-----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, FX/to9e0k/rfAaUJh/FtO7eXSA8GZVvAoKhf6YFyDeqIlUkYmmVA8SlxlqKmJKKH oIl7irjdlnhTtrzUe6QChQ== 0001108890-04-000755.txt : 20041216 0001108890-04-000755.hdr.sgml : 20041216 20041216103402 ACCESSION NUMBER: 0001108890-04-000755 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041215 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041216 DATE AS OF CHANGE: 20041216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BESTNET COMMUNICATIONS CORP CENTRAL INDEX KEY: 0000799694 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 861006416 STATE OF INCORPORATION: NV FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15482 FILM NUMBER: 041206686 BUSINESS ADDRESS: STREET 1: 5075 CASCADE ROAD SE STREET 2: SUITE A CITY: GRAND RAPIDS STATE: MI ZIP: 49546 BUSINESS PHONE: 616-977-9933 MAIL ADDRESS: STREET 1: 5075 CASCADE ROAD SE STREET 2: SUITE A CITY: GRAND RAPIDS STATE: MI ZIP: 49546 FORMER COMPANY: FORMER CONFORMED NAME: WAVETECH INTERNATIONAL INC DATE OF NAME CHANGE: 19980225 FORMER COMPANY: FORMER CONFORMED NAME: WAVETECH INC DATE OF NAME CHANGE: 19920703 8-K 1 bestnet8k121504.txt PERIOD ENDED 12-15-04 SECURITIES AND EXHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OF 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) December 15, 2004 --------------------- BestNet Communications Corporation ---------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Nevada 001-15482 86-1006416 --------------------------- ---------------------- ------------ (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification Number) 5075 Cascade Rd. SE, Suite A. Grand Rapids, MI 49546 ------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (616) 977-9933 --------------- ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS BestNet Announces Board Appointment and Fiscal 2004 Results Exhibits Title 99 Press release, issued by BestNet Communications Corporation Dated December 15, 2004 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. BestNet Communications Corporation By: /s/ Stanley L. Schloz -------------------------------- Stanley L. Schloz President By: /s/ Michael A. Kramarz -------------------------------- Michael A. Kramarz Chief Financial Officer Date: December 16, 2004 EX-99 2 bestnetexhib99-121504.txt PRESS RELEASE DATED 12-15-04 EXHIBIT - 99 BestNet Announces Board Appointment and Fiscal 2004 Results GRAND RAPIDS, Michigan - December 15, 2004 - BestNet Communications Corp. (OTCBB: BESC) a provider of proprietary global communication solutions, today announces results for the year ended August 31, 2004. BestNet's revenues increased by 47% to $2,162,856 in fiscal 2004, from $1,471,358 in fiscal 2003. Gross margins improved substantially to 34% in fiscal 2004 as compared to 12% for fiscal 2003. General and Administrative expenses decreased by 28% to 1,341,595 in fiscal 2004 from $1,868,925 in fiscal 2003. An impairment of asset expense of $2,980,290 was incurred because the value of the Softalk License, which has historically been shown as an intangible asset on BestNet's financial statements, has been reduced to zero because of a history of losses from doing business with the licensed technology and the low probability of achieving positive cash flow in that business within a reasonable period of time. The Board of Directors has elected Mr. Barry Griffith to fill a vacant board seat. As the Western Area Director for Isoray Inc, Mr. Griffith is responsible for all its sales and marketing for the western half of the United States. Isoray Inc. identifies and brings to market unique isotopes to treat cancer. From October 2000 to August 2004 Mr. Griffith was Western Area Director of Novoste Corp. a pioneer and world leader in Vascular Brachytherapy. Previously he held sales positions introducing new technologies with Medtronic Inc., Schneider Inc., and Mitek Surgical Products. Stanley Schloz, BestNet's President, said, "We are very pleased to announce the election of Barry Griffith to our Board. He has spent a significant part of his career introducing novel medical devices to the medical market and will be a significant contributor in guiding the company in exploring a new line of business." About BestNet Communications Corp. BestNet Communications is a global solutions provider of long distance; conference calling, ClicktoPhone and custom application-based communication services. BestNet's services are accessed worldwide via the Internet, standard phones and wireless devices and are delivered using standard phone lines and equipment. This results in a cost effective high quality service for both businesses and consumers. Under the brand name Bestnetcall(TM) (WWW.BESTNETCALL.COM) the patented services offer subscribers premium quality calls and conference calling, at significantly lower rates. Calls and conference calls can also be launched via a desktop application or handheld devices including Palm(TM), Pocket PC(R) and Blackberry(TM) and used with any standard or wireless phone. In addition the company's new ClicktoPhone(TM) service (www.ClicktoPhone.com) enables clients to add secure and anonymous voice communication connectivity anywhere in the world to web sites, web banners, pictures, electronic documents, and customized e-mail calling buttons. This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the "safe harbor" created thereby. These statements include the plans and objectives of management for future operations, including plans and objectives. The forward-looking statements herein are based on current expectations that involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond control of the company. Although the company believes that the assumptions underlying the forward-looking statements are reasonable, any one of the assumptions could be inaccurate and, therefore, can be no assurance that the forward-looking statements included in this release will prove to be accurate. -----END PRIVACY-ENHANCED MESSAGE-----