BTLY - BENTLEY COMMUNICATIONS CORP/DE (BTLY.OB)
form 8-K
ITEM 5. OTHER EVENTS
On June 26, 2003 the Board of Directors of Bentley resolved to cancel the proposed merger with First National Information Network as after several months, it has not received the due diligence material required to proceed with this transaction. Since early 2003 the Company has publicized this proposed merger intended to assist the Company in its focus on implementing e-commerce services. The Company is, however, planning to proceed with the acquisition of BarterCard USA, subject to the review of the due diligence material provided by BarterCard USA, receipt of currently audited financial statements and finalization of closing materials. The above-mentioned material with respect to this merger is to be finalized on or before August 30, 2003. Lastly, BarterCard USA has advised the Company that due to unforeseen circumstances it will not be proceeding with the strategic alliance agreement with the Federal Chamber of Commerce.
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