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
October 12, 2001
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Date of Report
(Date of Earliest Event Reported)
Milinx Business Group, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Suite 3827
1001 Fourth Avenue Plaza
Seattle, WA 98154
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(Address of principal executive offices)
206-621-7032
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Registrant's telephone number
Delaware 000-26421 91-1954074
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(State of Incorporation) (Commission File Number) (I.R.S. Employer)
ITEM 3. OTHER EVENTS
580880BC Ltd (formerly Milinx Business Services Inc.), has filed a "Notice of
Intention" with the Office of the Superintendent of Bankruptcy (OSOB) in British
Columbia to file a reorganization plan.
580880BC Ltd (formerly Milinx Business Services Inc.) is a Canadian wholly owned
subsidiary of Milinx Business Group Inc., (Delaware).
580880BC Ltd has approximately $3,800,000 (un-audited) in debt. The parent
Company Milinx Business Group, Inc. is an unsecured creditor of 580880BC Ltd. in
the amount of $14,853,915.22. On December 19, 2000 Milinx Business Group, Inc.
filed a PPSA Security Agreement over all the assets of 580880BC Ltd. including
the assets known as the "Data Center" and Intellectual Property for monies
advanced during its operations.
It is the intention of the Company to restart the operations at the Data Center
facility located at suite 300-1045 Howe Street, Vancouver, British Columbia,
Canada and file a reorganization plan as soon as possible for 580880BC Ltd..
The "Notice of Intention" filings do not include the parent company Milinx
Business Group Inc., (which is the Public Company), or any other subsidiaries
except 580880 BC Ltd.
"We are taking steps to restructure our business and financial position in a
difficult environment," said Thomas Loker, President and Chief Operating Officer
of Milinx Business Group Inc. "While very disappointing, we believe today's
filings provide us the best opportunity to reorganize and restart our business.
I want to thank all who continue to assist us in this vital work and restart.
Their dedication to the company, and its shareholders and their many
achievements in both the development of our product and the commitment to our
future are providing the platform that will help make this company again a
viable and profitable entity."
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.
Plans and prospects that constitute forward-looking statements for purposes of
the safe harbor provisions under The Private Securities Litigation Reform Act of
1995. Information about management's view of Milinx's future expectations, but
not limited to, the doubt as to the risks associated with efforts to restructure
the obligations of Milinx or it's subsidiaries, risks associated with efforts to
obtain financing, risks associated with proceedings commenced by 580880 BC Ltd.
(formerly Milinx Business Services, Inc.) under the Bankruptcy and Insolvency
Act, risks associated with acceptance of a reorganization plan, 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
and other known or unknown risks, uncertainties and other factors. 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.
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/ Michael Shiffman October 12, 2001
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Michael Shiffman, Corporate Secretary