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: February 12, 1999
Lotus Pacific, Inc.
(Exact name of registrant as specified in its charter)
Delaware
State of Organization
000-24999
Commission File Number
52-1947160
Employer Identification Number
200 Centennial Avenue, Suite 201, Piscataway, New Jersey 08854
Address of Principal Executive Office
(732) 885-1750
Registrant's Telephone Number, Including Area Code
Item 5. OTHER EVENTS
On February 12, 1999, Lotus Pacific, Inc. (the "Registrant") announced that
it had signed agreements to acquire US Securities & Futures Corp. ("USSF")
of New York, NY and Professional Market Brokerage, Inc. (PMB) of Chicago,IL.
Upon completion of the acquisitions, the Registrant will own 100% of both
USSF and PMB.
USSF is a full service brokerage firm with its headquarters on Wall Street
in New York, NY. With over 15 branches worldwide, USSF offers online
securities trading service and other financial and brokerage services to
individuals and institutions all around the world (www.ussecurities.com).
USSF is registered as a Futures Commission Merchant (FCM), and is a member
of the National Association of Securities Dealers (NASD), Securities
Investor Protection Corporation (SIPC), and National Futures Association (NFA).
PMB is a Chicago-based financial trading firm that provides online trading
service from its advanced Internet-based system (www.pmbinc.com) to self-
directed, broker-assisted, individuals, money managers, commodity trading
advisers, or introducing brokers. PMB has a diversified customer base with
approximately $22 million in customer segregated assets. PMB is registered
with the Commodity Futures Trading Commission (CFTC) as a Futures Commission
Merchant (FCM) and is a member of the National Futures Association (NFA).
The acquisitions of USSF and PMB are an important part of the Registrant's
strategy to integrate the Internet solutions with the financial industry,and
become the first and only Internet-Wall Street company (trademark) in the
world that combines the Registrant's own set top box - TeleWeb (trademark)
A9000 and the TeleWeb (trademark) System with online financial trading
services. The acquisitions allow the Registrant to: (1) provide its own
user-end terminals to its financial trading customers; (2) constantly upgrade
its hardware and software based on market conditions and customer needs;
(3) minimize its dependence on other high tech companies to maintain its
online trading systems,consequently, lower the probability of trading system
breakdown.
Item 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
( c ) Exhibits
Exhibit 99. Press Release of the Registrant, dated February 12,1999,
announcing the Registrant's agreements to acquire US Securities & Futures
Corp. and Professional Market Brokerage, Inc.
Signatures
Pursuant to the requirements of Section 12 of the Securities Exchange Act of
1934, the registrant had duly caused this report to be signed on its behalf
by the undersigned, thereto duly authorized.
LOTUS PACIFIC, INC.
Date: February 12, 1999 By: /s/ James Yao
------------------------------
James Yao, Chairman & President
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following person on behalf of the
registrant and in capacities and on the dates indicated.
Date: February 12, 1999 By: /s/ Gary Huang
--------------------------------
Gary Huang, Chief Financial Officer
Exhibit 99.
FOR IMMEDIATE RELEASE
LOTUS PACIFIC, INC. ACQUIRES US SECURITIES & FUTURES CORPORATION (USSF)
AND PROFESSIONAL MARKET BROKERAGE (PMB)
PISCATAWAY, New Jersey -February 12, 1999- Lotus Pacific, Inc.(OTC: BB LPFC),
a holding company focused on developing and marketing Internet products and
services, has signed agreements to acquire US Securities & Futures Corporation
(USSF) of New York City and Professional Market Brokerage, Inc. (PMB) of
Chicago. Upon completion of the acquisitions, Lotus Pacific, Inc. will own
100 percent of both USSF and PMB.
USSF is a full service financial brokerage firm with its headquarters on Wall
Street in New York. With over 15 branches worldwide, it offers customized and
personalized services to individuals and institutions all around the globe.
USSF has an online securities trading system at www.ussecurities.com. USSF is
a member of the National Association of Securities Dealers (NASD), a member
of the Securities Investor Protection Corporation (SIPC), a member of the
National Futures Association (NFA), and is registered as a Futures Commission
Merchant (FCM).
PMB is a Chicago based financial trading firm. The company utilizes an advanced
Internet-based system to process futures and options orders (www.pmbinc.com)
for its customers. PMB has a diversified customer base with approximately
$22 million in customer segregated assets. PMB is registered with the Commodity
Futures Trading Commission (CFTC) as a Futures Commission Merchant (FCM) and
is a member of the National Futures Association (NFA).
"The acquisitions of USSF and PMB are an important part of our strategy to
integrate Internet solutions with the financial industry," stated James Yao,
President of Lotus Pacific. "We are excited to be the first and only
Internet-Wall Street Company (trademark) in the world to combine our own set-top
box, TeleWeb (trademark) A9000, and the TeleWeb(trademark) System with online
financial trading services. These acquisitions allow us to (1) provide our own
user-end terminal to our financial trading customers; (2) constantly upgrade
our hardware and software based on market situations and customer needs; and
(3) minimize dependence on other high tech companies maintenance of our online
trading systems - consequently lowering the probability of trading system
breakdown. By combining the technology of our new Internet terminal unit-
TeleWeb (trademark) A9000 - with USSF's extensive customer base and PMB's
innovative online trading system, we will offer securities and futures
investors powerful, simple online trading solutions."
Lotus Pacific is a holding company focused on developing and marketing
Internet related products and services in the U.S. and international markets.
Through its subsidiary, Regent Electronics Corporation (REC), Lotus Pacific,
Inc. is researching, developing and marketing unique Internet related products
like the TeleWeb (trademark) A9000 and the Teleweb (trademark) system that
offer consumers low-cost access to the Internet through telephone lines and
cable TV broadcasting. The REC TeleWeb (trademark) System currently enables
local cable TV stations to broadcast Internet content and other commercial
information to households in China and eventually in the U.S. and other
countries.
For more information see the company's web site at www.lpfc.com.
CONTACT:
Allen Huang (732)885-1750
Please note: Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. Certain information included in this
news release (as well as information in oral statements or other written
statements made or to be made by Lotus Pacific, Inc.) contain statements that
are forward-looking, such as statements relating to the future anticipated
direction of the futures and securities industry, plans for future expansion,
various business development activities, planned capital expenditures,
anticipated sales, potential contracts, dependence on existing management,
domestic and global economic conditions, changes in federal or state laws, and
market competition factors. Such forward-looking information involves important
risks and uncertainties that could significantly affect anticipated results in
the future, and accordingly, such results may differ from those expressed in
any forward-looking statements made by or on behalf of Lotus Pacific, Inc.
These risks and uncertainties include, but are not limited to, those relating
to the company's planned acquisition of USSF and PMB, the ability to integrate
Internet solutions with the financial industry, to provide our own terminal
to our financial trading customers, to constantly upgrade our hardware and
software based on market situations and customer needs, to minimize dependence
on high tech companies maintenance of trading system thus lowering probability
of trading system breakdown, to provide low-cost access to the Internet, to
trade futures and securities online, to broadcast Internet content in China
and in other countries, or to market its products and services in the U.S.
and other countries.
