SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
January 4, 2001
Date of Report (Date of Earliest Event Reported)
PTN Media, Inc.
(Exact name of Registrant as specified in its charter)
Delaware 0-24835 38-3399098
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
455 East Eisenhower Parkway
Ann Arbor, Michigan 48108
(Address of principal executive offices)
Registrant's telephone number, including area code: (734) 327-0579
with copies to:
Hank Gracin, Esq.
Lehman & Eilen, LLP
50 Charles Lindbergh Boulevard
ITEM 5. OTHER EVENTS
On January 4, 2001, PTN Media, Inc. (the "Company") entered into a
three-year, exclusive, royalty-free, worldwide license agreement (the "License
Agreement") with Michael Jordan, the former National Basketball Association
player ("Jordan") granting the Company the right to use Jordan's name, likeness,
image and endorsement in connection with the proposed advertisement, promotion
and sale of handheld computers using the Palm, Inc. operating systems.
The License Agreement provides that the Company shall pay Jordan a royalty
equal to twelve percent (12%) of the proceeds from the sale of certain Palm Inc.
products, but in no event less than an annual minimum royalty of $1,000,000 in
the first year and $1,250,000 in the second and third years.
The Company has not yet amended its original equipment manufacturer
partner agreement with Palm, Inc. to include the Company's rights under the
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
10.1 License Agreement dated January 4, 2001 between PTN Media, Inc. and
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.
PTN MEDIA, INC.
Dated: January 9, 2001 By: /s/ Peter Klamka
Chief Executive Officer
10.1 License Agreement dated January 4, 2001 between PTN
Media, Inc. and Michael Jordan.
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