U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (Date of earliest event reported): September 14, 1999
Metro Global Media, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-21634 65-0025871
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1060 Park Avenue, Cranston, Rhode Island 02910
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(Address of principal executive offices) (Zip Code)
(401) 942-7876
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(Registrant's telephone number, including area code)
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(Former name of former address, if changed since last report)
<PAGE>
Item 5 Other Events
On September 14, 1999, Metro Global Media, Inc. filed the press
release attached as an exhibit to this Form 8-K. Upon release of the
attached press release, the NASDAQ Stock Market halted the trading of
Metro Global Media, Inc.'s common stock.
Item 7 Financial Statements and Exhibits
(c) Exhibit 99.1 - Press Release dated September 14, 1999.
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.
METRO GLOBAL MEDIA, INC.
By: /s/ Janet Hoey
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Janet Hoey,
Treasurer
September 15, 1999
Exhibit 99.1
METRO GLOBAL MEDIA, INC. 1999 FORM 10-KSB FILING DELAYED
- --Cranston, Rhode Island, September 14, 1999: Metro Global Media, Inc. (NASDAQ:
MGMA), an international multimedia and adult entertainment enterprise, today
announced that it did not timely file its 1999 Annual Report on Form 10-KSB by
September 13, 1999, as required by SEC Rule 12b-25. Due to its recent change in
accounting firms, Metro has experienced delays in the start and completion of
the annual audit of its financial statements. Metro also announced that it
expects to report a loss from operations for its fiscal year ended May 31, 1999,
primarily due to a material decrease in the revenues and operating income of its
Fanzine subsidiary for the fourth quarter, as compared to the prior quarters of
fiscal 1999, and to interest expense related to the valuations of warrants
issued in the connection with debt primarily related to Metro's acquisition of
Fanzine.
Metro further announced that it expects to restate its financial statements and
reduce its earnings (loss) per share for fiscal 1998, 1997 and 1996 primarily
due to recording of embedded interest related to Metro's convertible preferred
stock and debentures, recalculation of amortization on Metro's film library and
reclassification of a related party transaction.
CONTACT: Metro Global Media, Inc.
Jennifer St. Cyr, (888) 463-8764
www.METROGLOBAL.com
