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: APRIL 4, 2000 Commission File: 33-27652-NY
BUSINESSNET HOLDINGS CORP.
(Exact Name of Registrant As Specified In Its Charter)
DELAWARE 22-2946374
(State of Incorp.) (IRS Employer Identi-
fication Number)
6 PROSPECT STREET, SUITE 3-C, MIDLAND PARK, NJ 07432
(Address of Principal Executive Offices)
(201) 493-0248
(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 January 31, 2000, the Registrant completed its acquisition
of 100% of the issued and outstanding Common Stock of Chemko
Optical Supplies, Inc., which was renamed EyeAmerica, Inc. The
Company is an optical chemicals manufacturer that holds several optical
technology patents, including a new process patent that allows the
conversion of plastic CR-39 lenses into photochromic lenses.
The EyeAmerica subsidiary, based in Hudson, FL, was acquired by the
Registrant in January, 2000, through an exchange of Shares. In addition,
an optical laboratory, production and warehouse facility in Boca Raton,
FL was acquired in February, 2000 for production of the "SOLERA "
product line.
The Registrant expects a national launch of this new product
line during the second quarter of 2000. The product line was
introduced March 31 at the International Vision Expo held at the
Jacob Javits Convention Center in New York City.
The CR-39 plastic lenses, renowned for their durability and optical
precision, represent 57% of all lenses sold in the United States with
about $4.6 billion in retail sales in 1998. Photochromic tinting permits
lenses to change shade and darken as brightness levels increase, and
provide comfort from glare. Until the application of the Company's
process chemistry to the more widely available CR-39 lens, photochromic
tinting was restricted to inferior polycarbonate and glass lenses, and
color choices solely in gray or brown. About 15.5% of all lenses
processed in the United States, or $1.3 billion at retail in 1998, are
photochromic lenses, with a compound growth rate of 12% per year (by
pairs sold). The EyeAmerica photochromic patent substantially expands
the market for photochromic lenses to the most popular plastic lenses and
a full spectrum of fashion colors. The founder of the Company, George
Kohan, has been an optical industry pioneer for 40 years. Mr. Kohan
created the first one-hour eye wear company, later sold to Pearle Vision
in 1970.
The Registrant is presently evaluating several additional
potential acquisitions of or joint ventures with companies in
related industries, including potential international distribution
and manufacturing partners.
ITEM 5: OTHER EVENTS
Appointment of Leslie N. Bocskor as President
The Registrant announced on January 18, 2000 that it had
appointed Leslie N. Bocskor to a newly-created position of
President and Chief Executive Officer of the Company. Mr. Bocskor
is a New York-based investment banker specializing in new media and
Internet technology. Since 1987, Mr. Bocskor has conceived and
originated successful joint ventures, strategic alliances, mergers
and acquisitions, and underwritings. He was a founder of
investment bank Mason Cabot LLC, CostSheets.com, Inc. and Venture
Catalyst, LLC, and served as a Director for Fine Point
Technologies, Inc.
Spin-Off of Sunrise Entertainment, Inc. Approved; Record Date
Delayed Pending Receipt of IRS Ruling
The Registrant also announced on January 18, 2000 that it had
received shareholder approval to distribute its 40% interest in its
Sunrise Entertainment, Inc. subsidiary to BusinessNet shareholders,
subject to receipt of a ruling from the Internal Revenue Service to
the effect that for United States federal income tax purposes no
gain or loss will be recognized by holders of BusinessNet Common
Stock upon receipt of Sunrise Entertainment Common Stock. The
fixing of the Shareholder Record Date for this distribution will be
delayed until the receipt of such ruling.
The Registrant's Sunrise Television subsidiary, which
specializes in high-definition television (HDTV) production and
distribution, has been renamed Sunrise Entertainment, Inc. The
Company's latest introduction to the high-definition programming
market is "LIVING LEGENDS OF ROCK & ROLL: LIVE FROM ITCHYKOO PARK",
the first major rock & roll festival to be shot in HDTV format.
The programming has been packaged as both a two-hour special,
complete with artists' interviews, and as a 90-minute, music-only
version edited for NHK Enterprises America for broadcast on the NHK
Japan Network. Sunrise will also begin distribution of its
extensive library of finished products, as well as projects in
development.
The distribution of shares and listing of Sunrise
Entertainment, Inc. will take place upon the completion of the
appropriate securities registrations.
ITEM 6: RESIGNATION OF DIRECTOR
On March 15, 2000, Rounsevelle W. Schaum resigned as a
Director of the Company to pursue other business interests. Mr.
Schaum and his investment banking firm, Newport Capital Partners,
Inc., remain as consultants to the Registrant. There were no
disagreements on any matters relating to the Registrant's
operations, policies or practices.
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: April 4, 2000 BUSINESSNET HOLDINGS CORP.
By:/S/ KENNETH BROWN__________
Secretary
