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 (Date of earliest event reported): June 15, 1998
COLOROCS INFORMATION TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its charter)
Georgia 0-14392 58-1482573
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
5600 Oakbrook Parkway, Suite 240
Norcross, Georgia 30093
(Address of principal executive offices, including zip code)
(770) 447-3570
(Registrant's telephone number, including area code)
Not Applicable
(Former name or Former address, if changed since last report)
Page 1 of 2
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Item 2. Acquisition or Disposition of Assets
On May 9, 1997, NetChannel, Inc. ("NetChannel") purchased from
ViewCall America, Inc. ("VCA") substantially all of the assets which
comprised the business of VCA and assumed most of the liabilities of VCA in
exchange for 555,556 shares of NetChannel Series C Preferred Stock. In
addition, NetChannel issued 2,700,000 shares of Series B Preferred Stock
and 414,280 shares of Series C Preferred Stock to Colorocs Information
Technologies, Inc. (the "Company") in consideration of advances made by the
Company to VCA and the relinquishment of the Company's liens on VCA assets.
All of the NetChannel preferred stock is convertible by the holders into
shares of NetChannel common stock on a share-for-share basis. VCA was a
majority owned subsidiary of Colorocs Information Technologies, Inc.
On June 15, 1998, all of the capital stock of NetChannel was sold to
America On Line, Inc. ("AOL") for a total cash consideration of
approximately $9 million and satisfaction of certain outstanding
liabilities amounting to approximately $14 million. As a result of such
acquisition, the Company received approximately $870,000, subject to
possible reductions based upon certain customary contingencies.
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.
COLOROCS INFORMATION
TECHNOLOGIES, INC.
(Registrant)
/s/ Rudolph P. Russo
Rudolph P. Russo
Chief Executive Officer
Date: June 30, 1998
