================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
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 6, 2003
-----------------------------
NETWORK-1 SECURITY SOLUTIONS, INC.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-14896 11-3027591
--------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1601 Trapelo Road, Reservoir Place, Waltham, Massachusetts 02451
--------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (781) 522-3400
N/A
--------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
================================================================================
ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE
---------------------------------------
Network-1 Security Solutions, Inc. (the "Company") issued a press
release on January 8, 2003 which included the following:
Edward James has been elected interim Chief Executive Officer and Chief
Financial Officer of the Company. Mr. James also serves on the Board of
Directors of Network-1.
The Company has terminated the employment of Richard Kosinski, as
President and Chief Executive Office, and Murray Fish, as Chief Financial
Officer and Secretary. Prior to their terminations, Mr. Kosinski and Mr. Fish
filed lawsuits against the Company seeking, among other things, severance and
bonus compensation and other benefits allegedly due them in the aggregate amount
of $400,000. The Company believes it has meritorious defenses to the claims
asserted.
Edward James, age 54, CPA, MBA, has been an independent financial
consultant for various companies, venture capital firms and investors since
1993. The financial consulting services provided by Mr. James include
acquisition analysis, due diligence, business strategies and review of
investments. Mr. James has previously served as CFO for various start-up
companies.
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 10, 2003 By: /s/ Edward James
-----------------------------------
Name: Edward James
Title: Interim Chief Executive
Officer and Chief Financial Officer