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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): April 18, 2000
(April 10, 2000)
WORLD ACCESS, INC.
(Exact Name of Registrant as Specified in Charter)
DELAWARE 0-29782 58-2398004
(State of (Commission File No.) (I.R.S. Employer
Incorporation) Identification No.)
945 E. PACES FERRY ROAD, SUITE 2200
ATLANTA, GEORGIA 30326
(Address of principal executive offices, including zip code)
(404) 231-2025
(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On April 10, 2000, World Access, Inc. completed the sale of its Telco Systems,
Inc., subsidiary to BATM Advanced Communications Limited pursuant to a Stock
Purchase Agreement dated February 2, 2000 by and between World Access and BATM.
The aggregate purchase price was $260.8 million in cash and 960,000 ordinary
shares of BATM. The purchase price was determined by arms-length negotiations
between the parties. Telco Systems, based in Norwood, Massachusetts,
manufactures network transport and access solutions for leading
telecommunications service providers. BATM, based in Rosh Ha'ayn, Israel, is a
data communications technology company that is establishing a global leadership
position in next generation data communications equipment, including edge
access devices, multi-protocol switches, fiber-based networking equipment and
IP mux switching solutions. The Stock Purchase Agreement is filed as Exhibit
2.1 to this report and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Pro Forma Information
No pro forma financial information is required as the operations of Telco
Systems and the Company's other equipment businesses which are being divested
have been excluded from continuing operations in the Company's consolidated
financial statements included in its Annual Report on Form 10-K for the year
ended December 31, 1999.
(b) Exhibits
Exhibit
Number Description
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2.1 Stock Purchase Agreement dated February 2, 2000 by and between
World Access, Inc. and BATM Advanced Communications Limited.
99.1 Press release dated April 10, 2000.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
undersigned hereunto duly authorized.
WORLD ACCESS, INC.
Date: April 18, 2000 By: /s/ MARTIN D. KIDDER
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Martin D. Kidder
Vice President and Controller
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EXHIBIT INDEX
Exhibit
Number Description
- ------ -----------
2.1 Stock Purchase Agreement dated February 2, 2000 by and between World
Access, Inc. and BATM Advanced Communications Limited.
99.1 Press release dated April 10, 2000.
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