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
August 30, 2001
Date of Report
(Date of Earliest Event Reported)
Milinx Business Group, Inc.
(Exact Name of Registrant as Specified in its Charter)
Suite 3827
1001 Fourth Avenue Plaza
Seattle, WA 98154
(Address of principal executive offices)
206-621-7032
Registrant's telephone number
Delaware 000-26421 91-1954074
- ------------------------ ----------------------- -----------------
(State of Incorporation) (Commission File Number) (I.R.S. Employer)
ITEM 5. OTHER EVENTS
Effective August 28, 2001, Mr. Thomas Loker has been appointed as President and
Chief Operational Officer of Milinx. Mr. Loker has also been appointed a
director of the company.
Mr. Loker has 23 years of diversified experience in sales, marketing, financial
and operational areas with national, regional, and local companies. His
executive management experience in both large and small companies is based upon
fundamentals of fact based management, strong leadership skills and combines
creative motivational techniques with effective implementation attributes that
provide for highly productive results.
Mr. Loker's experience has included numerous start up and turnaround situations
as well as involvement in many mergers and acquisitions. Mr. Loker has been a
successful practicing consultant for the past 11 years specializing in
"turn-around" and "start-up" situations. His expertise and skills have been
called on to assist a number of companies in a wide rage of businesses,
industries and disciplines.
Mr. Loker's experience in high tech manufacturing includes companies such as:
Epson America; Toshiba; NEC; MGV International; Power-Up Software; Cycore GMBH;
i-Planet; Sybersay Communications, Inc. and sales, service & distribution with:
Epson America; Canon Computer Systems Division; Celluland; Commodore
International; BGI Datentechnik GmbH; Dimension Technologies, Inc.; SunnyComm,
Inc; Rest Computer Products; Priority Support and Moose Logic.
Mr. Loker has also had experience in franchising or national and regional
expansion for such firms as: ComputerLand Corporation; Celluland; MGV
International; NYW Woodshops and Priority Support.
Mr. Loker's turn-around, mergers and acquisitions have included: CTEK, Inc.;
i-Planet; Cycore GMBH; Power-Up Software; Clinton Computer; ComputerLand of
Hawaii and many other ComputerLand related Mergers and Acquisitions.
Most recently Mr. Loker was President and COO of SyberSay Communications. Mr.
Loker joined SyberSay as COO in February of 2000 with the goal of establishing
and structuring the company. Mr. Loker took the company from an initial staff of
9 to a team of 43 members and by July the company had developed, manufactured
and released its first products into the market. Mr. Loker was appointed
President & COO in October and in concert with the downturn in the market Mr.
Loker reduced expenses from approximately $2 million dollars per month to under
$1 million per month by December without cutting programs or significantly
reducing head count. Also during this period the company released 4 new
products. Mr. Loker spearheaded raising $7 million of additional capital during
this time frame. He successfully recruited his replacement in July of this year.
During his tenure the company raised $11 million in financing, released 9
products to the market (2 of which were named best product), introduced new
technologies in the Wireless and Wired headset market area, obtained 1 patent
and filed for 9 patents and had an additional 12 inventions in disclosure.
Over the next few weeks Mr. Loker will be assembling a team to assess the
current status of the company, its strengths, weaknesses, opportunities and
threats and synthesize this information into a "restart" plan.
Maynard L. Dokken will continue as CEO of Milinx Business Group, Inc. and was
appointed Chairman of the Board of Milinx Business Group, Inc. on August 28,
2001.
FORWARD LOOKING INFORMATION
This document contains forward-looking statements that involve a number of risks
and uncertainties. A forward looking statement is usually identified by our use
of certain terminology, including "believes," "expects," "may," "will,"
"should," "could," "seeks," "pro forma," "anticipates" or "intends" or by
discussions of strategy or intentions.
Forward looking statements: This document may contain statements about expected
future events and financial results that are forward looking in nature, and, as
a result, are subject to certain risks and uncertainties, including general
economic and business conditions, and specific conditions affecting our sector,
including pricing pressures and declining prices; our ability to access capital
Markets to ensure financial liquidity; competition; the inability to attract and
retain our anticipated customer base; changes in business strategy or
development plans; the ability to attract and retain qualified personnel; and
other factors. Actual Results may differ materially from those projected by
management. For such statements, we claim the safe harbor for "forward looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995.
Information about management's view of Milinxs' future expectations, plans and
prospects that constitute forward-looking statements for purposes of the safe
harbor provisions under The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by these
forward-looking statements as a result of a Variety of factors including, but
not limited to, the doubt as to Milinx's ability to restructure as a going
concern, risks associated with efforts to restructure the obligations of Milinx
including risks associated with efforts to obtain Equity or other financing,
risks associated with actions commenced by Milinx and its subsidiaries to
receive equitable relief from the Courts for damages and the value of its
Intellectual Property. Competitive developments, risks associated with Milinxs'
growth, and other factors. Milinx assumes no obligation to update these
forward-looking statements to reflect actual results, changes in assumptions or
changes in factors affecting such forward-looking statements.
In addition, forward looking statements depend upon assumptions, estimates and
dates that may not be correct or precise and involve known and unknown risks,
uncertainties and other factors. Any financial information in this release is
based on unaudited and incomplete information. Accordingly, a forward-looking
statement in this document is not a prediction of future events or
circumstances, and those future events or circumstances may not occur. Given
these uncertainties, you are warned not to rely on the forward-looking
statements. Neither we nor any other person assumes responsibility for the
accuracy and completeness of these statements. Except for ongoing obligations
under the federal securities laws to disclose all material information to
investors, we are not undertaking any obligation to update these factors or to
publicly announce the results of any changes to our forward looking statements
due to future events or developments.
For more information, please contact:
Milinx Business Group Inc.
3827-1001 Fourth Avenue
Seattle Washington 98154
Phone 206-621-7032 (9 AM - 5 PM PT)
Fax 206-621-7035
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.
MILINX BUSINESS GROUP, INC. DATE
/s/ Mikiko Fujisawa August 30, 2001
------------------------------------ -------------------------
Mikiko Fujisawa, Corporate Secretary
End of Filing