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: June 5, 2000
(Date of earliest event reported)
MYTURN.COM, 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
of incorporation) Identification Number)
1080 Marina Village Parkway, 3rd Floor, Alameda, California 94501
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (510) 263-4800
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Item 5. Other Events.
On June 5, 2000, MyTurn.com, Inc. ("MyTurn.com") issued a press release
announcing that it had entered into an agreement with Shanghai Industrial
Investment (Group) Co., Ltd. ("SIIG"), a Shanghai-based manufacturer, to produce
MyTurn.com's consumer product, the GlobalPC. MyTurn.com also announced the
issuance of a $100 million line of credit by Industrial and Commercial Bank of
China to SIIG to support the manufacturing process. The press release is
attached hereto as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 MyTurn.com Press Release, dated June 5, 2000
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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.
MYTURN.COM, INC.
Dated: June 15, 2000 By: /s/ Paul K. Danner
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Paul K. Danner, Secretary
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Exhibit 99.1
MyTurn.com Announces Agreement with a Leading Shanghai-based Manufacturer to
Produce New Personal Computer GlobalPC
Alameda, Calif.-- (BUSINESS WIRE) -- June 5, 2000 -
Manufacturing to be Supported by $100 Million Financing Arrangement with
Industrial and Commercial Bank of China
MyTurn.com, Inc. (NASDAQ:MYTN - news), a provider of Internet-based, e-commerce
computing products and services, today announced that it has entered into an
agreement with Shanghai Industrial Investment (Group) Co., Ltd., (SIIG), a
leading Shanghai-based manufacturer, to produce the company's breakthrough
consumer product, the GlobalPC(TM).
Financing for this initiative is being provided through a $100 million line of
credit issued by Industrial and Commercial Bank of China to Shanghai Industrial
Investment (Group) Co., Ltd. As Myturn.com's bank in the United States, Bank of
America will factor MyTurn's domestic receivables from the sale of the GlobalPC.
"Bank of America is excited to have this opportunity to work with MyTurn.com and
Shanghai Industrial Investment (Group) in supporting the launch of the GlobalPC
- - a terrific new product," said Rick Jones, Vice President of Factoring, Bank
of America.
MyTurn.com recently announced it is bringing the GlobalPC to market this summer,
a $299 priced personal computer based on the GEOS(R) operating system. The
GlobalPC, which will be sold in leading mass retailers, will make an easy and
affordable product along with one-stop Internet access, available to the more
than 50 million American families without computers.
"We are thrilled to be working with a leading, respectable and experienced
electronics manufacturer," said Mark Bradlee, Executive Vice President Worldwide
Sales & Business Development, MyTurn.com. "Shanghai Industrial Investment
(Group) and their subcontractors have worked with some of the largest and
highest-quality consumer electronics companies in the world, including Siemens,
Motorola, Acer, Philips and Pioneer, among others. We are confident that SIIG
will be an excellent partner with MyTurn.com to develop our easy to use and
affordable personal computing alternative aimed at the U.S. marketplace - - the
GlobalPC."
"This deal has been negotiated to provide MyTurn.com with the utmost financial
flexibility," Bradlee added. "The financial agreement with the Industrial and
Commercial Bank of China, enables us to use our available capital to invest in
critical areas of product development, branding, marketing and customer service.
This is a major financial accomplishment for the company."
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"We are extremely excited to be involved in the development and manufacture of
this new and innovative computer product," said Mr. Shen Peng Fei, Manager of
Trade and Overseas Cooperation Division, Shanghai Industrial Investment (Group)
Co., Ltd. "We are also grateful to the Industrial and Commercial Bank of China,
which is funding this important economic development project."
About MyTurn.com
MyTurn.com is a provider of easy-to-use, inexpensive Internet-based, e-commerce
computing products and services targeted at providing a complete solution to the
millions of American households without computers and access to the Internet.
Offering the first fully integrated PC for under $300, MyTurn.com's GlobalPC
features an easy-to-use interface for the first time computer user and comes
with a complete operating system, Internet browser, e-mail package and office
suite of software applications (word processor, spreadsheet, database and
graphics program). With the touch of a single button, consumers will be able to
send and receive e-mail, file attachments and surf the Web using GlobalPC's
online service, built in high-speed modem and enhanced Internet software.
MyTurn.com has headquarters in Alameda, California and also maintains offices in
Jacksonville, Florida. For more information, visit www.myturn.com.
Forward Looking Statements
Certain information contained in this announcement are "forward-looking
statements." MyTurn.com 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 MyTurn.com. 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 that
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 MyTurn.com to develop its
infrastructure, the ability of MyTurn.com to comply with its obligations under
the manufacturing agreement for the GlobalPC and related bank financing
agreements, the ability of MyTurn.com to enter into arrangements to sell
products through the retail mass market channels, the ability of MyTurn.com to
raise additional capital which will be required in the next 120 days to continue
to develop and sustain business at current levels and to implement MyTurn.com's
business plan, the competence required and experience of management and economic
conditions.
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