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: February 12, 1999
Lotus Pacific, Inc.
(Exact name of registrant as specified in its charter)
Delaware
State of Organization
000-24999
Commission File Number
52-1947160
Employer Identification Number
200 Centennial Avenue, Suite 201, Piscataway, New Jersey 08854
Address of Principal Executive Office
(732) 885-1750
Registrant's Telephone Number, Including Area Code
Item 5. OTHER EVENTS
On February 12, 1999, Lotus Pacific, Inc. (the "Registrant") announced that
it had signed agreements to acquire US Securities & Futures Corp. ("USSF")
of New York, NY and Professional Market Brokerage, Inc. (PMB) of Chicago,IL.
Upon completion of the acquisitions, the Registrant will own 100% of both
USSF and PMB.
USSF is a full service brokerage firm with its headquarters on Wall Street
in New York, NY. With over 15 branches worldwide, USSF offers online
securities trading service and other financial and brokerage services to
individuals and institutions all around the world (www.ussecurities.com).
USSF is registered as a Futures Commission Merchant (FCM), and is a member
of the National Association of Securities Dealers (NASD), Securities
Investor Protection Corporation (SIPC), and National Futures Association (NFA).
PMB is a Chicago-based financial trading firm that provides online trading
service from its advanced Internet-based system (www.pmbinc.com) to self-
directed, broker-assisted, individuals, money managers, commodity trading
advisers, or introducing brokers. PMB has a diversified customer base with
approximately $22 million in customer segregated assets. PMB is registered
with the Commodity Futures Trading Commission (CFTC) as a Futures Commission
Merchant (FCM) and is a member of the National Futures Association (NFA).
The acquisitions of USSF and PMB are an important part of the Registrant's
strategy to integrate the Internet solutions with the financial industry,and
become the first and only Internet-Wall Street company (trademark) in the
world that combines the Registrant's own set top box - TeleWeb (trademark)
A9000 and the TeleWeb (trademark) System with online financial trading
services. The acquisitions allow the Registrant to: (1) provide its own
user-end terminals to its financial trading customers; (2) constantly upgrade
its hardware and software based on market conditions and customer needs;
(3) minimize its dependence on other high tech companies to maintain its
online trading systems,consequently, lower the probability of trading system
breakdown.
Item 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
( c ) Exhibits
Exhibit 99. Press Release of the Registrant, dated February 12,1999,
announcing the Registrant's agreements to acquire US Securities & Futures
Corp. and Professional Market Brokerage, Inc.
Signatures
Pursuant to the requirements of Section 12 of the Securities Exchange Act of
1934, the registrant had duly caused this report to be signed on its behalf
by the undersigned, thereto duly authorized.
LOTUS PACIFIC, INC.
Date: February 12, 1999 By: /s/ James Yao
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James Yao, Chairman & President
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following person on behalf of the
registrant and in capacities and on the dates indicated.
Date: February 12, 1999 By: /s/ Gary Huang
--------------------------------
Gary Huang, Chief Financial Officer