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: August 2, 2000
iEntertainment Network, Inc.
(Exact name of registrant as specified in charter)
NORTH CAROLINA
(State of other jurisdiction of incorporation)
0-29750 56-2092059
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(Commission File Number) (IRS Employer Identification No.)
215 Southport Drive, Suite 1000, Morrisville, NC 27560
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(Address of principal executive offices) (Zip Code)
Registrant's telephone no. including area code: (919) 461-0722
ITEM 5. OTHER EVENTS
Private Placement:
GENERAL DESCRIPTION. On June 30, 2000, iEntertainment Network, Inc., a North
Carolina corporation (the "Company"), entered into a stock purchase agreement
("Stock Purchase Agreement") pursuant to which it sold 600,000 of shares of its
Common Stock, par value $.10 per share (the "Common Stock"), to Vertical
Financial Holdings (the "Investor"), for an aggregate purchase price of $600,000
and agreed to sell to the Investor at a second closing an additional 1,900,000
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shares of Common Stock for an aggregate purchase price of $1,900,000 upon the
achievement by the Company of certain milestones.
The Company will use the proceeds from the sale of the Common Stock for general
corporate purposes.
In connection with the private placement, the Company also entered into an
Investor's Rights Agreement with the Investor wherein the Company granted the
Investor demand and piggyback registration rights.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Investor's Rights Agreement dated as of June 30, 2000 between the Company
and Vertical Financial Holdings is filed herewith as Exhibit 10.1.
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.
iENTERTAINMENT NETWORK, INC.
Date: August 3, 2000 /s/Robert Hart
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Robert Hart
Chief Financial Officer
2
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EXHIBITS
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Exhibit Description
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10.1 Investor's Rights Agreement, dated as of June 30, 2000, between
the Company and Vertical Financial Holdings.
