SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
-------------------------------------------------------------------------
MARCH 25, 1999
-------------------------------------------------------------------------
Date of Report (Date of earliest event reported)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
INFORMATION MANAGEMENT TECHNOLOGIES CORPORATION
-------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
DELAWARE
-------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
-------------------------------------------------------------------------
-------------------------------------- ----------------------------------
01-6753 58-1722085
-------------------------------------- ----------------------------------
(Commission File Number) (IRS Employer Identification No.)
-------------------------------------- ----------------------------------
-------------------------------------- ----------------------------------
130 CEDAR STREET, NEW YORK, NY 10006
-------------------------------------- ----------------------------------
(Address of Principal Executive Offices) (Zip Code)
-------------------------------------------------- ----------------------
-------------------------------------------------------------------------
(212) 306-6100
-------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
-------------------------------------------------------------------------
<PAGE>
ITEM 1. CHANGES IN CONTROL OF THE REGISTRANT
On March 25, 1999, pursuant to a Court stipulation and order of a
settlement during a trial in the U.S. District Court for the Southern District
of New York, the Registrant (the "Company") was required to issue an aggregate
of 4,569,173 shares of Class A common stock to the following:
RHS Corp. 1,893,655 shares
New Nibco, Inc. 902,219 shares
Nibco, Nevada 322,417 shares
The Lincoln Trust 1,450,882 shares
A legal action was commenced by a group of holders (the "Group") of the
Company's issued and outstanding 12% Convertible Preferred Stock (the "Preferred
Stock").
The Company disputed the amount of Class A common stock shares that was
demanded by a holder of the Preferred Stock as a result of the Group's election
to convert the Preferred Stock, and contested the action instituted against it.
Subsequently, it was determined by the Court that an aggregate of 4,569,173
shares of Class A common stock should be issued by the Company, and resultantly,
Mr. Robert Sachs ("Mr. Sachs"), the principal trustee and beneficiary and
beneficial owner of RHS Corp., New Nibco, Inc., Nibco, Nevada and The Lincoln
Trust may be deemed the beneficial owner of the 4,569,173 shares of Class A
common stock ordered to be issued by the Company. The ownership of Mr. Sachs in
conjunction with his current ownership of Class A shares in the Company of
record and beneficially has resulted in Mr. Sachs owning of record and
beneficially approximately 45% of the issued and outstanding Class A common
stock of the Company. The Court allowed thirty (30) days for the shares of Class
A common stock to be issued to the Preferred Stock holders, named by their
trustee.
The Company incorporates by reference prior Form 8-K filings with
respect to the issuance of the Preferred Stock and the conversion rights granted
to the Preferred Stock holders.
<PAGE>
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.
Dated: New York, New York
March 25, 1999 INFORMATION MANAGEMENT
TECHNOLOGIES CORPORATION
(Registrant)
/S/ JOSEPH GITTO
---------------------------------
Joseph Gitto,
President and Chief Financial Officer
