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): December 21, 1999
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Grace Development, Inc.
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(Exact name of registrant as specified in its charter)
Colorado 0-25582 84-1110469
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
1690 Chantilly Drive, Atlanta, Georgia 30324
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (404) 633-3831
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Item 5. Other Events.
On December 21, 1999, the Registrant issued a press release reporting that
the Registrant's Chairman had resigned and that a search was underway for a
Chairman and Chief Executive Officer. A copy of this press release is attached
as Exhibit 99.1 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit 99.1 Press Release by Grace Development, Inc., dated
December 21, 1999.
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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, thereunto duly authorized.
GRACE DEVELOPMENT, INC.
By: /s/ James Blanchard
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James Blanchard
President
Dated as of December 21, 1999
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contact: Vicki Rapson
800/841-5858
AVANA PREPARES FOR PLANNED TOP MANAGEMENT CHANGE
ATLANTA, December 20, 1999 -- Avana Communications, which recently merged with
Grace Development, Inc., announced today that its interim Chairman, Louis
Friedman, has resigned as part of a planned top-management reorganization of the
growing Atlanta-based integrated communications provider.
The company said significant progress had been made in identifying candidates
for Avana's Chairman, CEO position and that Friedman's move today will make
continued progress possible.
According to the company, New York- based Barry Nathanson & Associates has
already identified several candidates for the top spot at Avana and several
steps in the interview process have been completed.
Richard Granville, founder and CEO of Grace Development, praised Friedman who
will become a consultant and advisor to the company in the areas of mergers,
acquisitions and investment banking.
"Since completion of the merger of Avana and Grace Development," said Granville,
"Mr. Friedman has played an active role in several key areas of management of
the company resulting in acceleration of key projects in advance of their
anticipated completion."
"I am thrilled to be supporting the Avana team in its efforts moving forward,"
said Friedman. "Our goals and objectives are aggressive yet obtainable and the
opportunity to provide a specific area of expertise to the management team can
only produce greater results for our current and future employees and
shareholders."
Granville indicated that he, too, would be stepping down soon as CEO of Avana
because the company's plan is to combine the Chairman and CEO posts.
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"We have developed the foundation of our business plan and must now take the
action of implementing the leadership that best serves the shareholders and the
company in our overall mission," said Granville. "The candidates have been
identified to assume my responsibilities and the chairman's with the objective
of providing positive interface with our board of directors, our management
team, our shareholders and the investment community."
Granville indicated that he planned to stay on after the placement of the new
Chairman and CEO.
"My current plans are to remain on the Board of Directors and take a position of
leadership in one of the company's operating divisions. With our current
management team, acquisition candidates under consideration, and the intended
level of management being sought in this particular search, I am quite confident
that our management team going forward will have the necessary capabilities to
achieve our goals."
Contact: Avana Corporate Communications & Public Relations, Vicki Rapson @
1-800-841-5858 or [email protected]
This news release may contain forward-looking statements concerning the business
and products of the company. Actual results may differ materially depending on a
number of risk factors, including, but not limited to the following:
development, shipment and market acceptance. The company undertakes no
obligation to revise or update any forward-looking statements to reflect events
or circumstances after the date of release.
