UNITED STATES
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) February 6, 2002
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driversshield.com Corp.
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(Exact name of registrant as specified in its charter)
New York 0-21467 11-2750412
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
51 East Bethpage Road, Plainview, New York 11803-4224
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 694-1010
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(Former name or former address, if changed since last report.)
This document contains pages 5. The Exhibit Index is located on page 3.
Item 2. Acquisition or Disposition of Assets
On February 6, 2002, driversshield.com Corp. (the "Company") consummated
the sale of all of the capital stock of its wholly owned subsidiary,
driversshield.com FS Corp. ("FS"), to PHH Vehicle Management Services, LLC.
("PHH") for the purchase price of $6.3 million. FS operates a fleet claims
management business servicing large corporate and governmental fleets.
Additionally, PHH purchased $1 million of the Company's Series A Convertible
Preferred Stock. Both of these transactions were approved by shareholders that
voted at the Company's 2000 Annual Meeting of Shareholders, held on February 4,
2002, representing a majority of the outstanding common stock shares of the
Company.
Item 7. Financial Statements and Exhibits
10.1 Stock Purchase Agreement dated October 29, 2001 by and among PHH Vehicle
Management Services, LLC, and driversshield.com Corp., and
driversshield.com FS Corp. fild with the Company's Form 10- QSB for the
period ended September 30, 2001 and incorporated by reference herein.
99.1 Press release issued by the Company on February 7, 2002 filed herein.
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 thereunto duly authorized.
driversshield.com
By: /s/ Barry Siegel
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Name: Barry Siegel
Title: Chairman and CEO
Date: February 11, 2002
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Exhibits Index
Exhibit Number Description
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10.1 Stock Purchase Agreement dated October 29, 2001 by and among
PHH Vehicle Management Services, LLC, and driversshield.com
Corp., and driversshield.com FS Corp. filed with the Company's
Form 10-QSB for the period ended September 30, 2001 and
incorporated by reference herein.
99.1 Press release issued by the Company on February 7, 2002 filed
herein.
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