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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) March 23, 1999
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SystemSoft Corporation
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-24418 04-3121799
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(Commission File Number) (IRS Employer Identification No.)
One Innovation Drive, Natick, Massachusetts 01760
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(Address of Principal Executive Offices) (Zip Code)
508-651-0088
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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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TABLE OF CONTENTS
FORM 8-K
MARCH 23, 1999
ITEM PAGE
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Item 3. Bankruptcy or Receivership. 1
Item 7. Financial Statements and Exhibits. 1
Signature 2
Exhibits E-1
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
On March 23, 1999, SystemSoft Corporation (the "Company") filed a
voluntary petition for relief under Chapter 11 of the United States Bankruptcy
Code in the United States Bankruptcy Court for the District of Massachusetts
(Western Division). The case has been assigned docket number 99-41885-JFQ. On
March 25, 1999, the Bankruptcy Court entered orders approving the Company's
Motions relating to the use of cash collateral and the payment of pre-petition
salaries, wages and related benefits.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
The following exhibits are filed with this report:
EXHIBIT NO. TITLE
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99 Press Release
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
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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 hereunto duly authorized.
SystemSoft Corporation
Date: March 26, 1999 By: /s/ Jeffrey R. Wakely
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Jeffrey R. Wakely
Vice President, Finance
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EXHIBIT NO. TITLE
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99 Press Release
E-1
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EXHIBIT 99
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FOR RELEASE MARCH 24, 1999 AT 8:45 AM EST
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SYSTEMSOFT CORPORATION TO FILE FOR PROTECTION UNDER CHAPTER 11 OF THE U.S.
BANKRUPTCY CODE.
NATICK, MA - March 24, 1999 - SystemSoft Corporation (OTC: SYSF) today will file
for protection under Chapter 11 of the U.S. Bankruptcy Code. The company will
attempt to sell off its technology assets to interested parties for the benefit
of creditors and shareholders. The company intends to operate at reduced staff
levels to fulfill obligations under contracts to existing customers until assets
of the business are sold.
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Any statements that are not historical facts contained in this release,
including statements regarding management's goals and objectives, the Company's
future strategy, prospective strategic alliances, the proposed settlement of the
securities class action, and management's operating plans are forward looking
statements. Those statements are subject to a number of risks and uncertainties
that could cause actual results to differ materially from those anticipated,
including but not limited to those relating to the Company's cash liquidity and
lack of working capital, market acceptance of the Company's products,
competition, lack of cooperation and support from current customers, vendors and
commercial bankers, the failure to obtain final court approval of the pending
securities class actions, and other risks identified in the Company's Securities
and Exchange Commission filings.
For further information contact: Terri Bonee, SystemSoft Corporation at (508)
651-0088.
