SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Amendment to Application or Report filed
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: July 7, 2003
Accesspoint Corporation
(Exact name of registrant as specified in its charter)
Nevada 000-29217 95-4721385
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
6171 W. Century Blvd. Suite 200 LA, CA 90045
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 846-2500
Not Applicable
(Former name or former address, if changed since last report.)
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Item 1. Changes in Control of Registrant
None.
Item 2. Acquisition or Disposition of Assets
None.
Item 3. Bankruptcy or Receivership
None.
Item 4. Changes in Accountants
None.
Item 5. Other Events and Regulation FD Disclosure
In mediation on July 2, 2003, the registrant settled two inter-related claims,
one lawsuit and one arbitration claim arising out of a dispute over a contract
whereby the registrant agreed to purchase certain merchant accounts from
Northwest Systems, LLC ("NWS"). The first case (lawsuit) sought to recover
damages of $300,000 for alleged breach of the contact to purchase, while the
second case (arbitration) claimed that NWS has not been paid all residual
payments due it under its agency contract with the registrant. In May 2003, an
award in the arbitration claim in the amount of $149,000 was made for the
benefit of the plaintiff. The registrant had accrued the entire amount of the
judgment plus earned, but unpaid, residuals due to NWS under its agency
agreement, which were in contention.
While not all terms of the settlement can be disclosed, the registrant will
record other income in the form of a gain on the forgiveness of debt, in the
amount of $270,836 in the quarter ended September 30, 2003. The settlement also
calls for the conversion/transfer of all merchants accounts associated with NWS
effective, July 1, 2003. While no accurate forecast can be made as to the amount
and timing of the anticipated conversion, NWS merchants accounted for
approximately 10% of the registrant's gross processing revenue for the quarter
ended March 31, 2003. The settlement also calls for a mutual release on both
parties of all and any current or contemplated actions arising from their
business relationship.
Item 6. Resignation of Directors
None.
Item 7. Financial Statements Pro Forma Financial & Exhibits
None.
Item 8. Changes In Fiscal Year
None.
Item 9. Regulation FD Disclosures
See Items 1, 5 and 6, above.
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 thereunto duly authorized.
Date: July 7, 2003 Accesspoint Corporation
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By: S/s Becky Takeda
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Becky Takeda
Chief Executive Officer, President
A. EXHIBITS
None.