UNITED STATES
SECURITIES 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):
February 22, 2000
CI4NET.COM, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 13-4032991
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1 Rockefeller Plaza - Suite 1600
New York, New York 10020
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (212) 225-6581
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Item 2. Acquisition or Disposition of Assets
On February 22, 2000, the Company, acquired approximately 79% of
the outstanding capital stock of System SpA ("Systeam"), a
company organized in Italy (the "Acquisition"). The aggregate
purchase price for the Acquisition was $12,175,142, of which
$8,390,085 was paid in cash and the remainder was paid in the
form of 630,844 shares of common stock of the Company each valued
at $6 per share, which value was determined in December 1999
before the reverse merger of the Company (which at such time was
named Leisure Concepts International, Inc.). The source of funds
for the cash portion of the purchase price was from the Company's
recent private placement of preferred stock.
Systeam is an Information Technology system integrator with
revenue of approximately $9.5 million in 1999 and a staff of 230.
Founded in 1989, Systeam is committed to delivering high quality,
robust software solutions that add value to customer
organizations by providing tangible and measurable business
benefits.
On March 1, 2000, the Company issued a press release which
reported the Acquisition. The press release is filed as an
exhibit to this Current Report on Form 8-K.
Item 7. Financial Statements and Exhibits
At this time, it is impracticable to provide the required
financial statements for Systeam. The Company however expects to
file such financial statements, including any required pro forma
financial statements, as an amendment to this Form 8-K as soon as
practicable, but not later than sixty (60) days after this report
is to be filed. In addition, a copy of the agreement relating to
the Acquisition will be filed by amendment as an exhibit hereto
as soon as practicable.
1. Exhibit 99.1 Press Release.
<PAGE>
SIGNATURES
In accordance with the requirements of the Securities Exchange
Act of 1934, the registrant caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Dated: March 8, 2000
Ci4net.com Inc.
(Registrant)
/s/ Kevin R. Leech
Chairman
<PAGE>
Exhibit 99.1
Ci4net.com Acquires Systeam, a Leading Italian E-systems
Integrator; Prof. Admiro Allione, Ex-ceo of Stream Joins the
Board of Directors of Systeam
LONDON, March 1 -- ci4net.com, Inc. (OTC Bulletin Board: CIFN),
the Econet 4 Europe, today announced the acquisition of Systeam
SpA, one of Italy's leading e-systems integrators with an
extensive portfolio of blue chip clients. The addition of
Systeam to ci4net.com's Econet will enable more rapid development
of business throughout Europe and will directly benefit
ci4net.com's partner companies by giving the support of a leading
e-systems integrator as they grow their online business.
As part of its strategic approach, ci4net.com is pleased to
announce that Prof. Admiro Allione, ex-CEO of Stream, Italy's
leading digital TV broadcaster, whose major shareholders are
Telecom Italia, News Corp, and the Cecchi Gori Group, will be
joining the board of directors of Systeam.
Sig. Nicola di Tomaso, President of Systeam SpA, said, "We are
delighted to be part of the ci4net.com Econet. In the age of the
Internet, companies seeking to take their businesses online are
increasingly looking for rapidly delivered global technology
solutions. Today's move will now enable Systeam to service the
e-solutions needs of customers throughout Europe and the world."
Systeam was established in Rome in 1989, and is now one of the
leading Italian e-systems integrators. Its roster of clients
includes many well-known corporations such as Telecom Italia,
Team BMG and Cecchi Gori Home Video. Among the services it offers
are e-consulting for the creation of small to large scale
e-commerce web sites, the integration of networking,
telecommunications and multimedia systems and the implementation
of solutions for digital TV, document management, customer
relationship management and help desk support.
Fundamental to the future of Systeam is its Research and
Development team. Among its areas of focus are interactive
digital TV, WAP technology, antifraud management systems,
biometric recognition, information security and
telecommunications traffic monitoring management systems.
A spokesperson for ci4net.com commented: "The strategic
acquisition of Systeam SpA is the latest in a series of important
developments as ci4net.com moves to become the Ecrce to further
their businesses. We now have over 500 support and
infrastructure staff providing a robust and developing foundation
for our e-commerce activities."
About Systeam
Systeam is an Information Technology system integrator with
revenue of approx. $9.5 million in 1999 and a staff of 230.
Founded in 1989, Systeam is committed to deliver high quality,
robust software solutions that add value to customer
organizations by providing tangible and measurable business
benefits. Systeam develops local and global solutions to
e-commerce opportunities using the latest technology and system
advances.
About ci4net.com
ci4net.com is a European economic network, or "Econet". The
Company currently owns 50% or more of 26 Internet companies
involved in Business-to-Business, Business-to-Consumer,
e-Commerce and infrastructure. ci4net.com is focused on adding
value at all stages of a company's development via its network.
ci4net.com can provide infrastructure technologies, operational
and management resources and synergistic access to a network of
portfolio companies. For more information visit the Web site
http://www.ci4net.com.
U.K. Contacts:
Martin Forrest, + 44-171-232-4592, or Paul Bimson,
+44-171-232-4599
Both with Cubitt Consulting, http://www.cubitt-consult.co.uk
U.S. Contacts:
Investors: David Pasquale, 917-639-4277 Media: Connie Lee,
917-639-4112.
