d:\sec\8K0498.doc
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of
1934
Date of Report: April 14, 1998
NETWORK SYSTEMS INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in its Charter)
Nevada 33-25308-D 87-0460247
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation or organization) Number) Identification Number)
200 North Elm Street, Greensboro, North Carolina 27401
(Address of principal executive officer) (Zip Code)
(336) 271-8400
(Registrants telephone number, including area code)
Item 5. Other Events.
Network Systems International, Inc. (the "Company") issued a press
release through PR Newswire on April 14, 1998 announcing that the
Company had signed a letter of intent to acquire Innovative Control
Concepts, Inc. It was announced that the proposal was subject to
completion of due diligence by both parties. The acquisition would
allow the Company to rapidly accelerate revenues to the $25 million
dollars level and thereby enhance shareholder value. Reference is
made to the press release filed as Exhibit 99 hereto.
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.
NETWORK SYSTEMS INTERNATIONAL, INC.
(Registrant)
By: /s/ William C. Ray_
William C. Ray, Vice President / Secretary
Date: April 28, 1998
INDEX
Exhibit (99) Press Release dated April 14, 1998
EXHIBIT 99
Network Systems International, Inc.
200 North Elm Street
Greensboro, NC 27401
FOR IMMEDIATE RELEASE
NETWORK SYSTEMS INTERNATIONAL, INC. SIGNS
LETTER OF INTENT TO ACQUIRE INNOVATIVE CONTROL CONCEPTS, INC.
GREENSBORO, NORTH CAROLINA: Tuesday, April 14, 1998 - Network Systems
International, Inc. - OTC: BB (NESI) announced today that it had
signed a letter of intent with Houston based Innovative Control
Concepts, Inc. ("ICC") to merge with one of Network's wholly owned
subsidiary corporations. ICC is privately held by Dr. T. Edward
(Thomas) Dyer III, Ph.D. and provides engineering design and control
systems to the manufacturing process industry. Additionally, ICC
operates as a process consultant for specific software applications
including facility planning; plant and process design; CAD services;
technical consulting and Year 2000 solution services. ICC was founded
in 1976 by Dr. Dyer and currently has operating offices in
Jacksonville, Florida; Atlanta, Georgia; Boston, Massachusetts; St.
Louis, Missouri and Sugarland, Texas. Its client base crosses a broad
spectrum of Fortune 100 companies. These companies are engaged in the
pharmaceutical, industrial, paper, petrochemical, construction and
food and beverage industries.
Network Systems International, Inc. was originally incorporated in
1985 and has since been engaged in the development and distribution of
its proprietary software, thenetcollection, designed for the
manufacturing process industry and specifically addresses Year 2000
issues. Network's software enables the process manufacturing industry
to track product from order entry to final shipment while providing
both plant personnel and management complete visibility of all
manufacturing work in progress.
Robbie M. Efird, President and CEO of Network said, "The synergy's
between Network and ICC will provide a platform for a turn-key package
of services to our customer base. ICC's process engineering expertise
combined with Network's proprietary software and application services
will allow the combined companies to further expand operations into an
array of process industries and accelerate our growth plans at a much
more rapid pace than originally forecast. ICC will operate as a
wholly owned subsidiary of Network, however, personnel staffing will
function interchangeably between ICC and the Company's other operating
entity, Network Information Services, Inc. The proposed merger will
immediately increase our available staff from 56 to 250 associates.
On a consolidated basis, revenues can be expected to exceed the $25MM
mark by fiscal year end. Assuming due diligence efforts remain on
schedule and are favorable, I would anticipate a final closing of the
merger within forty-five days."
Terms of the proposed merger were not disclosed.
Safe Harbor Act Disclaimer: This release may contain forward looking
statements that involve risk and uncertainties, including without
limitations, continued acceptance of the Company's products and
services, increased levels of competition, new products and
technological changes. The Company's dependency on financing third
party suppliers and intellectual property rights, and other risks
detailed from time to time in the Company's federal filings, annual
reports, offering memorandums, or prospectus.
Contact:
Network Systems International, Inc.
Investor Relations
1-800-400-8649 ext. 247
www.nesi.net
