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): March 23, 2001
ePHONE Telecom, Inc.
(Exact name of registrant as specified in its charter)
Florida
(State or other jurisdiction of incorporation)
000-27699 98-020-4749
(Commission File Number) (IRS Employer Identification Number)
1145 Herndon Parkway
Suite 100
Herndon, Virginia 20170-5535
(Address of Principal Executive Offices)
(703) 787-7000
(Telephone Number, Including Area Code)
(Not Applicable)
(Former name or former address, if changed since last report)
Item 5. Other Events.
On March 23, 2001, ePHONE Telecom, Inc. (the "Company") entered into a
Settlement Agreement and Mutual General Release (the "Settlement Agreement")
with Charles Yang, a former President of the Company, to resolve all claims and
disputes between the Company and Mr. Yang, including all claims relating to Mr.
Yang's employment by and separation from the Company. Pursuant to the terms of
the Settlement Agreement, the Company agreed to pay Mr. Yang $400,000 in cash in
installments by July 23, 2001, and issue Mr. Yang 400,000 shares of the
Company's common stock.. A copy of the Settlement Agreement is attached to this
Current Report as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
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The exhibits listed in the Exhibit Index are filed herewith.
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.
ePHONE TELECOM, INC.
By /s/ Charlie Rodriguez
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Charlie Rodriguez
Chief Financial Officer and
Vice President - Corporate Affairs
Date: April 13, 2001
EXHIBIT INDEX
Exhibit No. Description
99.1 Settlement Agreement and Mutual General Release between Charlie Yang
and ePHONE Telecom, Inc., dated March 23, 2001