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): June 17, 1999
Consolidated Technology Group Ltd.
(Exact name of Registrant as Specified in its Charter)
New York 0-4186 13-1948169
(State or other jurisdiction (Commission (IRS Employer
of incorporation File No.) Identification No.)
700 Gemini Street, Houston, Texas 77058
(Address of Principal Executive Office)
Registrant's telephone number, including area code: (281) 488-8484.
-1-
<PAGE>
Item 5. Other Events.
On June 17, 1999, the Registrant and its wholly owned subsidiary, SIS
Capital Corp. ("SISC"), consummated the sale of all of its equity interest in
Arc Networks, Inc. ("Arc") to Technology Acquisitions, Ltd. ("TAL"), the
Registrant's principal stockholder, pursuant to which the Registrant received
$854,937. The sale was made pursuant to the terms of a previously reported
agreement dated March 23, 1999, as amended, between the Registrant, SISC, Arc
and TAL. Currently, TAL owns or has voting rights with respect to 15,999,785
shares of common stock, representing more than 34% of the outstanding common
stock of the Registrant. As a result of the sale, the Registrant realized and
will report a gain on disposal of segment of approximately $7.3 million for the
2nd quarter of 1999. All of the operations of Arc prior to the sale will be
reported as operations of a discontinued segment in the Registrant's
consolidated financial statements.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Agreement dated as of March 23, 1999, among the
Registrant, SIS Capital Corp., Arc Networks, Inc. and Technology Acquisitions,
Ltd., as amended, with the exhibits and schedules. (*)
(*) Incorporated by reference to the Form 8-K filed on April 7, 1999.
-2-
<PAGE>
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.
CONSOLIDATED TECHNOLOGY GROUP LTD.
By:_______________________________________
Date: June 30, 1999 Richard Young
President and Chief Operating Officer
- 3 -
