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FORM 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C., 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) SEPTEMBER 5, 2000
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COMMISSION FILE NUMBER 000-29165
HIGH SPEED NET SOLUTIONS, INC.
(Exact name of registrant as specified in charter)
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FLORIDA 65-0185306
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
TWO HANNOVER SQUARE, SUITE 2120
434 FAYETTEVILLE STREET MALL
RALEIGH, NC 27601
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(Address of Principal Executive Office) (Zip Code)
(919) 645-2610
(Registrant's Executive Office Telephone Number)
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ITEM 5. OTHER EVENTS
We have entered into a letter of intent with Summus Ltd. ("Summus")
which contemplates that we would acquire substantially all of the assets of
Summus in a business combination of High Speed Net Solutions, Inc.
("High Speed") and Summus.
Under the letter of intent we will issue eight million shares of our
common stock and will issue additional warrants to purchase our common stock. In
conjunction with signing the letter of intent, we loaned $500,000 to Summus
secured by a pledge by Summus of up to 500,000 shares of our common stock owned
by Summus.
The letter of intent and term sheet is filed as an exhibit to this Form
8-K. The letter of intent and term sheet contains additional material terms.
Investors who desire to understand the proposed transaction should read the
entire letter of intent and term sheet.
There can be no assurance that the letter of intent will result in a
closing of the proposed combination transaction.
The statements contained in this Form 8-K contain forward-looking
statements relating to the proposed acquisition of Summus Ltd. The Private
Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements. In order to comply with the terms of the safe
harbor, the Companies note that a variety of factors could cause the actual
results to differ materially from the anticipated results expressed in the
Companies' forward-looking statements. Some of these factors include that the
parties may not reach agreement on terms, that the necessary approvals may not
be obtained, that Summus Ltd. may not be able to repay the loan or that High
Speed may not obtain the funding required for the combined companies. Other
factors are described in the Company's documents on file with the Securities and
Exchange Commission. Both Companies hereby disclaim any obligation to update
the information provided above, including forward looking statements.
ITEM 7. EXHIBITS
10.1* Letter of Intent between High Speed Net Solutions, Inc. and
Summus Ltd., dated August 31, 2000
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*Filed herewith
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
HIGH SPEED NET SOLUTIONS, INC.
By /s/ Andrew Fox
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Andrew Fox, President
Date: September 5, 2000
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