-----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, LqJfAGiorRAcZZemYCIWhq+bjFACJTnsCzLZxSwZ4VbOfIooZu3KTzFNVHQ7looT 7b7TyoRWeb/qy8qI79wy3w== 0000912057-01-523417.txt : 20010712 0000912057-01-523417.hdr.sgml : 20010712 ACCESSION NUMBER: 0000912057-01-523417 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20010628 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010711 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EBIX COM INC CENTRAL INDEX KEY: 0000814549 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 770021975 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-15946 FILM NUMBER: 1678840 BUSINESS ADDRESS: STREET 1: 3501 ALGONQUIN RD STREET 2: STE 500 CITY: ROLLING MEADOWS STATE: IL ZIP: 60008 BUSINESS PHONE: 8475063100 MAIL ADDRESS: STREET 1: 3501 ALGONQUIN ROAD CITY: ROLLING MEADOWS STATE: IL ZIP: 60008 FORMER COMPANY: FORMER CONFORMED NAME: DELPHI INFORMATION SYSTEMS INC /DE/ DATE OF NAME CHANGE: 19920703 8-K 1 a2053971z8-k.htm FORM 8-K Prepared by MERRILL CORPORATION
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): June 28, 2001

ebix.com, Inc.
(Exact Name of Registrant as Specified in Charter)

Delaware
  0-15946
  77-0021975
(State or Other Jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)

1900 E. Golf Road, Schaumburg, Illinois

 

60173

(Address of Principal Executive Offices)   (Zip Code)

Registrant's telephone number, including area code (847) 789-3047





Item 5. Other Events.

    On June 28, 2001, ebix.com, Inc. (the "Company") was notified by the Nasdaq Stock Market ("Nasdaq") that a Nasdaq Listing Qualifications Panel (the "Panel") determined to continue the listing of the Company's common stock on the Nasdaq SmallCap Market (the "Market"). This determination was subject to a requirement that, on or before July 13, 2001, the Company make a filing with the Securities and Exchange Commission and Nasdaq containing a May 31, 2001 balance sheet, with pro forma adjustments for any significant events occurring on or before the filing date, evidencing either stockholders' equity of at least $3,000,000 or net tangible assets of at least $3,250,000. In accordance therewith, the Company is filing with this Current Report on Form 8-K its May 31, 2001 unaudited consolidated balance sheet (the "Pro Forma Balance Sheet"), with pro forma adjustments for the second closing under the Company's agreement with BRiT Insurance Holdings PLC ("BRiT"). Pursuant to this second closing, BRiT invested $4,200,000 in cash in the Company, completing BRiT's $7,000,000 total cash investment in the Company.

    The Pro Forma Balance Sheet, which is attached hereto as Exhibit 99.1 and incorporated herein, shows total stockholders' equity of $3,612,000 and net tangible assets of $3,379,000, both in excess of the standards set forth by the Panel. Furthermore, the Company believes that it is otherwise in compliance with all requirements for continued listing on the Market. Therefore, the Company expects that its common stock will continue trading on the Market.

    On July 2, 2001, the Company issued a press release announcing the Panel's determination, a copy of which is attached hereto as Exhibit 99.2 and incorporated herein.


Item 7. Financial Statements, Pro Forma

    Financial Information and Exhibits.

    (c)   Exhibits    

 

 

 

 

99.1

 

Unaudited Pro Forma Consolidated Balance Sheet of the Company as of May 31, 2001.

 

 

 

 

99.2

 

Press Release of the Company dated July 2, 2001.

2



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.

  ebix.com, Inc.

Dated: July 11, 2001

By:

/s/ 
RICHARD J. BAUM   
Richard J. Baum
Senior Vice President—Finance and Administration, Chief Financial Officer and Secretary

3



EXHIBIT INDEX

Exhibit No.
  Exhibit
99.1   Unaudited Pro Forma Consolidated Balance Sheet of the Company as of May 31, 2001

99.2

 

Press Release of the Company dated July 2, 2001.

