Filed under Rule 424(b)(3) of the
Securities and Exchange Commission
File No. 333-35766
SUPPLEMENT NO. 1 TO PROSPECTUS OF WORLD INTERNETWORKS, INC.
DATED JUNE 22, 2000
7,326,000 Shares of Common Stock
This prospectus supplement supplements the prospectus dated June 22,
2000, which relates to 7,326,000 shares of common stock of World
Internetworks, Inc., a Nevada corporation. We are providing the prospectus
supplement to update certain information contained under the caption "Legal
Proceedings" on page 13 of the original prospectus. The following three
paragraphs update that disclosure:
On July 28, 2000, the United States Bankruptcy Court for the
District of Utah ordered closed the bankruptcy cases that were pending with
respect to our three wholly-owned subsidiaries. The Court also discharged
$2,459,205 in debt and released the bankruptcy trustee that had been appointed
with respect to the subsidiaries.
As a result of the closure of the bankruptcy cases filed by each of
the three subsidiaries, we will record an extraordinary gain from forgiveness
of debt in the amount of $2,459,205 in the second quarter of our current
fiscal year. The reserve for discontinued operations in the same amount will
be removed from our current liabilities on our balance sheet.
Each of our subsidiaries is inactive, having ceased business
operations in 1998.
In addition, all references in the prospectus to "this prospectus"
are hereby amended to read "this prospectus as supplemented."
The date of this prospectus supplement is August 21, 2000.
