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): May 8, 1997
THE NETWORK CONNECTION, INC.
Georgia 1-13760
58-1712432
(State or other (Commission File
(IRS Employer
jurisdiction of No.)
ID No.)
incorporation)
1324 Union Hill Road, Alpharetta, GA 30201
(Address of principal executive offices)
(770) 751-0889
Registrant's telephone number, including area code
(Former name or former address, if changed since
last report)
Item 5 - Other Events.
On May 8, 1997, the Company announced that holders
of 99.7% of the Company's publicly-traded Redeemable
Common Stock Purchase Warrants (the
"Warrants") (NASDAQ SmallCap Stock Market Symbol:
TNCXW) elected to exercise and convert to common stock at
$5.00 per share rather than redeem their Warrants, at the
redemption price of $.25 per Warrant; raising $5.3 million.
Item 7 - Financial Statements, Pro Forma Financial Statements and
Exhibits
(a) Financial Statements
None.
(b) Pro Forma Financial Statements
None.
(c) Exhibits
10.1 Press Release dated May 8, 1997 announcing
the Company's Warrant Redemption results.
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 hereto duly authorized.
THE NETWORK
CONNECTION, INC.
(Registrant)
Dated: May 9, 1997 By:/S/ BRYAN CARR
Bryan Carr, Vice
President
Exhibit 10.1
THE NETWORK CONNECTION, INC. COMPLETES
WARRANT REDEMPTION; 99.7% EXERCISED
RAISING $5.3 MILLION
ALPHARETTA, GA -- May 8, 1997 -- The Network
Connection, Inc. (NASDAQ SmallCap Stock Market: TNCX),
an Atlanta based designer, manufacturer and distributor of
computer networking products that provide digital video/audio
on-demand, imaging and multimedia processes, today
announced that holders of 99.7% of the Company's publicly-
traded Redeemable Common Stock Purchase Warrants (the
"Warrants") (NASDAQ SmallCap Stock Market Symbol:
TNCXW) elected to exercise and convert to common stock at
$5.00 per share rather than redeem their Warrants, at the
redemption price of $.25 per Warrant; raising $5.3 million.
"We sincerely appreciate the confidence and support in the
Company shown by our shareholders in the success of our
warrant exercise," said Wil Riner, Chairman and CEO of TNCX.
"The proceeds from the Warrant exercise will greatly enhance
our growth plans and will be used primarily to complete
regulatory certification and fund anticipated contracts in the
travel and transportation entertainment on-demand market. In
addition, our success from recently announced education and
training related programs; (i) South Korean High School ($5.3
million in orders on $25 million program); (ii) DOD Breast
Cancer Awareness ($500K in orders on $10 million program)
and; (iii) ATML ($2.6 million in orders on $11 million
program), which if fully completed, should result in a very
exciting and rewarding year for the Company and its
shareholders."
TNCX, designs, manufactures and distributes the Cheetah?
family of video server platforms which enable the storage and
delivery of video/audio data over local area networks.
Cheetah? servers are used to bring interactive, on-demand,
full-motion video training, education and entertainment to the
networked client computers in the corporate, home, educational
and train (TrainView?), hotel (InnView?), aircraft
(AirView?), and cruise ship (CruiseView?) travel related
entertainment and transport environments.
Statements in this press release that are not descriptions of
historical facts may be forward-looking statements, as that term
is defined in the Private Securities Litigation Reform Act of
1995, that are subject to risks and uncertainties, including
economic, competitive and technological factors affecting the
Company's operations, markets, products, services and prices,
the failure to execute further definitive orders on favorable terms
or at all for the programs identified above, the failure of the
Company to receive sufficient financing to perform under any
new contracts, as well as other specific factors discussed in the
Company's filings with the Securities and Exchange
Commission.
The Network Connection, Inc.
1324 Union Hill Road
Alpharetta, GA 30201 USA
770/751-0889 800/327-4853 Fax 770/751-1884
Internet Address: tnc.www.com Investor Relations: Bryan
Carr - [email protected]
