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: July 6, 1999
(Date of earliest event reported)
COMPU-DAWN, INC.
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(Exact name of Registrant as specified in charter)
Delaware 000-22611 11-3344575
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(State or other jurisdiction (Commission File No.) (IRS Employer Identification
of incorporation) Number)
12735 Gran Bay Parkway West, Building 200, Jacksonville, FL 32258
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (904) 680-6680
1
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Item 5. Other Events.
On July 6, 1999, Compu-DAWN, Inc.("Compu-DAWN") issued a press release (the
"Press Release") announcing that Compu-DAWN had completed the sale of its Public
Safety Software Division to Admit Computer Services, Incorporated, and
reiterating its intent to focus its business strategy on providing
Internet-related technologies, products and services.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c) Exhibits
99.1 Press Release, dated July 6, 1999
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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.
COMPU-DAWN, INC.
Dated: July 6, 1999 By:/s/ Paul Danner
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Paul Danner
President
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE CONTACT:
Kathy Wilson
The Weber Group
(617) 520-7060
[email protected]
COMPU-DAWN COMPLETES SALE OF PUBLIC SAFETY SOFTWARE
DIVISION; DETAILS ONGOING BUSINESS STRATEGY
Divestiture of Software Division Positions COMPU-Dawn to Focus on Core Strength
of Providing Internet-Related Technologies, Products and Services
JACKSONVILLE, FL - July 6, 1999 - COMPU-Dawn (Nasdaq:ETVC) today announced it
has completed the previously announced sale of its public safety software
division to Farmingdale, NY-based Admit Computer Services, Incorporated.
COMPU-Dawn also detailed its ongoing business strategy of focusing on providing
Internet-related technologies, products and services. Key to that strategy is
the imminent completion of its previously announced intent to purchase Global
PC, Inc., co-developer and worldwide licensee of the GEOS operating system,
which is expected to be finalized in the coming weeks. Terms of the public
safety software sale were not disclosed.
With the acquisition of Global PC, COMPU-Dawn will focus on four distinct
business areas. First, COMPU-Dawn will partner with a hardware manufacturer to
produce the Global PC personal computer, a sub-$300 hardware platform based on
the GEOS operating system, a simplified, low cost operating system alternative
to Microsoft Windows. The Global PC is ideal for users seeking a lower-cost
device that supports a complete software solution, as well as an Internet
browser, email and chat capabilities. The company expects to have the Global PC
product on retail mass market shelves by the fourth quarter of 1999.
Additionally, COMPU-Dawn will license the GEOS operating system to a variety of
hardware vendors, who will incorporate GEOS into a range of robust personal
computers that will be sold
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through retail mass market channels. The company is currently in discussions
with a number of major hardware manufacturers regarding GEOS.
COMPU-Dawn will also sell Internet advertising through "hot link" buttons
directly on the Global PC keyboard. These buttons will link customers directly
to some of the most prominent e-commerce sites, ranging from Internet banking to
the sale of books and music on-line. Additionally, the company will continue to
significantly add to its base of ISP customers, as new consumers purchase its
Global PC and seek entry onto the Internet. Finally, COMPU-Dawn will generate
e-commerce revenue through its proprietary portal and browser built into the
Global PC.
"The sale of the public safety software division and our imminent acquisition of
Global PC marks the beginning of a new period for COMPU-Dawn, our customers and
our shareholders. We believe the mix of technologies, products and services
COMPU-Dawn offers customers uniquely positions us in the industry and will make
our vision of bringing the benefits of computing and the Internet to the 65
percent of the U.S. population that does not have it today a reality," said R.E.
"Teddy" Turner IV, chairman of COMPU-Dawn. "We are already in deep negotiation
with a number of key mass merchant retailers and expect to have our first orders
for the Global PC very soon. The market for consumers wanting easy and low-cost
access to the Internet is tremendous, as evidenced by the continued growth of
America Online and other ISPs. COMPU-Dawn wants to be the company consumers
choose to lead them onto the Internet in the easiest and most inexpensive way
possible."
About COMPU-Dawn
COMPU-Dawn provides Internet services, e-commerce, and telecommunications
services to customers throughout North America. COMPU-Dawn is based in
Jacksonville, Florida, and can be accessed via the Web at www.etvcom.com.
Forward Looking Statements
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Certain information contained in this announcement are "forward-looking
statements." COMPU-Dawn cautions readers that certain important factors may
affect actual results and could cause such results to differ materially from any
forward-looking statements which may be deemed to have been made in this
announcement or which are otherwise made by or on behalf of COMPU-Dawn. For this
purpose, any statements contained in this announcement that are not statements
of historical fact may be deemed to be forward- looking statements. Factors
which may affect results include, but are not limited to, the Internet and
Internet related technology and products, new technology developments,
developments and regulation in the telecommunications industry, the risk of loss
of management and personnel, the competitive environment within the Internet and
telecommunications industries, the ability of COMPU-Dawn to develop its
infrastructure, the ability of COMPU- Dawn to raise additional capital which
will be required in the near term to continue to develop and sustain business at
current levels, the competence required and experience of management and
economic conditions.
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