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UNITED STATES
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 31, 2000
UNIVERSAL BROADBAND NETWORKS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 000-24408 33-611753
(State or jurisdiction of (Commission File Number) (IRS Employer
Incorporation) Identification
No.)
2030 Main Street, Suite 550
Irvine, California 92614
(Address of principal executive offices)
Registrant's telephone number, including area code): (949) 260-8100
IJNT.NET, INC.
(Former name or former address if changed since last report)
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Item 5. OTHER EVENTS.
On July 31, 2000, the Company ceased the business operation of its wholly-owned
subsidiary, Man Rabbit House Multimedia, Inc. ("MRH"). The Company previously
indicated its intention to sell MRH. The Company determined that the prospective
buyer was unable to consummate the transaction. Thirty-three employees have been
terminated in connection with the closure. However, approximately eight
employees of MRH are being retained to ensure an orderly wind-down of the
business and to complete existing contractual obligations to MRH customers. The
Company has written off the net book value of those assets relating to MRH in an
amount equal to approximately $290,000 at June 30, 2000.
The Company is currently reviewing MRH's real estate leases to determine whether
to sublet the premises or terminate the leases. The net termination obligation,
if any, associated with these leases has not yet been determined by management.
The Company expects to incur some additional on-going expenses from the MRH
subsidiary in connection with the few remaining employees and the real estate
leases.
The Company is currently exploring opportunities to secure buyers for its
satellite offices and related wireless and ISP operations which are not directly
related to the Company's new product and service strategy. If the Company is
unable to sell such operations, management has targeted to close them effective
September 1, 2000. To date, management of the Company has not yet completed its
assessment of asset impairment, if any, related to such operations. Furthermore,
the net termination obligation, if any, associated with the satellite office's
facility and equipment operating leases has not yet been determined by
management.
ITEM 7 FINANCIAL STATEMENTS AND EXHIBITS
c. EXHIBITS
99.1 Press Release
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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.
UNIVERSAL BROADBAND NETWORKS, INC.
Date: August 8, 2000 By /s/ MICHAEL A. STERNBERG
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Michael A. Sternberg
Chief Executive Officer
