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: August 31, 1999 Commission File: 33-27652-NY
BUSINESSNET HOLDINGS CORP.
(Formerly BusinessNet International, Inc.)
(Exact Name of Registrant As Specified In Its Charter)
DELAWARE 22-2946374
(State of Incorp.) (IRS Employer Identi-
fication Number)
1 Bannisters Wharf, Newport, RI 02840
(Address of Principal Executive Offices)
(401) 841-5294
(Registrant's Telephone Number)
The following current report under Section 13 or 15(d) of the Securities
Exchange Act of 1934 is filed pursuant to Rule 13a-ll or Rule 15d-11:
ITEM 2: ACQUISITION OR DISPOSITION OF ASSETS
On May 11, 1999, the Company announced that it had acquired a 60% controlling
interest in Omnicast Corp., developer of omnicastlive.com, an Internet
entertainment content producer and web site. In exchange for its controlling
interest, the Company has agreed to provide its subsidiary Omnicast Corp. with
$2 million in working capital to immediately launch on the Internet its full-
time, video-based transactional network via on-line services.
Through a license agreement with The Classic Rock Network, and other prospective
licensing agreements, omnicastlive.com will provide scheduled on-line video
events such as live concerts, interviews with classic rock artists, concert
videos-on-demand, and an e-commerce component to market music and music-related
products as well as sponsor advertising.
On August 9, 1999, the Registrant announced that its Internet entertainment
subsidiary, OMNICAST CORP., had acquired internet broadcast rights for the
"Itchykoo Park 99" music festival held August 12th through 15th at Itchykoo Park
near Nashville, TN. The four-day event featured over thirty classic rock bands
and artists, including Rick Springfield, Sammy Hagar, Styx, Starship, Iron
Butterfly, Grand Funk Railroad, and The Moffatts. Omnicast will feature
extended coverage of the concert event on its omnicastlive.com Internet web
site with video streaming, backstage interviews with artists, and on-line
merchandising of music and memorabilia. This concert production was the first
major entertainment event to be recorded live in the new High-Definition TV
(HDTV) format, and will be available for broadcast and purchase in both HDTV
and standard television formats.
With over forty hours of HDTV video footage of over thirty classic rock artists,
OMNICAST will produce a pay-per-view concert event featuring the best of
"Itchykoo Park '99" for an Internet pay-per-view broadcast, and is presently
negotiating with significant television distribution outlets for re-broadcast of
the program as a cable television pay-per-view and for a series of broadcast
programs. OMNICAST will also pursue domestic and international video and
merchandise sales.
The Registrant is presently evaluating several additional potential
acquisitions of or joint ventures with companies in related industries,
particularly Internet entertainment content providers and Internet video
streaming service providers.
ITEM 5: OTHER EVENTS
Share Dividend Declared
On July 13, 1999, The Registrant announced today that its Board of Directors had
approved a Common Stock dividend of one (1) Share of Common Stock for each one
(1) Share of Common Stock held of record as of the close of business on July 23,
1999, payable on July 30, 1999. As a result of the payment of this dividend,
the number of Shares of Common Stock of the Registrant increased from 917,482
to 1,974,964 as of July 30, 1999.
Executive Offices Relocated to Newport, RI
In May, 1999, the Registrant relocated its executive and administrative offices
to 1 Bannister's Wharf, Newport, RI 02840. The telephone number is (401) 841-
5294.
ITEM 6: RESIGNATION OF OFFICER AND DIRECTOR
On May 4, 1999, William J. Reilly resigned as an Officer and Director of the
Registrant, and will continue to serve as an outside legal counsel for the
Registrant. On the same date, Mr. Rounsevelle W. Schaum was named President
and Chairman of the Board of Directors of the Registrant as part of the
reorganization of the Registrant's business activities.
On August 1, 1999, William Barlow, President of the Registrant's Omnicast
Corporation subsidiary, was appointed as a Director of the Registrant.
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 hereunto duly authorized.
DATED: August 31, 1999 BUSINESSNET HOLDINGS CORP.
By:___/S/______________________
ROUNSEVELLE W. SCHAUM
President
