U.S. 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
JUNE 12, 1997
VIDEOLABS, INC.
(Name of Small Business Issuer in its charter)
COMMISSION FILE NUMBER: 34-0-23-858
DELAWARE 41-1726281
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
10925 BREN ROAD EAST, MINNEAPOLIS, MN 55343
(Address of principal executive offices) (Zip code)
Registrants telephone number, including area code: (612) 912-1223
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
NONE
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
NONE
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
NONE
ITEM 4. CHANGES IN REGISTRANTS CERTIFYING ACCOUNTANT.
NONE
ITEM 5. OTHER EVENTS.
The Company had outstanding warrants to purchase an aggregate of
481,764 shares of Company common stock that were originally issued at exercise
prices of $1.50, $2.50, $2.65 and $2.80 per share. Such warrants contained
provisions for the adjustment of the purchase price and the number of shares
purchasable under the warrant in the event the Company subsequently issued
certain securities. As part of a settlement with a former employee, the Company
issued options to purchase common stock at an exercise price of $.6875 per
share. On April 28, 1997, the Company notified the holders of the adjustable
warrants that as a result of the issuance of the options, the purchase price for
shares of Company common stock under their warrants had adjusted down to $.6875
per share, and the number of shares of Company common stock purchasable under
their warrants proportionately increased, pursuant to the terms of their
respective warrants. Other outstanding warrants, issued at exercise prices of
$3.50 and $4.20 per share did not adjust. As a result of the adjustments, as of
April 28, 1997 the aggregate number of shares of Company common stock
purchasable under the adjusted warrants increased from 481,764 to 1,842,894, and
the aggregate number of shares of Company common stock purchasable under all
warrants outstanding increased from 819,264 to 2,180,394.
The Company's interim, President and CEO, James W. Hansen, has agreed
to accept on a permanent basis the positions of President, CEO, Chairman and
Treasurer as of June 1, 1997.
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
NONE
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
NONE
ITEM 8. CHANGE IN FISCAL YEAR.
NONE
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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 HEREUNTO DULY AUTHORIZED.
REGISTRANT: VIDEOLABS, INC.
DATE JUNE 12, 1997 SIGNATURE /s/ James W. Hansen
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JAMES W. HANSEN
CEO, CHAIRMAN, & TREASURER
