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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): October 15, 1998
INTRANET SOLUTIONS, INC.
(Exact name of registrant as specified in its charter)
Minnesota 0-19817 41-1652566
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
8091 Wallace Road, Eden Prairie, MN 55344
(Address of principal executive offices) (Zip Code)
(Former Name or Former Address, if Changed Since Last Report)
Registrant's telephone number, including area code: (612) 903-2000
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Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
On October 15, 1998, IntraNet Solutions, Inc. (the "Company") closed on
the sale of its hardware systems integration business to Osage Systems Group,
Inc. ("Osage"), a provider of comprehensive information technology products,
services, and solutions based in Phoenix, Arizona, for a purchase price of $1.6
million, plus future financial consideration dependent on the performance of the
business divested. The sale was deemed effective as of September 30, 1998. The
assets sold also included intangible assets related to the hardware systems
integration reseller portion of that business, including infrastructure
associated with selling and servicing the Company's hardware systems integration
business. The consideration of $1.6 million paid included $750,000 in cash, a
promissory note for $785,000 that will be paid in installments through January
15, 1999, and $65,000 that will be paid on October 15, 1999 to former employees
of the Company employed in the divested business. The Company also entered into
a strategic reseller agreement with Osage to resell the Company's Intra.doc!
family of products.
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.
Date: October 30, 1998
INTRANET SOLUTIONS, INC.
By: /s/ Jeffrey J. Sjobeck
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Name: Jeffrey J. Sjobeck
Title: Chief Financial Officer
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