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United States Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB/A
Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act
of 1934
For Quarter Ended March 31, 1997 Commission File Number 33-16416-LA
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International Meta Systems, Inc.
100 N. Sepulveda Blvd., Suite 601
El Segundo, CA 90245
(Exact name of registrant as specified in its charter)
Delaware 33-0146747
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(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification Number
Registrant's telephone number, including area code: (310) 524-9300
Indicate by check whether the registrant (1) has filed all reports required to
be filed by Section 12(g)13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
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Item 5. OTHER INFORMATION.
In connection with a private placement of common stock in 1994, 460,000
warrants to purchase common stock at $2.50 per share were issued. At the Board
of Directors meeting on September 5, 1996 the Board voted to extend the
expiration date of the warrants from October 31, 1996 to April 30, 1997. At the
Board of Directors meeting on April 3, 1997, the Board voted to reprice the
exercise price of the warrants to $1.50 per share. As of April 30, 1997 the
repriced warrants all expired without exercise.
At the April 3, 1997 Board of Directors meeting, Dr. Lee W. Hoevel was
elected to fill a vacant seat on the International Meta Systems, Inc. Board of
Directors and to serve as Corporate Secretary. Also at this meeting, George W.
Smith, CEO, was elected as Acting Chief Financial Officer.
On May 7, 1997 the Company signed a firm letter of intent with respect to a
public offering by International Meta Systems, Inc. of up to $25 million of
shares of common stock to be underwritten by a group of underwriters led by
Nichols, Safina, Lerner and Company, Inc. There can be no assurance that this
proposed offering will be completed on these terms or at all.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
None.
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 thereunto duly authorized.
INTERNATIONAL META SYSTEMS, INC.
Date: May 13, 1997
/s/ GEORGE W. SMITH
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George W. Smith, CEO and Acting Chief
Financial Officer
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