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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): APRIL 16, 2002
CYBERNET INTERNET SERVICES INTERNATIONAL, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE
(State of Incorporation)
000-25677 51-0384117
(Commission File Number) (I.R.S. Employer Identification No.)
1620 - 400 BURRARD STREET
VANCOUVER, BRITISH COLUMBIA V6C 3A6, CANADA
(Address of principal executive offices)
(604) 683-5767
(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On April 16, 2002, Cybernet Internet Services International, Inc. (the
"Registrant") entered into a share purchase agreement (the "Agreement") with
Westwood Corporation ("Westwood") wherein the Registrant sold all of the shares
of Cybernet Italia S.p.A. ("Italia") to Westwood in consideration for $10,000.
Italia is a provider of Internet communications services and solutions including
Internet connectivity, value-added services and advanced communications products
in Italy. In 2001 and 2000, Italia reported loss before taxes of Euro 8.0
million and Euro 5.7 million, respectively. At December 31, 2001, the
Registrant recorded impairment charges to reduce goodwill and other intangible
assets relating to Italia to zero.
The consideration received by the Registrant represents the current fair market
value of Italia in light of its historical operating results, current financial
condition, current and contingent liabilities, cash requirements and future
prospects.
The summary of the Agreement is qualified in its entirety by reference to the
Agreement which is attached hereto as an exhibit.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(b) Pro forma financial information.
To be filed by amendment.
(c) Exhibits.
EXHIBIT NUMBER DESCRIPTION
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2.1 Share Purchase Agreement between Cybernet Internet Services
International, Inc. and Westwood Corporation dated
April 10, 2002.
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.
CYBERNET INTERNET SERVICES
INTERNATIONAL, INC.
/s/ Roy Zanatta
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Roy Zanatta
Secretary
Date: April 19, 2002
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CYBERNET INTERNET SERVICES INTERNATIONAL, INC.
FORM 8-K
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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2.1 Share Purchase Agreement between Cybernet Internet Services
International, Inc. and Westwood Corporation dated
April 10, 2002.