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): October 15, 2001
----------------
eLOT, Inc.
(Exact name of registrant as specified in its charter)
Virginia 0-11551 86-0449210
--------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
101 Merritt 7 Corporate Park, Norwalk, Connecticut 06851
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 840-8600
-------------------------
Item 3. Bankruptcy or Receivership.
On October 15, 2001, eLOT, Inc., the registrant, and its subsidiary
eLottery, Inc., filed for reorganization under Chapter 11 of the Federal
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New
York.
The registrant anticipates filing a plan of reorganization within the next
few weeks and expects the reorganization process to be completed in early 2002.
Management of the registrant has had constructive discussions with holders
of a majority of the outstanding 7 1/2% Convertible Subordinated Debentures due
2011 of the registrant and believes it can achieve a consensual reorganization
plan that would include a conversion of the debenture debt into equity.
Management is also exploring the monetization or sale of the remaining assets,
including the eLottery business.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. Management believes that certain
statements in this report (as well as information included in oral statements or
other written statements made or to be made by the Company) constitute
forward-looking statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Such statements are based on current
expectations, estimates and projections about the industries in which the
Company operates, management's beliefs and assumptions made by management. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the Company, or industry results, to be materially different from any future
results, performance, or achievements expressed or implied by such
forward-looking statements. Such risks, uncertainties and assumptions include,
among others, the following: general economic and business conditions; cost and
availability of financing sources; demographic changes; risks related to rapid
technology development; decisions by governmental authorities, changes in
federal or state laws; industry capacity and other industry trends; market
competition; dependence on existing management; and the ability of the Company
to attract and retain key employees and third party services.
Exhibits
None.
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.
eLOT, INC.
October 16, 2001 By: /s/ Barbara C. Anderson
----------------------------------------
Barbara C. Anderson
Senior Vice President, Law
and Administration