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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): December 23, 1997
PROSOFT I-NET SOLUTIONS, INC.
(Exact name of registrant as specified in its charter)
Nevada 000-21535 87-0448639
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
2333 N. Broadway
Santa Ana, California 92706
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code: (714) 953-1200
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Item 5. Other Events
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On December 7, 1997, Prosoft I-Net Solutions, Inc. (the "Company")
entered into a letter of intent with Uday O. Pabrai to acquire 100% of the
outstanding stock of Net Guru Technologies, Inc., a privately held Internet
technology training and certification provider ("Net Guru"). Net Guru, founded
in 1992, is the market leader in Internet skills certification. Net Guru's
Webmaster Certification guide is published by McGraw-Hill, and its certification
is the only one administered by testing leader Sylvan Learning Systems.
Additionally, its Web certification program is endorsed by the Institute for
Certification of Computing Professionals (ICCP) and the National Association of
Webmasters (NAW). This certification program is also available in Europe through
the Internet Certification Institute International (ICII). Net Guru also
provides training and consulting from its Chicago-based facility for clients
such as IBM, Microsoft, Kemper National Insurance, First Chicago and the
Department of Defense, among others.
The letter of intent provides for a purchase price of $3,200,000 to be
paid to Mr. Pabrai for his 100% ownership of Net Guru. The purchase price is to
be paid $1,500,000 in cash and $1,700,000 in the form of 152,809 shares of
Common Stock of the Company. The letter of intent also provides for the Company
and Mr. Pabrai to negotiate and execute a stock purchase agreement and related
documents and to close the transaction by December 31, 1997.
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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.
PROSOFT I-NET SOLUTIONS, INC.
Date: December 23, 1997 By: /s/ Brooks A. Corbin
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Brooks A. Corbin
Chief Financial Officer
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