SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20509
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
March 22, 2000
Date of Report
(Date of Earliest Event Reported)
WORLD INTERNETWORKS, INC.
(Exact Name of Registrant as Specified in its Charter)
Nevada 033-05844-NY 87-0575839
(State or other juris- (Commission File No.) (IRS Employer
diction or incorporation) Identification No.)
418 South Commerce Road Suite #422
Orem, Utah 84058
(Address of Principal Executive Offices)
(801) 434-7517
Registrant's Telephone Number
Item 5. Other Events.
The Registrant completed a private offering (the "Offering")of
1,250,000 units (the "Units") on March 22, 2000, at a price of $0.40 per
share, for gross proceeds of $500,000. Each of the Units was comprised of
(i)one share of common stock and (ii) and one warrant (the "Warrant") granting
the holder the right to purchase an additional share of common stock at an
exercise price of $2.00 per share, expiring two years from the completion of
the Offering. The Warrants have demand "registration rights" and are callable
at $0.01 per share on 30 days written notice. The Registrant is currently
preparing an SB-2 Registration Statement for filing with the Securities and
Exchange covering the common stock offered and those shares of common stock
underlying the warrants, and certain other "restricted securities" issued by
the Registrant.
Item 6. Resignations of Registrant's Directors.
Phillip M. Ray resigned as the Secretary/Treasurer of the
Registrant, effective March, 2000.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(i) Not Applicable.
(ii) Not Applicable.
Exhibits. Exhibit No.
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News Release Dated March 39, 2000 99
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned hereunto duly authorized.
WORLD INTERNETWORKS, INC.
Date: April 3, 2000 By:/s/Steven K. Hansen
-----------------------------
Steven K. Hansen
CEO, President and
Chairman
FOR IMMEDIATE RELEASE: Thursday, March 30, 2000
CONTACT: Steven K. Hansen Madeleine Franco
Chief Executive Officer Jordan Richard Assoc.
World InterNetWorks, Inc. 801-268-8610
801-434-7517 [email protected]
www.wiworks.com
WORLD INTERNETWORKS COMPLETES PRIVATE PLACEMENT, ISSUES UPDATE
OREM, UTAH Steven K. Hansen, president and chief executive officer of
World InternetWorks, Inc. (OTC Bulletin Board: WINW), a development-stage
company, announced today that the Company has completed a private placement of
its common stock, raising approximately $500,000, which will be used to fund
day-to-day operations and for marketing and other corporate purposes. An 8-K
relating to the private funding will be filed with the Securities and Exchange
Commission (SEC) within the next 48 hours and may be viewed on the Internet
by linking through www.wiworks.com or by visiting the SEC's online EDGAR
Database at www.sec.gov.
Reorganized in the fourth calendar quarter of 1998, World InterNetworks
specializes in bringing state-of-the-art web site technology and Internet-
related services to the small business-to-business markets. The company is
also owner and operator of the "Main Street" online shopping plaza at
www.wiworksmainstreet.com and currently has over 300 merchants represented in
the "neighborhood," including such notables as Dell, Disney and Digital River,
offering over two million products and services.
"By all indications, the private placement, which was oversubscribed,
was a success not only in terms of raising capital, but also in garnering the
attention of a number of institutions and money managers who were impressed
with the World InterNetWorks concept," said Hansen. He indicated that
following the company's recent implementation of its North American marketing
program, which includes several strategic marketing initiatives specifically
targeting small business owners, the company has begun to see favorable growth
trends in its product and service revenue.
Management of World InterNetWorks, Inc. expects core operations, joint
venture arrangements and its ongoing membership development initiatives
targeted toward the small business owner to result in ongoing revenue
generation in four major areas:
New subscribers for web hosting services
Site design and customized engineering services
Various Internet-related opportunities, including domain names, banner
ads and merchant account services
Commissions/sales derived from products and services sold from the
company-owned Main Street Plaza
"The turnaround of the company's operations is well underway. By virtue
of this most recent financing and the groundwork we have laid, the goal to
make wiworks.com one of the most comprehensive and competitively priced web
host providers on the Net seems decidedly within our reach," said Hansen.
- more -
WINW provides its merchant clients with Internet access (via a
partnership with Alta Vista), e-commerce enabled web sites, unlimited email,
access to merchant account services and exposure in its proprietary Main
Street Plaza. WINW also provides its members with access to numerous revenue-
generating opportunities that in many cases completely offset the monthly
membership fee.
NOTE: Statements in this news release that are not purely historical are
forward-looking statements within the meaning of the safe harbor clause of the
Private Securities Litigation Reform Act of 1995. These statements are made
based upon information currently available to the Company, and the Company
assumes no responsibility to update or revise such forward-looking statements.
Editors and investors are cautioned that forward-looking statements invoke
risk and uncertainties that may cause the Company's actual results to differ
from such forward-looking statements. These risks and uncertainties include
without limitation demand for the Company's goods and services, the company's
ability to develop its market, general economic conditions and other factors
that may be more fully described in the company's literature and periodic
filings with the Securities and Exchange Commission. This news release is not
a solicitation to buy or sell securities, and it does not purport to be a
complete analysis of the Company's financial position.
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