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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): February 12, 1998
SCOOP, INC.
(Exact name of Registrant as specified in charter)
DELAWARE 33-0726608
(State or other jurisdiction 000-22281 (I.R.S. Employer
of incorporation) (Commission File Number) Identification Number)
205 TECHNOLOGY DRIVE
IRVINE, CALIFORNIA 92618
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (714) 453-8383
None
(Former name or former address, if changed since last report)
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ITEM 5: OTHER EVENTS
On February 12, 1998, Scoop, Inc. (the "Company") issued a press release
announcing that it was downsizing its online business information service and
that Mark Davidson, the Company's President and Chief Financial Officer, had
resigned. Additionally, the Company's press release announced the
resignation of three of its directors: K. C. Craichy, Nils Andersson and
John Kensey. A copy of the press release is attached as Exhibit 99.1 hereto.
ITEM 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) Exhibits
NUMBER EXHIBIT
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99.1 Press release dated February 12, 1998
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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.
DATE: February 13, 1998 SCOOP, INC.
By: /s/ Rand Bleimeister
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Rand Bleimeister
Chief Executive Officer
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FOR IMMEDIATE RELEASE
SCOOP, INC., ANNOUNCES DOWNSIZING
IRVINE, CA, February 12, 1998 - Scoop Inc. (NASDAQ:SCPI) announced today that
it was sharply reducing the staff of its online business information service
effective immediately, and also that the company's President and Chief
Financial Officer, Mark Davidson, had resigned. Additionally, the company
announced the resignation of three members of its board of directors: K.C.
Craichy, Nils Andersson and John Kensey.
Scoop said that it was its intention to continue operating its Scoop
Direct! and IntelliSearch online services while it attempts to seek a partner
or buyer for the business. The company indicated that it is in active
dialogue with various parties regarding a potential sale or partnership.
There can be no assurance that Scoop will be successful in its efforts
to seek a partner or buyer for its online business information service.
"The decision to downsize Scoop's online business was made by the Board
of Directors in order to sharply reduce expenses and conserve cash," said
Rand Bleimeister, who was brought in as Chairman last September. "We will
not be soliciting new customers for our online service, but plan to continue
operating the service in order to serve our existing customers while we seek
a partner or buyer. Our expenses will be sharply reduced and our revenues
will be unaffected by this move."
In addition to Mr. Davidson, Scoop said that other officers leaving the
Company include the vice presidents of operation, marketing, engineering and
sales. The Company did not disclose the total number of employees involved
in the downsizing, but said that it involved most of its online business
staff and that the aggregate severance payments are expected to approximate
$250,000.
The company continues to operate its Scoop Media Services division.
Scoop Media Services accounts for nearly all Scoop revenues, and is the
exclusive reprint vendor to Investor's Business Daily and other business
journals.
Scoop, Inc., provides business information services to corporations,
organizations, professionals and individuals who need custom, comprehensive
solutions for news delivery to reduce information overload. Additionally,
Scoop's Media Services group designs and markets customized media reprints
and framed layouts of articles from newspapers, magazines and online
publications.
