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): July 1, 2002.
5B TECHNOLOGIES CORPORATION
DELAWARE 000-27190 11-3529387
(State or Other Jurisdiction of Commission file number (I.R.S. Employer
Incorporation or Organization) Identification No.)
100 SUNNYSIDE BOULEVARD 11797
WOODBURY, NEW YORK (Zip Code)
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (516) 677-6100
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Not Applicable
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(Former name or former address, if changed since last report)
ITEM 5. OTHER ITEMS.
COMPANY FURLOUGHS ALL OF ITS EMPLOYEES AND INTENDS TO FILE BANKRUPTCY PETITION
On June 28, 2002, 5B Technologies Corporation (the "Company")
furloughed all of its employees and instructed them not to return to work. This
action was a consequence of the Company's lender, Connecticut Bank of Commerce
("CBC"), ceasing funding as a result of being closed by government banking
authorities. The Company intends to file a petition under Chapter 7 of the
Bankruptcy Code early next week.
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.
Dated: July 1, 2002
5B TECHNOLOGIES CORPORATION
By: /s/ George Paganis
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George Paganis, Interim CEO