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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October , 2000
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Softcare EC.com Inc.
(Translation of registrant's name into English)
107-980 West 1st Street
North Vancouver, British Columbia
Canada V7P 3N4
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F [x] Form 40-F |_|
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes |_| No [x]
DESCRIPTION OF FILED INFORMATION:
PRESS RELEASE DATED OCTOBER 12, 2000
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, thereunto duly authorized.
Softcare EC.com Inc.
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(Registrant)
Date October 13, 2000 By /s/ Martyn Armstrong
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Martyn Armstrong, President and CEO
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*Print the name and title under the signature of the signing officer.
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SoftCare EC.Com Inc.
Shares Issued: 16,989,728
Fully Diluted: 18,876,728
Symbol: SCE-CDNX
NR-00-21
CREDIT COUNSELLING UPDATE
NORTH VANCOUVER, BRITISH COLUMBIA, OCTOBER 12, 2000 - Today, SoftCare EC.Com
Inc. (CDNX:SCE) www.softcare.com, updated the status of the development of its
credit counselling portal. SoftCare announced it has substantially completed
design and production of its portal-enabling software. This java software
enables web-based efficiencies in financial and data exchange for the credit
counseling industry. SoftCare's marketing division is studying implementation of
this technology through licensing and partnering relationships.
SoftCare began investigating the credit counselling software industry in late
1999, believing the industry could benefit from SoftCare's OpenEC technology. In
February 2000, SoftCare entered into a letter of intent to purchase Financial
Management Group LLC (FMG) in order to supplement SoftCare's own research and
industry contacts. FMG, based in Garden Grove, California, develops and markets
PC-based software for the credit counselling industry.
In April 2000, SoftCare executed a definitive purchase agreement for FMG and
entered into employment agreements with FMG's two principals. Although
employment of the FMG principals commenced immediately, consummation of the
purchase agreement was subject to approval of the Canadian Venture Exchange and
certain other conditions. Prior to receiving regulatory approval, SoftCare
discovered pending legal claims and actions relating to the ownership of the
credit counseling software marketed by FMG and calling into question FMG's
ability to carry on its business based on that software. These claims and
actions were not disclosed to SoftCare at or before the time of execution of the
purchase agreement or thereafter, and constituted material breaches of the
agreement. The company further discovered that the two FMG principals had
materially breached their employment agreements and SoftCare terminated their
employment for cause in July 2000.
After these discoveries, SoftCare continued to investigate and evaluate its
options concerning the proposed acquisition of FMG. In August and September,
further material breaches of the purchase agreement were discovered and SoftCare
has determined to terminate the acquisition. The two principals have retained
counsel and have presented the company with a demand alleging wrongful
termination of their employment and other claims. SoftCare intends to vigorously
defend any action that might be brought against it relating to these matters,
and to pursue rights and remedies available to it for the various breaches of
the purchase agreement by FMG, its parent company and the two principals.
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Development and marketing of SoftCare's credit counselling software does not
depend on the technology of FMG. Management believes that the termination of the
purchase agreement and of the employment of the two FMG principals will not have
a material effect on a going-forward business opportunity for licensing of
SoftCare's credit counselling software.
SoftCare develops business relationship management software allowing companies
to conduct business-to-business e-commerce and the creation of B2B industry
portals. Our e-business management software is open and scaleable, allowing for
integration with existing and future technologies, lowering operating costs and
streamlining the supply chain while delivering benefits to all your business
e-trading relationships.
On Behalf of the Board of Directors
/s/ Martyn Armstrong
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Martyn Armstrong
President & CEO
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FOR MORE INFORMATION CONTACT:
Clive Massey
Investor Relations
SoftCare EC.Com Inc.
604 983 8083 tel
604 983 8056 fax
[email protected]
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SoftCare EC.com, Inc. Suite 107 - 980 West 1st Street, North Vancouver, BC V7P
3N4
Tel: (604) 983-8083 Fax: (604) 983-8056 Toll Free: 1-888-763-8227
Information in this release includes forward-looking statements which involve
expectations, beliefs, plans, intentions or strategies regarding the future.
These forward-looking statements involve risks and uncertainties. All
forward-looking statements included in this release are based upon information
available to SoftCare as of the date of the release, and SoftCare assumes no
obligation to update any such forward-looking statements. The statements in this
release are not guarantees of future performance and actual results could differ
materially from our current expectations. Numerous factors could cause or
contribute to such differences, including unanticipated delays in product
development, customer acceptance of the CrediSolv portal, the need for
regulatory approval of any acquisition of FMG, and any claims which may be
brought against SoftCare arising from the transactions with FMG and its
principals. Additional factors and risks associated with SoftCare's business are
discussed in its registration statement on Form 20-F effective with the
Securities and Exchange Commission on May 8, 2000, and in other reports filed by
SoftCare from time to time with the SEC.
