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
July 27, 2000
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Date of Report
(Date of Earliest Event Reported)
NEXTPATH TECHNOLOGIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
114 South Churton Street
Suite 101
Hillsborough, N.C. 27278
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(Address of principal executive offices)
919/644-0600
919/644-1115 (fax)
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name and former address, if changed since last report)
Nevada 000-26425 84-1402416
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On July 27, 2000, NextPath completed the purchase of a twenty percent (20%)
interest in USCertifiedLetters, L.L.C. ("USCL"), a privately held company based
in Birmingham, Alabama. USCL has developed and licensed proprietary technologies
enabling customers to send US Postal Service ("USPS") Certified Mail, utilizing
the Internet from any computer, to destinations throughout the continental
United States, Alaska and Hawaii.
The purchase price paid by NextPath consisted of (i) one million shares of
NextPath restricted common stock, (ii) $8,750,000, of which $2,750,000 had been
advanced by NextPath, $3,000,000 of which was paid at closing, and $3,000,000 of
which is payable within thirty (30) days of closing, and (iii) $18,000,000
payable over two years out of distributions otherwise payable by USCL to
NextPath, but only if there are sufficient distributions and conditioned upon
the performance by USCL of certain obligations to NextPath.
USCL provides electronic business-to-business, business-to-consumer, and
consumer-to-consumer certified mail service through its website,
www.uscertifiedletters.com. It engaged the services of IBM Global Services
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(NYSE: IBM) and ITC^DeltaCom (NASDAQ: ITCD) to design, manage, and host the
website; and has test marketed the process with proprietary letter formats
accepted by the USPS.
USCL has patents pending on key aspects of its proprietary methodology.
USCL's licensed, new generation, information software allows users to create a
letter (or insert one from a word processing program) on the
www.uscertifiedletters.com website, pay on-line, and send the letter.
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NextPath's interests will be managed and reported within the Company's
E-Commerce Group ("ECG").
A press release regarding the USCL transaction was issued by NextPath on July
28, 2000.
On July 27, 2000, NextPath also exchanged a twenty percent (20%) interest in
Global Certified Mail, Inc. ("GCM"), a NextPath wholly-owned subsidiary, for an
exclusive, royalty-free technology license. This license will enable GCM to
provide certified mail processing, utilizing the Internet, for delivery outside
of the continental United States, Alaska, and Hawaii. NextPath will retain an
eighty percent (80%) ownership of GCM, which is part of NextPath's E-Commerce
Group (ECG).
GCM will provide electronic business-to-business, business-to-consumer, and
consumer-to-consumer certified mail processing services. It intends to initially
target individual consumers, multinational businesses, financial institutions,
and law firms in Europe.
USCL will assist GCM in development of its website. A press release regarding
the GCM transaction was issued by NextPath on July 31, 2000.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
No financial statements are filed with this report. If required, they will be
filed within sixty (60) days after the date the initial Form 8-K must be filed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
NEXTPATH TECHNOLOGIES, INC.
By /s/ David Nuttle
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David Nuttle, President
Date: August 10, 2000