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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): January 2, 2003
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Network-1 Security Solutions, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-14896 11-3027591
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1601 Trapelo Road, Reservoir Place, Waltham, Massachusetts 02451
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(Address of principal executive offices)
Registrant's telephone number, including area code: (781) 522-3400
N/A
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE
Network-1 Security Solutions, Inc. (the "Registrant") issued a press
release on January 2, 2003 announcing further budget cuts so that its cash will
be sufficient to fund operations through 2003. As part of the budget cuts, the
Registrant will discontinue its CyberwallPLUS product line. Management is
focusing its efforts on seeking a merger candidate for the Registrant and
evaluating strategic alternatives with respect to its CyberwallPLUS distributed
firewall product line and associated technology, including the potential sale of
the technology.
The Registrant had announced in November that it did not anticipate
material revenues from its product offerings and will now discontinue its
product offerings in order to achieve further expense reductions.
The Registrant also announced an additional reduction in work force and
further expense reductions. Management believes, based upon currently proposed
plans and assumptions, that it has sufficient cash to fund its operations
through 2003, although there can be no certainty that its funds will not be
expended prior thereto. In connection with a merger transaction, the Registrant
may seek financing from third parties and/or existing stockholders.
SIGNATURE
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 hereunto duly authorized.
NETWORK-1 SECURITY SOLUTIONS, INC.
Dated: January 3, 2003 By: /s/ Richard Kosinski
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Names: Richard Kosinski
Title: President and Chief Executive Officer