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) July 9, 1998
AVERT, INC.
----------------------------------------------------
(Exact name of registrant as specified in its charter)
Colorado 0-239052 84-1028716
--------------------------- ------------ ------------------
(State of other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
301 Remington, Fort Collins, Colorado 80524
--------------------------------------- --------
(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code: 970-484-7722
<PAGE>
Item 5 Other Events
a) Avert, Inc. announced board approval for repurchase of shares in the
open market.
Item 7 Financial Statements and Exhibits
c) Exhibits
35 Press release dated July 9, 1998
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 thereunto duly authorized.
AVERT, INC.
July 9, 1998 By: /s/ Dean A. Suposs
- ------------------------ ------------------------------
Date Dean A. Suposs
President
3
<PAGE>
EXHIBIT INDEX
Exhibit No. Exhibit Description Page
- ----------- ------------------- ----
35 Press Release, dated July 9, 1998 5
4
EXHIBIT 35
FOR IMMEDIATE RELEASE: NEWS
July 9, 1998
Nasdaq National Market/AVRT
AVERT, INC. BOARD OF DIRECTORS APPROVES ADDITIONAL FUNDS FOR
REPURCHASE OF SHARES IN OPEN MARKET
FORT COLLINS, Colorado - Avert, Inc. (Nasdaq National Market/AVRT), an
information services company that provides employment background checks to a
growing nationwide customer base, today announced that its board of directors
has approved an additional $500,000 to repurchase its shares in the open market.
"We stand behind our original position regarding the value of our shares in the
marketplace. The decision to approve additional funds for stock repurchase, in
my opinion, supports the company's position that Avert, Inc. remains a
financially stable and profitable company and represents an attractive
investment opportunity," said Dean Suposs, president of Avert, Inc. "The actual
number of shares that will be purchased will be dependent on the value of the
Company's stock in the open market."
The board of directors first approved $500,000 for stock repurchase in January
of 1996. Following this approval, the Company purchased 42,250 shares in 1996
and an additional 20,500 shares in 1998. To date, the Company has repurchased a
total of $368,750.25 worth of stock.
The funds used to repurchase the shares will come solely from past retained
earnings and any shares repurchased will be considered treasury stock and
retired as authorized but unissued shares of common stock.
Through its headquarters in Fort Collins, Avert is an information services
company that provides thousands of employment background checks to thousands of
employers nationwide every day. Products and services include criminal records,
civil records, workers' compensation histories, driving records, previous
employment verification, credit histories, education verification and social
security number validation.
Contact:
Avert, Inc.
Investor Relations
970.484.7722
5
