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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) May 17, 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)
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE.
On May 17, 2002, the Registrant announced that Daniel Kinnaman and the Company
have mutually agreed to terminate Mr. Kinnaman's employment as Vice President of
Sales and Marketing, effective immediately
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit 99.1 News Release dated May 17, 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 : May 17, 2002 By : /s/ Anton J. Drescher
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ANTON J. DRESCHER,
CORPORATE SECRETARY
[GRAPHIC OMITED]
MAY 17, 2002 - MYSTIC, CONNECTICUT - USA Video Interactive (OTCBB: USVO; TSX:
US; BSE/Frankfurt: USF; http://www.usvo.com/ ) would like to advise that Daniel
Kinnaman and the Company have mutually agreed to terminate Mr. Kinnaman's
employment as Vice President of Sales and Marketing, effective immediately. In
the interim, Mr. Kinnaman's duties will be taken over by the President, Edwin
Molina, and Company's Chief Operating Officer, Robert D. Smith.
ABOUT USA VIDEO INTERACTIVE
USA Video Interactive is an international designer and supplier of high-tech
Internet streaming video and video-on-demand systems, services and innovative
end-to-end solutions. Its StreamHQ media delivery services are focused on
creating revenues for customers and reducing their Internet costs. StreamHQ
encompasses the entire media experience from source to viewing, including
content production; content encoding; asset management; media and application
hosting; multi-mode content distribution; and transaction data capture,
reporting and analysis. StreamHQ 's design leverages the capabilities of the
Internet while bypassing its latencies, with high availability, reliability,
flexibility, scalability and cost-effectiveness. 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 Canada, England, France,
Spain, Italy and Germany, and has a similar patent pending in Japan. The USVO
patented video technology gives users full-motion video; the flexibility of
standard, VCR-like controls; and the convenience of a standard internet-browser
format for access. It provides video images significantly faster and at a higher
degree of resolution than with previously available methods; significantly
overcomes bandwidth restrictions; and eliminates the blockiness and slowness of
current technologies. USVO is developing patented Wavelet compression
technology that will further enhance the company's ability to deliver unique
capabilities as part of StreamHQ . For more information, visit www.usvo.com
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 TSX Venture Exchange US; Trading Symbol on the Berlin and
Frankfurt Stock Exchanges: USF. Standard & Poors Listed. CUSIP 902924208. The
TSX Venture Exchange (TSX) 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.