UNITED STATES
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): April 24, 2000
ENTRADE INC.
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(Exact name of registrant as specified in its charter)
Pennsylvania 1-15303 52-2153008
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
500 Central Avenue, Northfield, Illinois 60093
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (847) 441-6650
Not applicable
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On April 24, 2000, Entrade Inc. ("Entrade"), issued a press release
attached hereto as Exhibit 99.1, announcing the redemption of its Series A
Convertible Preferred Stock for an aggregate cash payment of $34,280,113.58
and the issuance of 31,516 shares of Entrade common stock. Entrade also
sold 6,000,000 shares of class A common stock of asseTrade.com, Inc. for
$10,000,000 to fund the redemption and ongoing operations.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not Applicable.
(b) Not applicable.
(c) Exhibits:
Exhibit No. Exhibit Description
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99.1 Press Release of Entrade Inc.,
dated April 24, 2000.
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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.
ENTRADE INC.
By: /s/ Mark F. Santacrose
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Mark F. Santacrose,
President and
Chief Executive Officer
Date: April 24, 2000
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EXHIBIT INDEX
Exhibit No. Exhibit Description
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99.1 Press Release of Entrade Inc., dated April 24,
2000.
EXHIBIT 99.1
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FOR IMMEDIATE RELEASE
Contacts:
At Entrade: At PepperCom - Media At Citigate - Investors
Bob Gruber, V.P. Peter Harris Robin Weinberg
(212) 628-2554 (212) 931-6112 (212) 419-4284
[email protected] [email protected] [email protected]
ENTRADE COMPLETES CONVERTIBLE PREFERRED
STOCK REDEMPTION
NORTHFIELD, IL, APRIL 24, 2000 - Entrade Inc. (NYSE:ETA; www.entrade.com)
today announced that it has completed the redemption of Series A
Convertible Preferred Stock for an aggregate cash payment of $34,280,113.58
and the issuance of 31,516 shares of Entrade common stock. Entrade also
sold 6,000,000 shares of class A common stock of AssetTRADE.com, Inc. for
$10,000,000 to fund the redemption and ongoing operations. Entrade's
equity interest in AssetTRADE.com will now be approximately 16.62%.
"Our decision to redeem the convertible preferred was driven by our
continued success in creating sustainable B2B electronic marketplaces and
also our unwillingness to sustain dilution at this time," said Entrade CEO
Mark Santacrose. "Our optimism for the future success of Entrade is
strengthened by the investment of several established off-line industry
leaders to build marketplaces with speed-to-market and land-based
capabilities. It is our intention to continue to fund the company's growth
through similar relationships, internal cash flow, and more conventional
means of financing."
ABOUT ENTRADE
Entrade (NYSE:ETA; www.entrade.com) offers a combination of capital,
experienced management and e-commerce technology to create sustainable B2B
marketplaces. This foundation, strengthened by partnerships with
established industry leaders and land-based networks, provides an
opportunity to build solid businesses with speed, fulfillment capability
and efficiency.
To date, Entrade has invested in seven electronic marketplaces, with an
eighth pending shareholder approval. Entrade holds a majority ownership in
TruckCenter.com (100%), utiliparts.com (80%) and printeralliance.com (64%).
Entrade also holds minority interests in AssetControl.com (38%),
TradeTextile.com (25%), AssetTRADE.com (16.62%) and pricecontainer.com
(15%). In addition, Entrade has entered an agreement, subject to
shareholder approval, to acquire a 15% interest in ATMcenter.com.
NATIONWIDE AUCTION SYSTEMS, a land-based public auction company, is a 100%
owned subsidiary of Entrade. Entrade intends for Nationwide Auction
Systems to provide asset disposition services for its e-commerce
marketplaces, as well as e-enable this business in the second quarter 2000.
Entrade recently announced the creation of ENTRADE ASIA PACIFIC, a 50%-50%
joint venture with Gondwana Resources NL, an Australian-based business,
with plans to develop B2B e-commerce marketplaces, as well as to sub-
license the Entrade technology in the Asia-Pacific region. The agreement
is subject to the approval of Gondwana's shareholders.
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STATEMENTS CONTAINED IN THIS PRESS RELEASE, WHICH ARE NOT HISTORICAL FACTS,
ARE FORWARD-LOOKING STATEMENTS. SUCH FORWARD LOOKING STATEMENTS ARE
NECESSARY ESTIMATES REFLECTING THE BEST JUDGMENT OF THE PARTY MAKING THE
STATEMENTS BASED UPON CURRENT INFORMATION AND INVOLVE A NUMBER OF RISKS AND
UNCERTAINTIES. FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESS RELEASE
OR IN OTHER PUBLIC STATEMENTS OF THE PARTIES SHOULD BE CONSIDERED IN LIGHT
OF THOSE FACTORS. THERE CAN BE NO ASSURANCES THAT SUCH FACTORS OR OTHER
FACTORS WILL AFFECT THE ACCURACY OF SUCH FORWARD-LOOKING STATEMENTS.
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