairman and
Chief Executive Officer
