SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) June 18, 1996 (March 1, 1996)
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MANAGEMENT TECHNOLOGIES, INC.
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Exact name of Registrant as specified in its Charter)
NEW YORK
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(State or other jurisdiction of incorporation)
0-17206 13-3029797
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Commission File No. I.R.S. Employer Identification
630 Third Avenue, New York, NY 10017
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Address of principal Zip Code
executive offices
(212) 983-5620
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Registrant's telephone number,
including area code
ITEM 5. OTHER EVENTS
By agreement effective as of March 1st, 1996 (the ``sset Purchase
Agreement'), by and between Management Technologies, Inc. (the ``Company'') and
McDonnell Information Systems Group Plc. (``cDonnell'' or the ``Seller''), the
Company agreed to acquire certain assets used primarily in the international
banking systems business of the Seller (the `Acquired Assets'') and to assume
certain rights and obligations of the Seller under certain contracts between the
Seller and certain third parties (the ``ssumed Contracts''). The Asset
Purchase Agreement is Exhibited hereto as Exhibit 10.186
2
The Acquired Assets include all, equipment, hardware, software, books,
records and all rights and interest of the Seller to all intangible intellectual
property rights in the certain international banking software products marketed
under the trademarks of Version 5 and Pro-IV IBS (collectively, the ``BS
Software''.
The Acquired Assets were used by the Seller in the business of developing,
marketing, licensing the IBS Software. The Company intends to continue to use
the Acquired Assets to expand its international banking software business and
product offering.
In consideration for the transfer of the Acquired Assets, the Company
agreed to issue and deliver to the Seller up to 2,000,000 of its common stock
(the ``onsideration Shares'') on condition that certain revenues are received
and recognized during a period starting March 1, 1996 and ending April 30, 1999.
The Consideration Shares are issuable in tranches, starting March 1, 1997. The
Consideration Shares are issuable in numbers equal to 1,000 Consideration Shares
for every $3,000 of revenue received by the Company and revenue recognized from
certain customers of the Seller relating to (a) the sale and licensing of the
IBS Software, (b) the provision of certain services such as customization and
installation related to the licensing and sale of the IBS Software, for a period
starting March 1, 1996 and ending April 30, 1999, up to a maximum of 2,000,000
shares. In addition, the Company agreed to issue to the Seller 1,000,000 shares
of its common stock within 45 days of the close of the first fiscal year in
which the Company's profits is greater or equal to $10,000,000 for a period
ending April 30, 1999.
ITEM 7: EXHIBITS
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10.186 Asset Purchase Agreement between McDonnell Information Systems
Group Plc. and Management Technologies, Inc. dated March 1, 1996.
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.
Dated: New York, New York
June 18, 1996
MANAGEMENT TECHNOLOGIES, INC.
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(Registrant)
/s/ Peter Morris
PETER MORRIS
Chief Operating Officer