1 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): March 25, 1998 ITC LEARNING CORPORATION (Exact name of registrant as specified in its charter) MARYLAND 0-13741 52-1078263 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification Number) 13515 DULLES TECHNOLOGY DRIVE HERNDON, VIRGINIA 20171-3413 (Address of principal executive offices) Registrant's telephone number, including area code: (703) 713-3335 NONE (Former name and address, if changed since last report) 2 ITEM 5. OTHER EVENTS On March 25, 1998, ITC Learning Corporation (the "Registrant" or "ITC") entered into a Stock Purchase Agreement (the "Agreement") to purchase all of the outstanding stock of Turn-Key Training Technologies, Inc. ("Turn-Key"). Turn-Key is a developer and distributor of performance-based training administration software, whose principal offices are located in Grand Rapids, Michigan. Pursuant to the acquisition agreement, ITC purchased all of the outstanding stock of Turn-Key for $700,000 in cash. Additionally, ITC paid $600,000 and issued 100,000 shares of its common stock to Philip L. Camillo, Turn-Key's founder and president, in connection with a long-term non-competition agreement. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS a) Exhibits 99.1 Press Release of the Registrant dated March 30, 1998. 2 3 SIGNATURE 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. ITC Learning Corporation (Registrant) By: /s/ Christopher E. Mack -------------------------------------- Christopher E. Mack Vice President, Treasurer and Chief Financial Officer Date: April 3, 1998 3 4 INDEX OF EXHIBITS Exhibit No. Exhibit Description 99.1 Press Release of the Registrant dated March 30, 1998. 4