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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
DECEMBER 19, 2001
DATE OF REPORT
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(DATE OF EARLIEST EVENT REPORTED)
VHS NETWORK INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
5170 DIXIE ROAD
MISSISSAUGA, ONTARIO, CANADA
L4W 1E3
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(905) 238-9398
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(REGISTRANT'S TELEPHONE NUMBER)
FLORIDA 65-0656668
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(STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER
JURISDICTION OF FILE NUMBER) IDENTIFICATION NO.)
INCORPORATION)
Item 2. Acquisition of Assets.
VHS Network Inc. acquired the shares of TrueNET Enterprise Inc. in a transaction
where VHS Network Inc.exchanged 3,200,000 VHS Network Inc. shares for all of the
shares of TrueNET Enterprise Inc. The principles of TrueNET Enterprise Inc.
are arms length sellers and have had no previous relationship with VHS Network
Inc. its principles or any of its affiliates.
TrueNET Enterprise Inc. has developed a management software product for the
Wholesale Distribution Business which is unique and proprietory to them.
This business will be carried on as a wholly owned subsidiary of VHS
Network Inc. in the same business sector as previously employed.
The principles of TrueNET Enterprise were; Mr John P. Salowski, Mr. Jeff R.
McMillan, Regional Hose and Equipment Ltd. Each of the parties hereto were
equal partners in the transaction.
Item 7. Financial Statements
No financial statements are filed herewith. The Registrant is required to file
audited financial statements no later than 60 days after the date that this
report must be filed.
EXHIBITS
99.1 Press release dated December 12, 2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date December 19, 2001
VHS NETWORK INC.
By: /s/ Elwin D. Cathcart
Elwin D. Cathcart CEO
EXHIBIT 99.1
VHS Network Inc. Finalizes Acquisition Of TrueNET Enterprise Inc.
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Dec. 12, 2001--VHS Network, Inc. (OTC
Bulletin Board: VHSN) announced today that the parties had agreed to all of the
outstanding issues, and, subject to regulatory approval would complete its
acquisition of the privately held Canadian company, TrueNET Enterprise Inc. of
Mississauga, Ontario.
VHS Network Inc. (www.vhsn.net), an ecommerce firm, develops and operates
sophisticated trade mechanisms, which include the use of smartCARD(TM)
technologies and international internet-based trade portals. The company's
services are based on the simple principal of removal of barriers to trade that
bring together parties who want to do business.
TrueNET Enterprise Inc. (www.truenetenterprise.ca) is an electronic business
facilitator and information technology consultancy, specializing in the
implementation and support of wholesale distribution systems. The acquisition of
TrueNET Enterprise Inc. is viewed as a significant advance toward creating
unified electronic platforms for VHS Network's various ecommerce products.
TrueNET's management and technical team will become an integral part of VHS
Network's day-to-day operations.
Elwin Cathcart, Chairman and CEO of VHS Network Inc., describes the acquisition
as "a perfect fit, which fulfills several key objectives of the company's growth
plans." He explained: "The next step for us is to provide our clients with
enhanced ebusiness platforms which support and encourage the use of our
international and domestic trade facilities. With this acquisition, we are
gaining not only the technology, but the expertise necessary to do just that. In
terms of our China-eMall trade portal alone (www.china-emall.com), the potential
to increase transactions by harmonizing technologies is enormous."
Speaking on behalf of management of TrueNET Enterprise Inc., John Salowski, who
will assume the roll of President of VHS Network Inc., agreed, saying: "This is
truly an intuitive application of our technology-adding value to a service by
anticipating and addressing the technological differences of its clients."
This press release contains forward-looking statements within the meaning of
section 27A of the Securities Act of 1933 and section 21E of the Securities
Exchange Act of 1934 and is subject to the safe harbor created by those
sections, and the provisions contained in the Private Securities Litigation
Reform Act of 1995 and any amendments thereto.
CONTACT:
VHS Network Inc.
Elwin D. Cathcart, 905/795-9139, ext. 304
elwinc@VHSN.NET
URL: www.vhsn.net