NETCURRENTS, INC.
Filing Type: 8-K
Description: Current Report
Filing Date: December 29, 1999
Period End: December 16, 1999
Primary Exchange: NASDAQ - Small Cap Market
Ticker: IATR*
Table of Contents
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8-K
Item 5 2
Item 7 2
EX-99.1
* NetCurrents, Inc. has reserved the new ticker symbol "NTCS"; the NASDAQ -
Small Cap Market has informed NetCurrents, Inc. that this ticker symbol
change will become effective January 4, 2000.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): December 16, 1999
NETCURRENTS, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-18410 95-4233050
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
9720 Wilshire Boulevard, Suite 700
Los Angeles, CA 90212
(Address of Principal Executive Offices)
(310) 860-0200
(Registrant's Telephone Number)
IAT Resources Corporation
5757 Wilshire Boulevard, Penthouse One
Los Angeles, CA 90036
(Former Name or Former Address of Registrant if Changed Since Last Report)
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Item 5. OTHER EVENTS.
On December 16, 1999, shareholders of NetCurrents, Inc., a Delaware
corporation (the "Company") (formerly known as IAT Resources Corporation), (i)
approved the issuance of shares (the "Share Issuance") of the Company's common
stock, par value $.001 per share, pursuant to the merger of Infolocity, Inc.
("Infolocity"), a California corporation, with and into the Company, and (ii)
approved an amendment (the "Name Change Amendment") to the Company's Restated
Certificate of Incorporation to change the name of the Company from IAT
Resources Corporation to NetCurrents, Inc. On December 23, 1999, the Company
filed the Name Change Amendment with the Secretary of State of the State of
Delaware.
The press release announcing the approval by the stockholders of the
Company of the Share Issuance and the Name Change Amendment is filed herewith as
Exhibit 99.1 and incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99.1 Press Release.
Page 2
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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.
December 29, 1999 NETCURRENTS, INC.
By: /S/ IRWIN MEYER
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Irwin Meyer
Chief Executive Officer
Page 3
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EXHIBIT INDEX
EXHIBITS
99.1 News Release dated December 16, 1999
EX-99.1 PRESS RELEASE
CONTINENTAL CAPITAL & EQUITY CORPORATION
195 Weklva Springs Road
Suite 200
Longwood, Florida 32779
Phone: 407-682-2001
Fax: 407-682-2544
PRESS RELEASE
IAT RESOURCES CORPORATION ANNOUNCES THAT
SHAREHOLDERS APPROVE MERGER WITH INFOLOCITY AND
CORPORATE NAME CHANGE TO NETCURRENTS, INC.
COMPANY UNVEILS INTERNET INITIATIVE AND SHORT TERM
CORPORATE OBJECTIVES TO ACHIEVE FUTURE GROWTH
LOS ANGELES, CALIF. - (BUSINESSWIRE) - DECEMBER 16, 1999 - IAT Resources
Corporation (NASDAQ: IATR) today announced that pursuant to a vote put to the
stockholders of the Company and whereby the votes were tallied today in a formal
meeting of the stockholders, the proposed merger with Infolocity, Inc. has been
approved. Furthermore, stockholders voted in favor of changing the corporate
name of the Company to NetCurrents, Inc., which takes effect upon filing with
the Delaware Secretary of State. NetCurrents, Inc. will thereafter initiate
trading on the Nasdaq Small Cap Market under the symbol NTCS.
Irwin Meyer, Chairman and CEO of NetCurrents, Inc., unveiled plans for
positioning the Company as the premier provider of real time Internet
intelligence to consumers and businesses worldwide. Using proprietary,
first-to-market, REAL-TIME Internet monitoring capabilities based on its FIRST
platform, Infolocity is introducing numerous services designed to constantly
scour the Internet for its clients, analyze the data and provide online
perceptions, concerns, and issues worthy of management's attention. Benefits to
its publicly traded customers include protection from stock manipulation or
rumor-mongering postings; presentation of online competitive intelligence that
creates strategic opportunities; as well as an accurate pulse on how the
investment community is feeling about a company, its growth strategies and its
management team. Specifically:
* The Company's experienced team of financial analysts review the contents
of each message, article, etc. identified to determine its relevance,
rather than simply providing clients with a lengthy list containing all of
the information posted to the Internet.
