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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
January 26, 1999
Date of Report
(Date of earliest event reported)
Marine Management Systems, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-29236 06-886588
(Commission File Number) (IRS Employer Identification No.)
470 West Avenue
Stamford, CT 06902
(Address of principal executive offices) (Zip Code)
(203) 327-6404
(Registrant's telephone number, including area code)
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Item 5. Other Events
On January 26, 1999, Marine Management Systems, Inc. (the "Company")
entered into a definitive asset purchase agreement with SpecTec, Inc.
("SpecTec") and its wholly-owned subsidiary, SpecTec Connecticut, Inc. ("SpecTec
CT"). Pursuant to the purchase agreement, SpecTec CT has agreed to purchase
certain of the Company's assets, including all rights under certain customer
contracts, all rights to the Company's Fleet Manager Enterprise software, all
rights to certain of the Company's trademarks and service marks and certain
other assets necessary for the conduct of the Company's business. In exchange
for the purchased assets, SpecTec CT has agreed to pay to the Company $1.025
million in cash, subject to downward adjustment in certain circumstances, and to
assume certain of the Company's liabilities. In connection with the proposed
sale of assets, the Company intends to file a voluntary petition for
reorganization under Chapter 11 of Title 11 of the United States Code in the
United States Bankruptcy Court for the District of Connecticut. The closing of
the purchase agreement is subject to the approval of the Bankruptcy Court and
the satisfaction of other customary conditions.
SpecTec and SpecTec CT are U.S. subsidiaries of Visma ASA, a Norwegian
company and supplier of software to the maritime industry.
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MARINE MANAGEMENT SYSTEMS, INC
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.
MARINE MANAGEMENT SYSTEMS, INC
(Registrant)
Dated: February 8, 1999 By: /s/Robert N. Anderson
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Robert N. Anderson
Chief Financial Officer
