FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 16, 1998
NET/TECH
INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 33-36198 22-3038309
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(State or other jurisdiction of (Commission File (IRS Employer Identification
incorporation) Number) Number)
ONE WEST FRONT STREET, SUITE 30
RED BANK, NEW JERSEY 07701
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(Address of principal executive offices, including zip code)
Registrants' telephone number, including area code: (732) 345-1100
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(Former name or former address, if changed since last report.)
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Item 6. RESIGNATION OF REGISTRANT'S DIRECTORS
On October 15, 1998, at the conclusion of a special meeting of the Board
of Directors (the "Board") of Net/Tech International, Inc. (the "Company"),
Ronald Heagle resigned as a member of the Board. Mr. Heagle has served as a
member of the Board since May, 1998 and was formerly President and Chief
Operating Officer of the Company.
Mr. Heagle's resignation letter is brief. Accordingly, the registrant has
not summarized the letter or any of the matters of disagreement referred to
therein. The reader of this report is referred to the letter in its entirety, a
copy of which is field with this report as Exhibit 17.01.
The Company disagrees with the assertions set forth in Mr. Heagle's
resignation letter relative to the termination of his employment with the
Company. The termination of Mr. Heagle's employment arose out of performance
issues.
Item 7. EXHIBITS
17.01 Resignation Letter of Ronald J. Heagle from the Board of Directors of
Net/Tech International, dated October 15, 1998
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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.
NET/TECH INTERNATIONAL, INC.
(Registrant)
By: /s/ GLENN COHEN
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Glenn Cohen
President and Chief Executive Officer
Date: October 21, 1998
To: The Net/Tech Board
From: Ronald J. Heagle
Subject: Ronald J. Heagle Resigning From The Board
I am resigning my board position as of today, October 15, 1998. My reasons are
because the company has no capital to operate the long term plan that was
agreed to when I joined the company, and the actions to dismiss me as President
and Chief Operating Officer, in today's Board meeting, did not disclose as joint
management decisions were always made between myself and Glenn Cohen. Since the
company was undercapitalized, most of the long-term plans were undeliverable.
Not only did I put in one year of hard work and effort to give the company
introductions to many of our industries largest customers, associations and
strategic partners but also invested considerable personal money and worked
foregoing pay through the difficult times. I ask that my letter of resignation
be part of a form 8-K that will also go out with the Shareholder Proxy within
the next five days.
