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): May 24, 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.)
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Item 5. Other Events.
On May 24, 2000, Information Management Associates, Inc. (the "Company")
issued a press release announcing recent developments concerning 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 May 24, 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: May 24, 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
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Exhibit Index
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Exhibit No. Exhibit
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99.1 Press Release dated May 24, 2000
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Exhibit 99.1
Company Press Release
IMA ANNOUNCES CURRENT DEVELOPMENTS
SHELTON, CONNECTICUT (May 24, 2000) - Information Management Associates, Inc.
announced today that, as a result of operating losses incurred in recent
periods, the Company is seeking to raise additional cash to fund its ongoing
operations as well as examining ways to reduce its ongoing needs for cash. The
Company is exploring a range of strategic options to address its liquidity
needs.
The Company announced that Michael P. McGroarty, General Counsel of the Company,
has been appointed Chief Operating Officer. In addition, the Company announced
that John A. Piontkowski has resigned from his position as Chief Financial
Officer. The Company has not yet named a replacement.
As previously reported on April 10, 2000, February 28, 2000 and November 18,
1999, the Company received a comment letter from the Securities and Exchange
Commission (SEC) regarding, among other things, the Company's accounts
receivable balances, the collectibility of such balances, and the Company's
revenue recognition policies in light of such balances. Subsequently, the
Company initiated an internal review of the accounting for certain transactions
in 1999 and certain prior periods. The Company has not completed the internal
review and consequently has not filed its Form 10-K for the year ended December
31, 1999 or its Form 10-Q for the quarter ended March 31, 2000 and does not
expect to do so within the current month.
ABOUT IMA
IMA, (http://www.imaedge.com) a leader in Customer Relationship Management (CRM)
products and services for over sixteen years, today provides market leading
CRM/eCRM products, services, delivery channels, and pricing for
bricks-and-clicks businesses. IMA products, services and business models are all
designed to help companies create integrated solutions that enable interaction
intensive organizations to help their customers shop, buy, and problem-solve
through any interaction channel. IMA is headquartered in Shelton, Connecticut.
Additional information about IMA's products, services and subsidiaries can be
found on the World Wide Web at http://www.imaedge.com requested via email at
[email protected] 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 15, 1998, August 14, 1998, November 14, 1998, May 17,
1999, August 16, 1999, and November 22, 1999 the
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Company's Annual Report 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.
Contact:
IMA
Michael P. McGroarty
Vice President and General Counsel
203/925-6800
[email protected]
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