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: July 23, 1998
NETWORK SYSTEMS INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in its Charter)
Nevada 0-22991 87-0460247
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation or Number) Identification
organization) 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 July 9, 1998 announcing that the
Company had received notification from NASDAQ that its application for
listing on NASDAQ Small Cap had been approved. Network began trading
on NASDAQ effective July 10, 1998 under its symbol NESI.
Additionally, Network issued a press release through PR Newswire on
July 14, 1998 announcing it had terminated its merger negotiations
with Innovative Control Concepts, Inc. Reference is made to the press
releases 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: July 23, 1998
INDEX
Exhibit (99) Press Releases dated July 9, 1998 and July 14, 1998
Exhibit 99
Network Systems International, Inc.
200 North Elm Street
Greensboro, NC 27401
FOR IMMEDIATE RELEASE
NETWORK SYSTEMS INTERNATIONAL, INC.
LISTED ON NASDAQ SMALL CAP
Greensboro, North Carolina: Thursday, July 9, 1998 - Network Systems
International, Inc. (NESI: NASDAQ) announced today that it had
received notification from NASDAQ that its application for listing on
NASDAQ Small Cap had been approved. According to the approval notice,
Network will begin trading on NASDAQ effective Friday, July 10, 1998
under its symbol NESI.
Network Systems International, Inc. was originally incorporated in
1985 and has since been engaged in the development and distribution of
its proprietary software, the netcollection(TM), 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 listing of
Network Systems International, Inc. on NASDAQ Small Cap launches
Network forward in its previously developed business plan. I am
personally proud of all the associates of Network for their hard work
and dedication to the prosperity and continued growth momentum of the
Company. Our listing on NASDAQ is a prominent measure of their
success. Shareholder value is a central focus of our ongoing efforts
and should be enhanced by our new listing status."
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.
Network Systems International, Inc.
www.nesi.net
Network Systems International, Inc.
200 North Elm Street
Greensboro, NC 27401
FOR IMMEDIATE RELEASE
NETWORK SYSTEMS INTERNATIONAL, INC.
TERMINATES MERGER TALKS
Greensboro, North Carolina: Tuesday, July 14, 1998 - (NESI: NASDAQ)
Network Systems International, Inc. ("Network") announced today that
it had terminated its merger negotiations with Innovative Control
Concepts, Inc. ("ICC"). The proposed merger was announced on April
14, 1998 when a letter of intent was signed between the two companies.
Network Systems International, Inc. owns proprietary software utilized
in the manufacturing process industry.
Robbie M. Efird, President and CEO of Network said, "The Board of
Directors of Network met yesterday and, after a full review of the
documents presented by ICC, determined that the proposed merger was
not in the best interest of the shareholders of the Company. Although
the synergies between the two companies are substantial, the directors
expressed concern over the lack of complete documentation submitted
during due diligence. Network will continue to pursue appropriate
acquisition candidates."
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.
Network Systems International, Inc.
www.nesi.net
