-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GPcgfttNvFLP6taFzVjhE29IQG6OxRgVpuusYvuJlgWltqkN06vNfPcuPvS1eeGe jb+SHxqSCwXu88OOCzScaQ== 0001144204-03-000952.txt : 20030311 0001144204-03-000952.hdr.sgml : 20030311 20030311132717 ACCESSION NUMBER: 0001144204-03-000952 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030303 ITEM INFORMATION: Changes in control of registrant ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030311 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IVIDEONOW INC CENTRAL INDEX KEY: 0001088529 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 954603237 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26351 FILM NUMBER: 03599132 BUSINESS ADDRESS: STREET 1: 17327 VENTURA BLVD STREET 2: SUITE 200 CITY: ENCINO STATE: CA ZIP: 91316 BUSINESS PHONE: 3104725138 MAIL ADDRESS: STREET 1: 17327 VENTURA BLVD STREET 2: SUITE 200 CITY: ENCINO STATE: CA ZIP: 91316 FORMER COMPANY: FORMER CONFORMED NAME: DIGS INC DATE OF NAME CHANGE: 19990610 8-K 1 doc1.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OR THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): March 3, 2003 IVIDEONOW, INC. (Exact name of registrant as specified in its charter) DELAWARE 0-26351 95-4603237 (State or other (Commission File (IRS Employer jurisdiction of incorporation Number) Identification Number) 383 INVERNESS PARKWAY, SUITE 100, ENGLEWOOD, COLORADO 80112 (Address of principal executive offices) (720) 889-0133 (Registrant's telephone number, including area code) ITEM 1. CHANGES IN CONTROL OF REGISTRANT. On March 3, 2003, the Registrant entered into a binding letter of intent to acquire all of the issued and outstanding capital stock of 99 Cent Stuff, LLC in exchange for 19,000,000 shares ("post split") of the Registrant's common stock. As a pre-condition to the acquisition, the Registrant has agreed to effect a 1-for-25 reverse stock split, reducing the total issued and outstanding common stock of the Registrant to approximately 1,000,000 shares. At the closing, 99 Cent Stuff will become a wholly-owned subsidiary of the Registrant, and the 99 Cent Stuff shareholders will own approximately 95% of the Registrant's issued and outstanding common stock. Furthermore, upon the close of the acquisition, the Registrant will change its name to "99 Cent Stuff, Inc." The closing of the transaction is subject to certain covenants, conditions and representations, audit statements, various due diligence requirements, and the completion by 99 Cent Stuff, LLC of a private placement of at least $3,000,000. There is no assurance that the transaction will close. If an Acquisition Agreement has not been executed by the Registrant and 99 Cent Stuff by April 30, 2003, or at a later date mutually agreed upon, the letter of intent shall automatically expire. In addition, 99 Cent Stuff, LLC has agreed to pay a "Break-up Fee" of between $50,000 and $100,000 if, during the term of the letter of intent, it enters into a transaction other than the acquisition by the Registrant. 99 Cent Stuff, LLC operates ten "big box" stores located in Florida. Its stores offer a variety of products priced at 99 cents or less. Revenues for the year 2002 were in excess of $39,000,000. Its growth plan, during 2003 to 2004, calls for the opening of up to 15 additional stores in the Florida area. ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS. See Item 1 above. ITEM 5. OTHER EVENTS. On March 3, 2003, the Registrant published a press release announcing the Acquisition. The complete text of the March 3, 2003 press release issued by the Registrant is filed as Exhibit 99.3, hereto, and is incorporated by this reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial Statements of business acquired. None. (b) Pro Forma Financial Information None. (c) Exhibits Exhibit No. Exhibit Descriptions - ------------ -------------------------------------- 99.3 Press Release dated March 3, 2003 SIGNATURE 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. Dated: March 10, 2003 IVIDEONOW, INC. By: /s/ Kevin R. Keating ------------------------------------------ Kevin R. Keating Chief Executive Officer and President EX-99.3 3 doc2.txt IVIDEONOW, INC. ANNOUNCES LETTER OF INTENT TO MERGE WITH 99 CENT STUFF, LLC Englewood, CO-March 3, 2003-iVideoNow (OTC BB: VNOW) announced today that it has entered into a letter of intent to effect a merger with 99 Cent Stuff, LLC, a Florida-based deep discount retail chain established in 1999. The merger/acquisition will be completed pursuant to the terms of a formal Acquisition Agreement which will require iVideoNow to effect a 1-for-25 reverse stock split resulting in 1 million outstanding shares of iVideoNow. The Acquisition Agreement will also require the issuance of 19 million newly issued shares of iVideoNow common stock and will entail 99 Cent Stuff becoming a wholly-owned subsidiary of iVideoNow. Upon completion of the Acquisition, the current owners of 99 Cent Stuff will own approximately 95% of the outstanding stock of iVideoNow and iVideoNow will change its name to 99 Cent Stuff. The acquisition is dependent upon 99 Cent Stuff completing a private placement of at least $3 million and other representations and conditions to be contained in a formal Acquisition Agreement. There can be no assurance that this acquisition will be completed. 99 Cent Stuff has retained Keating Investments to act as financial advisor with respect to the proposed transaction. Kevin R. Keating, President of iVideoNow, stated "This transaction, if consummated, will allow iVideoNow shareholders to participate in a dynamic Florida retailer, in the fastest growing sector of the retail industry, founded and operated by the legendary manager and merchandiser, Raymond Zimmerman, the founder of Service Merchandise. This would be a wonderful opportunity to enhance iVideoNow shareholders' value." 99 Cent Stuff currently operates 10 big-box Florida stores. Its stores offer products at 99 cents or below and the Company ended 2002 with revenues in excess of $39 million. Its growth plan calls for the opening of up to 15 additional stores in Florida in 2003-04. Certain of the above statements contained in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results, events, and circumstances (including future performance, results and trends) could differ materially from those set forth in such statements due to various factors, risks, and uncertainties. iVideoNow has no duty and undertakes no obligation to update such statements. For more information, please contact: Kevin R. Keating President, iVideoNow, Inc. (772) 231-7544 -----END PRIVACY-ENHANCED MESSAGE-----