SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): June 23, 2000
INFORMATION MANAGEMENT ASSOCIATES, INC.
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(Exact Name of Registrant as Specified in Charter)
Connecticut 001-13211 06-1289928
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
One Corporate Drive, Suite 400, Shelton, Connecticut 06484
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(Address of principal executive offices) (Zip Code)
(203) 925-6800
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Registrant's telephone number including area code
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(Former name or former address, if changed since last report.)
956164.1
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Item 5. Other Events.
On June 23, 2000, Information Management Associates, Inc. (the "Company")
issued a press release announcing the sale of selected assets of the Company
(the "Press Release"). The Press Release is hereby incorporated by reference
herein and is attached hereto as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit No. Description
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99.1 Press Release dated June 23, 2000.
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 thereunto duly authorized.
Date: June 23, 2000 INFORMATION MANAGEMENT
ASSOCIATES, INC.
By: /s/ Michael P. McGroarty
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Name: Michael P. McGroarty
Title: Chief Operating Officer
and General Counsel
956164.1
<PAGE>
Exhibit Index
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Exhibit No. Exhibit
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99.1 Press Release dated June 23, 2000
956164.1
<PAGE>
Exhibit 99.1
Company Press Release
IMA Announces Sale of Selected Assets
SHELTON, Conn.--(BUSINESS WIRE)--June 23, 2000--Information Management
Associates, Inc. (the "Company" or "IMA") announced today that it has sold
substantially all of the assets relating to its "freefire" software products,
which are software products directed to electronic customer relationship
management, to an unaffiliated technology company for approximately $1,000,000
in cash plus the assumption of liabilities of approximately $1,007,000.
The purchaser also hired approximately 70 IMA employees associated with the
freefire products.
The Company also announced that it received approximately $172,000 in cash in
connection with the termination of the Company's interest in buyersedge.com inc.
and the settlement of intercompany obligations. Certain warrants and options to
purchase shares of the Company's common stock that had been issued to the
holders of buyersedge.com inc. preferred stock were also terminated.
As previously announced, the Company is seeking to raise cash to fund its
ongoing operations as well as examining ways to reduce its ongoing needs for
cash and exploring various strategic options to address its liquidity needs.
About IMA
IMA (www.imaedge.com) provides Customer Relationship Management software
products and services that are designed to help businesses interact more
effectively with their customers. IMA is headquartered in Shelton, Connecticut.
Additional information about IMA's products and services can be found on the
World Wide Web at www.imaedge.com, requested via email at or by calling
1-203-925-6800.
NOTE: IMA is a registered trademark of Information Management Associates, Inc.
Except for the historical information contained in this announcement, the
matters discussed in this announcement are "forward-looking statements" (as that
term is used in the Private Securities Litigation Reform Act of 1995) that
involve risks and uncertainties detailed from time to time in the Company's
filings with the Securities and Exchange Commission (the SEC). In particular,
IMA draws the reader's attention to the "Risk Factors" stated in the Company's
Registration Statement on Form S-1 dated July 30, 1997 and its accompanying
Prospectus, the Company's Quarterly Reports on Form 10-Q dated August 14, 1997,
November 14, 1997, May 5, 1998, August 14, 1998, November 14, 1998, May 17,
1999, August 16, 1999, and November 22, 1999, the Company's Annual Reports on
Form 10-K dated March 30, 1998 and March 31, 1999, as well as to the Company's
periodic and current reports as they are filed with the SEC.
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Contact:
IMA, Shelton
Michael P. McGroarty, Chief Operating Officer
203/925-6800
