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 6, 2002
Nx Networks, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
000-20512 54-1345159
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(Commission File Number) (I.R.S. Employer Identification No.)
13595 Dulles Technology Drive
Herndon, Virginia 22209
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(Address of Principal Executive Offices) (Zip Code)
(703) 742-6000
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(Registrant's Telephone Number, Including Area Code)
ITEM 2. ACQUISITION OR DISP0SITION OF ASSETS.
On March 6, 2002, the United States Bankruptcy Court for the Eastern
District of Virginia entered an order approving an Asset Purchase Agreement
(the "Agreement") between NX Networks, Inc.(the "Company") and nsgdata.com
Inc. or its designee (the "Purchaser"). A copy of such Order is attached
hereto as Exhibit 99.1, and a copy of such asset purchase agreement is
attached hereto as Exhibit 99.2.
The purchase price pursuant to the Agreement is as follows:
a. $677,000 cash at closing;
b. a promissory note in the amount of $300,000 payable within 30 days of
closing, a promissory note in the amount of $150,000 payable within 60 days of
closing and a promissory note in the amount of $150,000 payable within 90 days
of closing, all secured by the accounts receivable, intellectual property and
the DEC/Cabletron Lawsuit (as defined in the Agreement);
c. 60% of the accounts receivable as collected;
d. 70% of the proceeds of the DEC/Cabletron Lawsuit; and
e. the agreement of Purchaser to pay all post-petition accounts payable
of the Company.
The closing of the transactions contemplated by the Agreement was
consummated on March 8, 2002.
Item 7. EXHIBITS
99.1 Order of the United States Bankruptcy Court for the Eastern
District of Virginia, Alexandria Division, dated March 6, 2002.
99.2 Asset Purchase Agreement, dated as of February 11, 2002,
between Nx Networks, Inc. and nsgdata.com Inc.
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.
Nx Networks,Inc.
Date: March 13, 2002 By: /s/ Richard Yalen
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Richard Yalen
Chief Executive Officer
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