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) : February 14th, 2006
Commission File No. 000-49628
TELEPLUS ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
Nevada 90-0045023
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
7575 Transcanadienne, Suite 305, St-Laurent, Quebec, Canada H4T 1V6
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(Address of principal executive offices)
514-344-0778
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(Issuer telephone number)
465 St. Jean, Suite 601, Montreal, Quebec, Canada H2Y 2R6
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(Former Name and Address)
ITEM 8.01. OTHER EVENTS.
TelePlus Enterprises, Inc. ("TelePlus") decided, after more than 12 months of
efforts to downsize and consolidate its Canadian retail operations conducted by
its wholly-owned subsidiary Teleplus Retail Services Inc. ("Retail"), to divest
itself of its retail operations and, on January 13, 2006, caused Retail to file
in Canada a Notice of Intention to make a Proposal under the Bankruptcy and
Insolvency Act (Canada). This decision has enabled TelePlus to focus on its
highly profitable, core re-seller business and, at the same time, end Retail's
negative impact on TelePlus' cash flows and earnings. Under Canadian law, Retail
had until February 12, 2006 to make a proposal to creditors but Retail elected
not to do so. As a result, Retail is deemed to have made an assignment of its
assets to its creditors under the bankruptcy act and has ceased operations and
this effective as of February 12, 2006. This step is the final step in Teleplus'
divestiture of the unprofitable retail operation. This action taken by Retail
will not adversely affect the activities of TelePlus or any of its other wholly
owned subsidiaries.
Signatures
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Teleplus Enterprises, Inc.
February 14, 2006 /s/ Marius Silvasan
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Marius Silvasan
Chief Executive Officer
February 14, 2006 /s/ Robert Krebs
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Robert Krebs
Chief Financial Officer
February 14, 2006 /s/ Tom Davis
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Tom Davis
Chief Operating Officer
February 14, 2006 /s/ Kelly McLaren
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Kelly McLaren
President