4




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SIGNATURES
EXHIBIT INDEX
EX-99.1 2 a2053971zex-99_1.htm UNAUDITED PRO FORMA BALANCE SHEET Prepared by MERRILL CORPORATION
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EXHIBIT 99.1


ebix.com, Inc. and Subsidiaries
Unaudited Pro Forma Consolidated Balance Sheet
(In thousands, except for share amounts)

 
  May 31,
2001

  Pro Forma
Adjustments

  Pro Forma
May 31,
2001

 
ASSETS                    
Current assets:                    
Cash and cash equivalents   $ 3,500   $ 4,200 (a) $ 7,700  
Accounts receivable, less allowance     1,329           1,329  
Other receivables     12           12  
Other current assets     479           479  
   
 
 
 
  Total current assets     5,320     4,200     9,520  
Property and equipment, net     855           855  
Goodwill, net     233           233  
Other assets     133           133  
   
 
 
 
Total assets   $ 6,541   $ 4,200   $ 10,741  
   
 
 
 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 
Current liabilities:                    
Accounts payable and accrued expenses   $ 3,257         $ 3,257  
Accrued payroll and related benefits     312           312  
Current portion of long-term debt     106           106  
Current portion of capital lease obligation     140           140  
Deposit liability     709           709  
Deferred revenue     2,182           2,182  
   
 
 
 
  Total current liabilities     6,706         6,706  
Long-term capital lease obligation, less current portion     256           256  
Other liabilites     167           167  
   
 
 
 
Total liabilities     7,129         7,129  
   
 
 
 

Stockholders' equity (deficit):

 

 

 

 

 

 

 

 

 

 
Convertible Series D Preferred stock, $.10 par value, 2,000,000
shares authorized, no shares issued and outstanding
               
Common stock, $.10 par value,
20,000,000 shares authorized,
13,622,182 shares issued and outstanding; 18,326,182
shares issued and outstanding on a pro forma basis
    1,363     471 (a)   1,834  
Additional paid-in capital     83,051     3,729 (a)   86,780  
Deferred compensation     (295 )         (295 )
Accumulated deficit     (84,687 )         (84,687 )
Accumulated other comprehensive loss     (20 )         (20 )
   
 
 
 
Total stockholders' equity (deficit)     (588 )   4,200     3,612  
   
 
 
 
Total liabilities and stockholders' equity (deficit)   $ 6,541   $ 4,200   $ 10,741  
   
 
 
 

(a)
Represents cash received in June 2001 for 4,704,000 shares of common stock issued in second closing to BRiT.



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ebix.com, Inc. and Subsidiaries Unaudited Pro Forma Consolidated Balance Sheet (In thousands, except for share amounts)
EX-99.2 3 a2053971zex-99_2.htm PRESS RELEASE Prepared by MERRILL CORPORATION
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EXHIBIT 99.2

NEWS RELEASE:

ebix.com Inc.   Miller/Shandwick Contact:
5 Concourse Pkwy.
Suite 3200, Atlanta, GA 30328
(678) 281-2020
NASDAQ: EBIX
  Diane Pardes/Molly Dawson
(617) 536-0470
dpardes@miller.shandwick.com
mdawson@miller.shandwick.com


ebix.com Inc. Announces Continued NASDAQ Listing

    Atlanta, GA—July 2, 2001 — ebix.com Inc. (NASDAQ: EBIX) announced today that it received notice from the NASDAQ Listing Qualification Panel that the company will continue trading on the NASDAQ SmallCap Market. The Panel determined to continue the listing of ebix's common stock on the NASDAQ SmallCap Market, subject to certain conditions, following a hearing held on May 24, 2001.

    Pursuant to the Panel's determination, ebix must, no later than July 13, 2001, make a filing with the SEC and NASDAQ showing that it has either stockholders' equity of at least $3,000,000 or net tangible assets of $3,250,000 and must demonstrate continuing compliance with all requirements for continued listing on the NASDAQ SmallCap Market. With the consummation of the two closings with BRiT Insurance Holdings PLC and having turned profitable in the first quarter of 2001, ebix expects to make the required filing and demonstrate compliance with all requirements for continued listing on the market.

    SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS UNDER THE SECURITIES LITIGATION REFORM ACT OF 1995—This press release contains forward-looking statements and information that are based on ebix management's beliefs, as well as assumptions made by and information currently available to management, including statements regarding ebix's ability to meet Nasdaq listing requirements. Such statements are subject to various risks and uncertainties which could cause actual results, performance or achievements to vary materially from those stated or implied. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements may vary materially from those anticipated, estimated, expected or projected. Such risks and uncertainties include, without limitation, the risk that, notwithstanding current expectations, ebix fails to make the filing required by Nasdaq and otherwise demonstrate compliance with the requirements for continued listing on the market, which would result in ebix's common stock being delisted and could decrease the value and liquidity of ebix's common stock; the extent to which ebix's business initiatives are undertaken and are successful; the ability of ebix to overcome its recent history of operating losses and declining revenues; the availability and amount of future sources of capital and the terms thereof; the extent to which the ebix.com website can be successfully developed and marketed; the possible effects of the Securities and Exchange Commission's investigation of ebix's financial reporting; the risks associated with potential future acquisitions; the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties; ebix's ability to continue to develop new products to effectively address market needs in an industry characterized by rapid technological change; ebix's dependence on the insurance industry; the highly competitive and rapidly changing markets for ebix's products and services; ebix's ability to effectively protect its applications software and other proprietary information; ebix's ability to attract and retain quality management and software, technical sales and other personnel; the risks of disruption of ebix's internet connections or internal service problems; the


possibly adverse effects of substantial increase in volume of traffic on ebix's website, mainframe and other servers; possible security breaches on the ebix website and the possible effects of insurance regulation on ebix's business. Certain of these, as well as other, risks and uncertainties are described in more detail in ebix's periodic filings pursuant to the Securities Exchange Act of 1934. Ebix undertakes no obligation to update any such factors or to publicly update, or announce the results of, any of the forward-looking statements contained herein to reflect future events or developments or for any other reason.

About ebix.com:

    ebix.com, an HP Enabled E-Service which ebix.com Inc. launched on September 8, 1999, is the only site on the Web to meet the insurance needs of both the consumer and the insurance professional. ebix.com includes a virtual marketplace, ebix.mall, where consumers can define their policy coverages and seek competitive quotes from a number of carriers or agents/brokers in a timeframe defined by the consumer. This allows consumers to compare prices in a non-threatening environment and buy insurance online if they so desire. ebix.com offers consumers access to over 1,000 agents representing nearly 2,000 different carriers, as well as 30 carriers quoting direct. ebix.com also incorporates powerful and secure business tools for agents/brokers, including the workflow and management engine ebix.link. ebix.link is currently being piloted by a number of leading carriers and agents in the United States, drawing from ebix.com Inc.'s strong business relationships with six of the ten largest insurance agencies in the world and over 3,000 agencies in the United States. This workflow engine, launched in January, can save insurance professionals up to 70 percent in time, energy and costs associated with processing day-to-day transactions.

About ebix.com Inc.:

    Founded in 1976, ebix.com Inc.—formerly known as Delphi Information Systems, Inc. (NASDAQ: EBIX-news)—is a leading international supplier of software and Internet solutions to the property & casualty insurance industry. The recent name change to ebix.com Inc. aligns the identity of the company with its strategic focus of using the Internet to enhance the way insurance business is transacted, through solutions that encompass both e-commerce and web-enabled agency management systems. An independent provider, ebix.com Inc. employs insurance and technology professionals who provide products, support and consultancy to over 3,000 customers on six continents.

    For more information on ebix.com Inc. products and services, call 678-281-2020 or visit the ebix.com Inc. web site at www.ebix.com.




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ebix.com Inc. Announces Continued NASDAQ Listing
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