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FORM 8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 reported) April 15, 2002
USA VIDEO INTERACTIVE CORP.
(Exact name of registrant as specified in its chapter)
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WYOMING 0-29651 06-15763-91
(State or other jurisdiction (Commission (IRS Employer
of incorporation File Number) Identification No.)
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70 ESSEX STREET, MYSTIC, CONNECTICUT 06355
(Address of principal executive offices) (Zip Code)
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(800) 625-2200
Registrant's telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE.
On April 12, 2002 the Registrant announced that it has placed eight of its
twenty employees in the Connecticut office on a temporary furlough.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit 99.1 News Release dated April 12, 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.
USA VIDEO INTERACTIVE CORP.
Date : April 15, 2002 By : /s/ Anton J. Drescher
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ANTON J. DRESCHER,
CORPORATE SECRETARY
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USA VIDEO INTERACTIVE CORP. REDUCES OVERHEAD
APRIL 12, 2002 - MYSTIC, CONNECTICUT - Mr. Edwin Molina, President of USA Video
Interactive Corp. (OTCBB: USVO; CDNX: US; BSE/Frankfurt: USF;
http://www.usvo.com/) wishes to advise that it has placed eight of its twenty
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employees in the Connecticut office on a temporary furlough. All of these
employees are on call, continue to be covered under the Company's benefit plan
and are available on a per diem basis to fulfil sales contracts as required.
This cost cutting measure is being done to reduce the Company's current
overhead.
ABOUT USA VIDEO INTERACTIVE
USVO is a developer and supplier of Internet media delivery services, systems,
and innovative end-to-end solutions. The company has developed its StreamHQ(TM)
architecture to provide a wide range of business customers with value-added
media delivery services. StreamHQ(TM) facilitates the transmission of digitized
and compressed video to the user's desktop via multiple modes that take
advantage of available connectivity. While competitors take a
"one-size-fits-all" streaming approach, StreamHQ(TM) brings unique value
propositions to individual vertical markets with functionality designed
specifically for those markets. Beyond high quality media delivery, USVO gives
its customers media asset management tools and information that provide
accountability and return on investment (ROI) for their streaming expenditures.
USVO has created Zmail, which uses StreamHQ(TM) to deliver rich media emails for
advertising, marketing, corporate communications, and customer service
applications. USVO holds the pioneering patent for store-and-forward video,
filed in 1990 and issued by the United States Patent and Trademark Office on
July 14, 1992; it has been cited by at least 145 other patents. USVO holds
similar patents in Germany, Canada, England, France, Spain, and Italy, and has a
similar patent pending in Japan. For more information, visit www.usvo.com.
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USA VIDEO INTERACTIVE Corporate Headquarters Office: 70 Essex Street; Mystic, CT
06355; (800) 625-2200; (860) 572-1560. Canada Office: 837 West Hastings Street;
Suite #507; Vancouver, B.C. V6C 3N6. Trading symbol on the OTCBB: USVO; Trading
symbol on The Canadian Venture Exchange: US; Trading Symbol on the Berlin Stock
Exchange: USF. Standard & Poors Listed. CUSIP 902924208. The Canadian Venture
Exchange (CDNX) has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release. For more information contact: Kevin Yorio,
860-572-1560; info@usvo.com
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This press release may contain forward-looking statements. Actual results may
differ materially from those projected in any forward-looking statement.
Investors are cautioned that such forward-looking statements involve risk and
uncertainties, which may cause actual results to differ from those described.