UNITED STATES
SECURITIES & 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): May 27, 1997
INTERACTION MEDIA CORPORATION
(Exact name of small business issuer as specified in its charter)
Delaware 000221023 65-0542810
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1701 Ponce de Leon Boulevard, Coral Gables, Florida 33134
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (305) 446-5900
--------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
Interaction Media Corporation (the "Company") has been unsuccessful in its
attempts to obtain additional financing and has exhausted its cash resources. As
a result, the Company has determined to terminate the employment of most of its
staff, effective May 30, 1997.
The Company continues to pursue strategic and financial relationships to allow
continued operation, though it has minimal expectations of success in these
efforts. If no letter of intent is executed or other reasonable progress in
obtaining such relationships is achieved by June 6, 1997, the Company will cease
its business operations on such date.
On May 27, 1997, the Company was informed by The NASDAQ Stock Market, Inc.
("NASDAQ") that inasmuch as the Company's Quarterly Report on Form 10-QSB for
the period ended March 31, 1997 indicated capital and surplus of less than
$1,000,000, the Company's shares of Common Stock are subject to delisting
effective with the close of business on June 10, 1997, unless the Company can
provide NASDAQ with evidence that the Company meets all SmallCap Market
maintenance criteria for continued listing on NASDAQ. Inasmuch as the Company
has been unsuccessful in its attempts to obtain financing, the Company does not
believe that it will be able to provide NASDAQ with such evidence and it is
likely that its shares of Common Stock will be delisted on or shortly after such
date.
-2-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
INTERACTION MEDIA CORPORATION
Date: May 29, 1997
By: _____________________________________
Michael Burnstine
President, Chief Operating Officer,
Chief Financial Officer and Treasurer
-3-
