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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): MAY 5, 1997
OBJECTSOFT CORPORATION
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 1-10751 22-3091075
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation Identification No.)
CONTINENTAL PLAZA III
433 HACKENSACK AVENUE
HACKENSACK, NEW JERSEY 07601
(Address of Principal Executive Offices) (Zip Code)
(201) 343-9100
(Registrant's telephone number, including area code)
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This Current Report on Form 8-K is filed by ObjectSoft Corporation.,
a Delaware corporation (the "Company"), in connection with the matters described
herein.
ITEM 5. OTHER EVENTS
On May 5, 1997, the Company and InteractiVisions, Inc.
("InteractiVisions"), a privately-held company which designs interactive
electronic merchandising networks using touch screens at points of sale, signed
a letter of intent (the "Letter of Intent") which contemplates the acquisition
by the Company of all of the outstanding capital stock of InteractiVisions in
exchange for the issuance of 600,000 unregistered shares of the Company's Common
Stock, subject to possible adjustments in the event that accounts payable or
enumerated expenses of InteractiVisions exceed certain levels. It is expected
that InteractiVisions' management will enter into employment agreements with
ObjectSoft and will receive ObjectSoft stock options. The acquisition is
expected to be completed by the end of June and is subject to various
conditions, including due diligence reviews, execution of definitive agreements,
board approvals and approval of InteractiVisions' stockholders.
Simultaneous with the execution of the Letter of Intent, the Company
loaned InteractiVisions $250,000. The loan is due and payable 60 days after the
termination of the Letter of Intent, together with interest at the prime rate
plus 3 points. The loan is secured by assets of InteractiVisions. In
consideration of its making the loan, if the Letter of Intent is terminated and
the acquisition is not completed as of the date of termination, the Company will
have the right to acquire shares of InteractiVisions convertible preferred
stock, which are convertible into approximately 10% of InteractiVisions'
outstanding common stock (on a fully diluted basis).
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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.
Dated: May 12, 1997
OBJECTSOFT CORPORATION
BY: /s/ DAVID E.Y. SARNA
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DAVID E.Y. SARNA, CHAIRMAN
