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): APRIL 14, 2000
000-22172
(Commission File Number)
recordLab CORPORATION
(Exact name of registrant as specified in its charter)
WASHINGTON 91-1345532
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
1605 NW SAMMAMISH ROAD, SUITE 205
ISSAQUAH, WASHINGTON 98027
(Address of principal executive offices)
(425) 391-3610
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
THIS FORM 8-K CONTAINS FORWARD-LOOKING STATEMENTS SUCH AS STATEMENTS OF
THE COMPANY'S EXPECTATIONS, PLANS, OBJECTIVES AND BELIEFS. THESE STATEMENTS USE
SUCH WORDS AS "MAY," "WILL," "EXPECT," "ANTICIPATE," "BELIEVE," "PLAN," AND
OTHER SIMILAR TERMINOLOGY. ACTUAL RESULTS COULD DIFFER MATERIALLY DUE TO CHANGES
IN THE MARKET ACCEPTANCE OF recordLab PRODUCTS, MARKET INTRODUCTION OR PRODUCT
DEVELOPMENT DELAYS, GLOBAL AND LOCAL BUSINESS CONDITIONS, LEGISLATION AND
GOVERNMENTAL REGULATIONS, COMPETITION, THE COMPANY'S ABILITY TO OBTAIN ADEQUATE
FINANCING FOR ITS OPERATIONS, EFFECTIVELY MAINTAIN AND UPDATE ITS PRODUCT
PORTFOLIO, SHIFTS IN TECHNOLOGY, POLITICAL OR ECONOMIC INSTABILITY IN LOCAL
MARKETS, AND CURRENCY AND EXCHANGE RATES. THESE FORWARD-LOOKING STATEMENTS SPEAK
ONLY AS OF THE DATE HEREOF.
recordLab CORPORATION, formerly known as Midisoft Corporation, (the
"Company") announced that it changed its name to recordLab(TM) Corporation,
shifted its business emphasis to the Internet, and revealed a new corporate
identity that reflects its new strategy. recordLab Corporation and its website,
recordLab.com(TM), which the Company intends to be a rich media-based music
destination site, will serve the needs of amateur musicians worldwide,
motivating and enabling them to realize their musical aspirations. The Company's
new mission is to provide tools which amateur musicians need to develop or
rekindle their passion for music creation.
recordLab.com will introduce a new class of Internet-based music
products and services that are "wrapped" with extensive expert know-how in the
knowledge, techniques and art of creating music. The first product will be
recordLab's Internet TapeDeck(TM), a multi-track, digital audio recording
application. The Company's website will assist musicians in using its products
and services through delivery of expert advice from renowned music producers,
engineers, songwriters, artists and music business professionals.
Demand for and access to Internet services and products has begun to
develop only recently and is rapidly evolving. The Company's Internet model is
still under development. The Company has a limited operating history in Internet
content and services on which to evaluate its Internet business and prospects.
The overall market for products, contents and services, delivered with an
ecommerce business model, is highly competitive with relatively low barriers to
entry. The Company believes that the ability to compete on the Internet will
depend on several factors, including, but not limited to, the quality, number
and extent of marketing arrangements, quality of online offering of products and
services, pricing, website design, effectiveness of Internet security measures,
quality and reliability of technological systems, ability to attract and retain
qualified personnel with technological or web expertise and intensity of
management focus. Additionally, revenues from the Company's Internet operations
will depend significantly on widespread acceptance and use of the Internet as a
source of music creation capabilities, as a method of music distribution and
education and, in general, as a vehicle for commerce in goods and services. The
success of the Company will also depend in part on the development and
maintenance of the web and Internet infrastructure, such as a reliable network
backbone with the necessary speed, data capacity and security and timely
development of complementary products such as high speed modems for providing
reliable web access and services.
In light of the Company's limited operating history in ecommerce and the
difficulties attendant to the shift of its primary business focus from
technology development to providing Internet products, content and services,
there can be no assurance that the Company will be able to compete successfully
with respect to any of these factors, and the inability to do so could have a
material adverse effect on the Company's business, prospects, financial
condition and results of operations.
The Company has invested and intends to continue to invest the majority
of its financial and management resources on website and product development,
marketing and promotion, strategic relationships and technology and operating
infrastructure. The Company anticipates that its Internet business will incur
operating losses for at least the next two years as it builds its Internet
commerce business and seeks to achieve market acceptance and economies of scale.
The Company anticipates raising additional funds during the next twelve months.
There can be no assurance that such financing will be available, if at all, in
amounts or on terms acceptable to the Company.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
recordLab CORPORATION
By: /s/
--------------------------------------------
Gary M. Cully, Chief Financial Officer
Dated: April 18, 2000
