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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
June 28, 2000
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Date of Report (date of earliest event reported)
SAN HOLDINGS, INC.
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Exact Name of Registrant as Specified in its Charter
Colorado 0-16423 84-0907969
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State or Other Jurisdiction Commission File IRS Employer Identifi-
of Incorporation Number cation Number
900 West Castleton Road, Suite 100, Castle Rock, Colorado 80104
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Address of Principal Executive Office, Including Zip Code
(303) 297-9656
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Registrant's Telephone Number, Including Area Code
N/A
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Former Name or Former Address, if Changed Since Last Report
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ITEM 2. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS.
On June 28, 2000, SAN Holdings, Inc. (the "Company") acquired Value
Technology, Inc., a data storage services provider, through a merger with a
newly formed, wholly-owned subsidiary of the Company. In connection with this
acquisition, the Company issued an aggregate of 115,000 shares of the
Company's Common Stock and paid a total of $113,100 to the former shareholder
and employees of Value Technology, Inc. In the event that the average closing
bid price for the Company's Common Stock is less than $15.00 any time during
the 20 days prior to December 31, 2000, the Company will be required to issue
an aggregate of an additional 28,750 shares to the former shareholder and
employees of Value Technology, Inc.
Value Technology, Inc. is a high quality services company serving
primarily the data storage management needs of major securities firms on Wall
Street in New York City. During 1999, the business produced sales of data
storage products and services in excess of $4,000,000. Ross Bernstein, the
founder of Value Technology, Inc., is now a Vice President and Director of the
Company's Storage Area Networks subsidiary, and will continue to oversee Value
Technology, Inc.'s operations and customers as part of the combined business
of Storage Area Networks.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED. The financial
statements of Value Technology, Inc. will be filed by amendment on or before
September 11, 2000.
(b) PRO FORMA FINANCIAL INFORMATION. Pro forma financial information
will be filed by amendment on or before September 11, 2000.
(c) EXHIBITS.
EXHIBIT
NUMBER DESCRIPTION LOCATION
10.1 Agreement and Plan of Merger Filed herewith electronically
and Reorganization dated
June 19, 2000, among SAN
Holdings, Inc., Value Tech
Acquisition Corporation
and Value Technology, Inc.
SIGNATURE
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.
SAN HOLDINGS, INC.
Dated: July 12, 2000 By:/s/ L. W. Buxton
L. W. Buxton, President
