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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) May 18, 2000
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EMERGENT INFORMATION TECHNOLOGIES, INC.
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(Exact name of registrant as specified in its Charter)
California 0-23585 33-0080929
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4695 MacArthur Court, Eighth Floor, Newport Beach, California 92660
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (949) 975-1550
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SM&A CORPORATION
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On May 18, 2000, Emergent Information Technologies, Inc. (the "Company")
received a letter from the Nasdaq Stock Market, Inc. ("Nasdaq") informing the
Company that Nasdaq has determined to delist the Company's securities from the
Nasdaq National Market at the opening of business on May 30, 2000. For
additional information, reference is made to the news release which is
incorporated herein by reference and is attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits.
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99.1 Text of Press Release dated May 23, 2000.
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SIGNATURE
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: May 26, 2000 EMERGENT INFORMATION TECHNOLOGIES, INC.
By: /s/ Michael A. Piraino
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Michael A. Piraino, Chief Executive Officer
and President
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EXHIBIT 99.1
Emergent Information Technologies, Inc. to Trade on Nasdaq Small Cap Market
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--May 23, 2000--Emergent Information
Technologies, Inc. (Nasdaq:EITI) Tuesday announced that it will trade under the
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Nasdaq small capitalization listing following notification from Nasdaq that it
does not comply with the requirements for continued listing on the Nasdaq
National Market.
The switch will be effective at the opening of business on May 30, 2000. The
company's trading symbol, EITI, will remain the same and the company expects no
interruption or change in trading.
"Moving from the National Market to the Small Cap Market is the result of our
executing certain elements of our business plan -- it really has no practical
effect," said Chuck DeVore, vice president for Communications.
DeVore explained that the company's tangible net asset level had to remain above
$4 million or the bid price had to remain at or above $5 per share to satisfy
the maintenance standards for the National Market.
DeVore continued, "Our successful drive to diversify from our proposal
management business added $55.6 million in goodwill to our books from five
acquisitions completed over two years. Investing in proprietary software to
boost our future earnings potential required $7.6 million in development
expenses over the last five quarters. Lastly, we bought back some $9.3 million
of company stock in 1999. These actions reduced our tangible net worth below the
$4 million threshold. These actions also built a company with trailing 12 month
revenues of $113 million, a compound annual growth rate of 58% since going
public, a much more diversified customer base, and our first major software
licensing revenue -- a $1.2 million agreement with a major telecommunications
company announced only two weeks ago."
Emergent will overview its strategy for continued growth over the Internet
through The Financial Relations Board's Virtual CEO Summit. The investor
presentation and conference call will be held on May 24, 2000 at 12:00 noon EST
and can be accessed at www.vcall.com.
About Emergent
Emergent Information Technologies, Inc. (formerly SM&A Corp.) is a leading
provider of IT solutions, mission critical software, modeling and simulation
services, and systems engineering to business and government. Its wholly-owned
subsidiary, Steven Myers & Associates, Inc. (SM&A), provides proposal management
services.
Statements herein concerning the company's growth and strategies may include
forward-looking statements. The company's actual results may differ materially
from those suggested as a result of various factors. Interested parties should
refer to the disclosure set forth under the caption "Risk Factors" and elsewhere
in the company's Form 10-K/A for the year ended Dec. 31, 1999, and the 10-Q for
the period ended March 31, 2000 for additional information regarding risks
affecting the company's financial condition and results of operations.
Additional information on Emergent is now available via the Internet at
http://www.emergent-IT.com.
CONTACT: Emergent Information Technologies, Inc., Newport Beach
Michael Piraino, 949/975-1487
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