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UNITED STATES
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 30, 1998
E-NET, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 000-20865 52-1929282
(STATE OR OTHER JURISDICTION OF (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
12800 MIDDLEBROOK ROAD, SUITE 200
GERMANTOWN, MARYLAND 20874
(301) 601-8700
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (301) 601-8700
NOT APPLICABLE
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
On November 30, 1998, the holders (the "Holders") of the 300,000
warrants issued in connection with the underwriting of e-Net, Inc.'s (the
"Company") initial public offering filed a civil suit against the Company in the
Circuit Court in the 15th Judicial Circuit in and for Palm Beach County,
Florida. The Holders allege that the Company did not register the reoffer and
resale of those warrants when required by the Underwriting Agreement and
Representative's Warrant Agreement between the Company and Barron Chase
Securities, Inc. (the "Underwriter"). The Holders, to whom the Underwriter
assigned its rights to receive those warrants and who include Robert Kirk, the
President of the Underwriter (as holder of 240,000 of the 300,000 total
warrants), seek to recover between $2,562,000 and $2,862,000 in alleged losses.
The Company disputes the Holders' interpretation of the Underwriting
Agreement and Representative's Warrant Agreement and believes that it has
complied with its obligations under the Underwriting Agreement and
Representative's Warrant Agreement. While management intends to vigorously
defend this case, management believes it is too early to form an opinion as to
its ultimate impact on the Company's financial condition or results of
operations and can give no assurance in that regard.
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.
Date: January 29, 1999
E-NET, INC.
By: /S/ DONALD J. SHOFF
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Donald J. Shoff
Vice President of Finance and
Chief Accounting Officer