* The Company's clients are immediately alerted to potentially damaging
rumors or inaccurate information discovered on the Internet.
* The Company's analysts offer a prompt response to these Internet messages
with accurate, relevant, publicly disseminated information, at the request
of the client.
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* The Company provides each client with periodic activity reports detailing
the message and rumor activity on the Internet during that period, as well
as a summary of the Company's actions.
* The Company provides Competitive Intelligence (CI) for the Company's
clients, monitoring the Internet for information about their competitors'
markets, or other topics of relevant interest.
* The Company provides CI analysis to identify strategic opportunities for
its clients and offers Strategic Information Dissemination (SID) to
implement strategic plans exploiting these opportunities.
Since its initial introduction in 1998 and with a limited sales and marketing
effort, Infolocity has successfully secured numerous publicly traded companies,
including FORTUNE 500 organizations. The systems' current available capacity
exceeds 500 customers without further investment in technological
infrastructure, and will only require minimal hardware expansion expense, when
the demand for its services surpasses this capacity. As such, NetCurrents is
preparing to launch an aggressive, sales and marketing campaign to exploit the
capabilities of its services to the nearly 18,000 public companies trading on
the major domestic stock exchanges.
Victor Holtorf, former Infolocity's President who will be named Chief Operating
Officer of NetCurrents, Inc. upon consummation of the merger, noted, "There are
no other companies or services that we are aware which provide proprietary
real-time search and monitoring technology that can match that of ours and which
possesses the ability to respond to inaccurate postings and develop plans from
online competitive intelligence."
The merger will close as soon as practicable following satisfaction of all
conditions to the Closing.
NetCurrents, Inc. will hold a conference call to discuss the merger and future
growth initiatives following the Closing of the merger. Details of the call will
be announced via press release 48 hours prior to the scheduled conference. This
conference call will also broadcast live over the Internet, and will be
accessible by all interested parties at WWW.VCALL.COM. For financial investment
professionals that wish to access the telephone call, please contact Dodi Zirkle
of Continental Capital/Madison & Wall Financial Services at 407-682-2001 to
obtain a dial-in number. To listen to the live call, please go to the Web site
at least 15 minutes prior to the start of the call to register, download, and
install any necessary audio software. For those who are not available to listen
to the live broadcast, a replay will be available shortly after the call on the
Vcall web site.
ABOUT NETCURRENTS, INC.
Formerly IAT Resources Corporation, NetCurrents, Inc. will merge with
Infolocity, Inc., a Silicon Valley-based Internet company, to offer a unique
business-to-business Internet service using Infolocity's proprietary search
engine FIRST (FAST INTERNET REAL-TIME SEARCH TECHNOLOGY). The Company is also
engaged in the development of other Internet services dedicated to serving
consumers and businesses on a global basis.
THIS NEWS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF
SECTION 37A OF THE SECURITIES ACT OF 1933 AND SECTION 21E OF THE SECURITIES
EXCHANGE ACT OF 1934. THESE FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND
UNCERTAINTIES. A NUMBER OF FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER FROM
THOSE INDICATED IN THE FORWARD-LOOKING STATEMENTS, INCLUDING SATISFACTION OF ALL
CONDITIONS TO CLOSING THE TRANSACTION WITH INFOLOCITY, GENERAL ECONOMIC
CONDITIONS AND OTHER RISKS THAT ARE DISCUSSED IN THE COMPANY'S FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION (INCLUDING THE COMPANY'S ANNUAL REPORT ON
FORM 10-KSB). THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY UPDATE OR REVISE
THE FORWARD-LOOKING STATEMENTS WHETHER AS A RESULT OF NEW INFORMATION, FUTURE
EVENTS OR OTHERWISE.
EX 99.1 - 2
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For more information, contact:
INVESTOR/BROKER INFORMATION,
Ms. Dodi Zirkle,
Continental Capital & Equity Corporation/Madison & Wall Financial Services, Inc.
Phone: (407) 682-2001, Fax: (407) 682-2544
Email: [email protected]
EX 99.1 - 3
