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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): May 16, 2001
New Century Equity Holdings Corp.
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(Exact Name of Registrant as Specified in Charter)
Delaware 000-28536 74-2781950
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
10101 Reunion Place, Suite 450, San Antonio, Texas 78216
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (210) 302-0444
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On May 16, 2001, the Company announced that Princeton eCom Corporation
("Princeton") acquired Quicken Bill Manager from Intuit Inc. ("Intuit"). Quicken
Bill Manager provides online bill presentment and payment services by processing
payments for customers utilizing Intuit's Quicken personal financial management
software. The Company currently owns approximately 43.6% of Princeton and
accounts for its investments under equity accounting.
Under the terms of the Acquisition Agreement, Princeton agreed to acquire
the assets of Intuit's Quicken Bill Manager through the purchase of certain
technologies from Intuit and all of the outstanding shares of Venture Finance
Services Corp., a wholly owned subsidiary of Intuit. In exchange, Intuit will
receive in February 2002, at Princeton's election, either an equity stake in
Princeton equivalent to approximately 21 percent of Princeton's outstanding
shares measured shortly after the transaction closes or cash. If elected, the
cash payment would be made as a lump-sum payment in February 2002 equal to the
value of the equity stake at that time, or in four annual installments, each
equal in amount to the value of one-fourth of the equity stake at the time the
payment is made.
ITEM 7. FINANCIAL INFORMATION, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Information
It is impractical to provide the required financial statements
of the business acquired by Princeton at the time of filing this
Report. It is anticipated that such financial statements will be
filed by amendment as soon as practicable but in no event later than
60 days following the date on which this Report must be filed.
(b) Pro Forma Financial Information
It is impractical to provide the required pro forma financial
information with respect to the business acquired by Princeton at
the time of filing this Report. It is anticipated that such
financial information will be filed by amendment as soon as
practicable but in no event later than 60 days following the date on
which this Report must be filed.
(c) Exhibits
EXHIBIT DESCRIPTION
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99.1 Press Release, dated May 16, 2001
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has caused this current report to be signed on its behalf by the
undersigned hereunto duly authorized.
NEW CENTURY EQUITY HOLDINGS CORP.
Date: May 30, 2001 By: /s/ DAVID P. TUSA
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Name: David P. Tusa
Title: Senior Vice President,
Chief Financial Officer and
Corporate Secretary
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