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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 SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported): MARCH 2, 1999
FirstWorld Communications, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE 0-24953 33-0521976
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
7100 E. BELLEVIEW AVENUE, SUITE 210, GREENWOOD VILLAGE, COLORADO 80111
(Address of principal executive offices)
Registrant's telephone number, including area code: (303) 874-8010
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This Current Report on Form 8-K is filed by FirstWorld Communications,
Inc., a Delaware corporation (the "Company"), in connection with the
transactions described herein.
ITEM 5 - OTHER EVENTS
On March 2, 1999, the Company purchased all of the outstanding capital
stock of Sirius Solutions, Inc., d/b/a Sirius Connections, a California
corporation ("Sirius"), for $7,490,000 and 285,000 shares of the Company's
Series B Common Stock. Sirius is an Internet service provider engaged in the
business of providing Internet access, web hosting services, support for
e-commerce and co-location services primarily in the San Francisco Bay area.
By virtue of the acquisition the Company assumed certain capital lease
obligations of Sirius upon the closing.
The Company deposited an aggregate of $500,000 of the total purchase
price and 83,333 shares of the Series B Common Stock issued to the selling
shareholders into an escrow account for the purpose of satisfying claims made
by the Company for breach of representations, warranties or covenants made by
the selling shareholders in the Stock Purchase Agreement on behalf of
themselves and Sirius. Absent a claim for indemnification all of the funds
in the escrow account will be released to the selling shareholders 18 months
after the closing. The Company used available cash to fund the acquisition.
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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.
Date: March 29, 1999 FirstWorld Communications, Inc.
By: /s/ SHELDON S. OHRINGER
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Sheldon S. Ohringer
Chief Executive Officer and President
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