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): September 30, 2002
MangoSoft, Inc.
---------------
(Exact name of registrant as specified in its charter)
Nevada 0-30781 87-0543565
------ -------- ----------
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification No.)
1500 West Park Drive, Suite 190, Westborough, MA 01581
------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (508) 871-7300
Item 5. Other Events.
Effective September 30, 2002, the Registrant reduced its work force to
three (3) persons, which represented an approximate 70% reduction in personnel.
Included in the reduction was Robert Parsons Vice President and Chief Financial
Officer and Doug Edwards, Vice President of Sales.
In conjunction with the reduction in workforce, the Registrant entered into an
Information Management Services Agreement (the "Agreement") with Built Right
Networks LLC. The terms of the Agreement provide for Built Right Networks LLC to
support the Registrant's information technology infrastructure, its billable
services infrastructure, software code base and reseller network. In addition,
Right Networks LLC has executed a standard commissioned reseller agreement with
the Registrant and will continue to resell all of the Registrant's products and
services. The principals of Right Networks LLC are all former employees of the
Registrant including Doug Edwards, former Vice President of Sales.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Exhibit 99.1 Information Management Services Agreement dated September
30, 2002.
Certain statements included in this report are forward-looking statements
that may involve a number of risks and uncertainties. Actual results may vary
significantly based on a number of factors, including but not limited to, risks
detailed in Registrant's filings with the Securities and Exchange Commission.
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.
MANGOSOFT, INC.
By: /s/ Dale Vincent
----------------
Dale Vincent
Chief Executive Officer
Date: October 2, 2002