SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): NOVEMBER 20, 2000
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C-PHONE CORPORATION
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(Exact name of registrant as specified in its charter)
New York 0-24424 06-1170506
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(State or Other Jurisdiction (Commission) (IRS Employer
of Incorporation) File Number) Identification No.)
6714 Netherlands Drive, Wilmington, North Carolina 28405
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (910) 395-6100
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N/A
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(Former name or former address, if changed since last report)
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ITEM 6. OTHER EVENTS.
On November 20, 2000, C-Phone Corporation announced that it was winding down its
videoconferencing operations and laying off about one-third of its 32 employees.
C-Phone intends to sell its remaining inventory and attempt to license its
technology, while also considering strategic alternatives such as a business
combination or a complete liquidation.
In spite of the previously disclosed cost cutting measures and change in sales
and marketing focus, C-Phone was unable to successful generate sufficient
revenues to cover operating costs. In addition, strategic relationships with
potential partners and customers failed to develop due, in part, to the
inability to securing necessary financing by these potential customers or
C-Phone. C-Phone also had been exploring strategic initiatives.
A small core group of employees required to maintain minimal operations during
the period in which C-Phone will explore its alternatives (or to implement an
orderly winding up of its affairs) will continue for a limited period of time.
As a result of C-Phone's current commitments and contingencies, it is not
currently known whether the proceeds from a sale or liquidation would be
sufficient to permit an eventual distribution to C-Phone shareholders.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99. Press Release, dated November 20, 2000
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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 thereunto duly authorized.
C-PHONE CORPORATION
By: /s/ PAUL H. ALBRITTON
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President and Chief Executive
Date: November 20, 2000
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