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 January 28, 1998 Date of Report (Date of earliest event reported) PRT GROUP INC. (Exact Name of Registrant as Specified in Charter) Delaware 0-23315 13-3914972 (State or other jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 342 Madison Avenue, 11th Floor, New York, New York 10173 (Address of Principal Executive Offices) (Zip Code) (212) 922-0800 Registrant's telephone number, including area code Not Applicable (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. ------------ On January 28, 1998, PRT Group Inc. (the "Company") entered into an Asset Purchase Agreement ("Purchase Agreement") with Advanced Computing Techniques, Inc. ("ACT"), a Connecticut corporation. Pursuant to the Purchase Agreement, the Company will purchase substantially all of the business and assets of ACT for an aggregate purchase price of $12.8 million in cash, subject to post-closing adjustments. It is anticipated that the closing (the "Closing") of the transaction will take place on January 31, 1998. In addition, pursuant to the terms of the Purchase Agreement and subject to applicable law, the owners of all of the equity of ACT have agreed to purchase $900,000 worth of shares of Company common stock, in the aggregate, on the Nasdaq National Market over a period of 120 days after the Closing and to hold such shares for a period of one year from the purchase date. A press release (the "Press Release") describing the transaction was released on January 28, 1998. The Purchase Agreement and Press Release are attached hereto as Exhibits 99.1 and 99.2 and each is incorporated herein by reference in its entirety. The foregoing discussion is qualified in its entirety by reference to such Exhibits. Item 7. Financial Statements and Exhibits. (c) Exhibits. 99.1 Asset Purchase Agreement by and among PRT Group Inc., Advanced Computing Techniques, Inc., Daniel R. Walsh, Carol A. Anderson and Timothy R. Cyr, dated as of January 31, 1998. 99.2 Press Release issued by the Company, dated January 28, 1998. 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. Dated: January 29, 1998 PRT GROUP INC. By: /s/ Leonard P. Ciriello Name: Leonard P. Ciriello Title: Senior Vice President and General Counsel EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Asset Purchase Agreement by and among PRT Group Inc., Advanced Computing Techniques, Inc., Daniel R. Walsh, Carol A. Anderson and Timothy R. Cyr, dated as of January 31, 1998. 99.2 Press Release issued by the Company, dated January 28, 1998.