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 event reported) November 12, 2003 SITI-Sites.com, Inc. (Exact name of registrant as specified in its charter) Delaware 0-15596 75-1940923 (State or other jurisdiction (Commission IRS Employer of incorporation or organization) File Number) Identification No.) 47 Beech Road, Englewood, New Jersey 07631 (Address of principal executive offices) (Zip Code) 111 Lake Avenue, Suite #7, Tuckahoe, New York 10707 (Address of Chief Financial Officer) (Zip Code) Registrant's telephone number, including area code (212) 925-1181 (Former name or former address, if changed since last report) ITEM 1. LEGAL PROCEEDINGS Siti-Sites.com, Inc. (the "Company") filed a civil suit in the United States District Court for the Southern District of New York on November 12, 2003. The Company's Complaint alleges that its patent attorneys and departing patent licensing executives, in late 1998 and thereafter, purchased its valuable patents on cell-phone technology for $24,000 by concealing their nature and value. The defendants have realized $10 million in gross proceeds therefrom, to date. The Company's claims arise from a period when it was previously named Spectrum Information Technologies, Inc. The claims all stem from the alleged breach of fiduciary duties by the defendants. The claims have been under investigation by the Company under counsel's supervision, for the past few months. The Company is seeking damages in excess of $10 million, and a court-ordered trust on future proceeds from its former patents. This is complex litigation, expected to be contested vigorously by several defense firms and to continue for several years. No assurance can be given as to the ultimate outcome thereof. Martin M. Green, Esq. and his firm of Green, Schaaf & Jacobson, P.C. based in Clayton, Missouri, have been retained as the Company's Special Counsel, for the litigation and ultimate trial of this matter. The Company has retained Gary Cooper, Esq. and Cooper & McCann, LLP. as its New York Counsel. 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, thereto duly authorized. Dated: November 17, 2003 SITI-Sites.com, Inc. By /s/ Lawrence M. Powers ---------------------------------- Lawrence M. Powers Chief Executive Officer and Chairman of the Board of Directors