On February 17, 1998, Videolan Technologies, Inc., a Delaware
corporation (the "Company") filed a voluntary petition for relief
under Chapter 11 Reorganization pursuant to the United States
Bankruptcy Code. The Company will continue to manage its affairs as a
debtor-in-possession subject to the supervision and orders of the
bankruptcy court. As of the date of this report, no plan of
reorganization has been filed by the Company and no trustee, examiner
or other officer has been appointed by the court to manage the affairs
of the Company.
Item 5. Other Matters.
On January 5, 1998, the Company issued a news release announcing
that it would cease operations effective immediately. The press
release is included as Exhibit 99.1 to this report.
On or prior to January 29, 1998, Norman Barkeley, Achille Tedesco
and Jack Shirman resigned from their positions as directors of the
Company. On February 17, 1998, Don Clark and James Cooney were
appointed as directors of the Company effective immediately.
On January 9, 1998, the Company mailed an open letter to its
shareholders to inform the shareholders of the current status of the
Company. The text of the letter is included as Exhibit 99.2 to this
report.
By letter dated February 10, 1998, Nasdaq Stock Market, Inc.
notified the Company that the Company's securities were deleted from
the Nasdaq Stock Market effective February 10, 1998. |
