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): May 26, 2000
000-22172
(Commission File Number)
recordLab CORPORATION
formerly MIDISOFT 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
recordLab Corporation (OTCBB: RCLB), formerly known as Midisoft
Corporation, (the "Company") announced that it laid off its twenty-four
employees effective May 26, 2000 and cut other expenses while the Company seeks
additional investment or strategic partners. A group of employees continues to
work at the Company while these efforts are underway. The Company is
transitioning from a software development firm to a web-centric company
consisting of both technology and content. The Company announced its transition
plan in November 1999 with the opening of its new website, www.recordLab.com,
which will offer music creation tools and information content targeted for
amateur and professional musicians.
"We have had to cut our staff and overhead expenses while we seek new
financing sources, potential strategic partners or acquirers," said Dalton Kaye,
recordLab's Chairman. "We have some very dedicated employees who are committed
and we hope this will allow us to potentially resume operations with a core team
as we keep our capital raising efforts intact. The financial markets for
Internet companies have changed such that we need to dramatically reduce our
burn rate while keeping all our options open."
Forward-looking Statements
All statements above other than statements of historical fact are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are
subject to safe harbor created by those sections. These forward-looking
statements involve risks and uncertainties including the Company's ability to
successfully restructure its operations and raise additional capital. These
risks and uncertainties and other factors that may have a material effect on the
Company's business are described in the Company's Annual Report on Form 10-KSB
for the year ended December 31, 1999, the 10-QSB for the quarter ended March 31,
2000 and other Company reports filed with the Securities and Exchange
Commission. There can be no assurance that the Company's plans will be realized,
that additional capital will be raised, that revenues will increase or that the
Company's operations will improve. Revenues from the Company's Internet
operations will depend largely on the widespread acceptance and use of the
Internet as a source of music creation capabilities and 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.
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
(Registrant)
By: /s/ Gary M. Cully
--------------------------------------------
Gary M. Cully, Chief Financial Officer
(Principal Financial Officer)
Dated: June 1, 2000
