> Yahoo! is not affiliated with the authors of this page or responsible for its content.
HAIGHTS CROSS COMMUNICATIONS INC FORM 8-K


HAIGHTS CROSS COMMUNICATIONS INC
(Unscheduled Material Events)
Filed 4/20/2004 For Period Ending 4/15/2004
Address
10 NEW KING STREET SUITE 110
WHITE PLAINS, New York 10604
Telephone
914-289-9400
CIK
0001124289
Fiscal Year
12/31 UNITED STATES

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): April 15, 2004
HAIGHTS CROSS COMMUNICATIONS, INC.
(Exact name of registrant as specified in charter)

10 New King Street, Suite 102
White Plains, New York 10604
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:
(914) 289-9400
Delaware 333-109381 13-4087398
(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification no.) ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On April 15, 2004, Haights Cross Communications, Inc., through its subsidiary Triumph Learning, LLC, acquired substantially all of the assets
of Buckle Down Publishing Company ("Buckle Down"), a publisher of test preparation materials for high-stakes state tests and a wholly owned
subsidiary of Profiles Corporation ("Profiles"). As a result of the acquisition, the business of Buckle Down will be operated as a division of
Triumph Learning. The acquisition was consummated pursuant to an Asset Purchase Agreement, dated as of March 6, 2004 (the "Purchase
Agreement").
The consideration for the acquisition consisted of $24.0 million in cash, which is subject to a post-closing working capital adjustment, and $3.5
million face amount of Haights Cross Communications, Inc.'s Series C preferred stock, of which shares with a face amount of $2.0 million
were deposited in an escrow account to secure the indemnification obligations of the seller. The Purchase Agreement, including the purchase
price, was negotiated at arm's length among Haights Cross Communications, Buckle Down and Profiles. Neither Haights Cross
Communications, nor any director or officer of Haights Cross Communications, was affiliated with or had a material relationship with Buckle
Down or Profiles.
A copy of the Purchase Agreement is attached to this Current Report on Form 8-K as Exhibit 2.1 and is incorporated by reference. A copy of
the press release announcing the consummation of the acquisition is attached to this Current Report on Form 8-K as Exhibit 99.1 and is
incorporated by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a)-(b) Financial Statements and Pro Forma Financial Information.
We will file, as an amendment to this report and within the time period set forth in Item 7, the financial statements and/or pro forma financial
information specified in Regulation S-X, as promulgated under the Securities and Exchange Act of 1934, as amended, together (as appropriate)
with the signed accountants' reports as provided in Regulation S-X.
(c) Exhibits
2.1 Asset Purchase Agreement, dated as of March 6, 2004, by and among Haights Cross Communications, Inc., Haights Cross Operating
Company, Triumph Learning, LLC and Buckle Down Publishing Company, Profiles Corporation and Douglas Paul
99.1 Press Release of Haights Cross Communications, Inc. issued on April 19, 2004
2 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 hereunto duly authorized.
HAIGHTS CROSS COMMUNICATIONS, INC.

Date: April 20, 2004 By: /s/ Paul J. Crecca
------------------
Paul J. Crecca
Chief Financial Officer EXHIBIT INDEX

Exhibit No. Description
----------- -----------

2.1 Asset Purchase Agreement, dated as of March 6, 2004, by and among
Haights Cross Communications, Inc., Haights Cross Operating
Company, Triumph Learning, LLC and Buckle Down Publishing
Company, Profiles Corporation and Douglas Paul

99.1 Press Release of Haights Cross Communications, Inc. issued on
April 19, 2004 EXHIBIT 2.1
ASSET PURCHASE AGREEMENT
BY AND AMONG
HAIGHTS CROSS COMMUNICATIONS, INC.
AS "HCCI"
HAIGHTS CROSS OPERATING COMPANY
AS "HCOC"
TRIUMPH LEARNING, LLC
AS "BUYER"
AND
BUCKLE DOWN PUBLISHING COMPANY
AS "SELLER"
PROFILES CORPORATION
AS "STOCKHOLDER"
AND
DOUGLAS PAUL
AS "FOUNDER"
DATED AS OF MARCH 6, 2004 ASSET PURCHASE AGREEMENT
TABLE OF CONTENTS

PAGE
----
SECTION 1 - PURCHASE AND SALE OF ASSETS..........................................................................1
1.1 Sale of Assets......................................................................................1
1.2 Excluded Assets.....................................................................................3
1.3 Assumption of Liabilities...........................................................................4
1.4 Excluded Liabilities................................................................................4
1.5 Deposit.............................................................................................5
1.6 Calculation of Estimated Closing Adjustments........................................................6
1.7 Purchase Price and Payment..........................................................................7
1.8 Time and Place of Closing...........................................................................8
1.9 Post-Closing Adjustments............................................................................8
1.10 Further Assurances................................................................................11
1.11 Allocation of Purchase Price......................................................................11
1.12 Transfer Expenses, Costs and Taxes................................................................11
1.13 Use of Name.......................................................................................11
1.14 Customer and Marketing Research...................................................................12
1.15 Delivery of Records and Contracts.................................................................13

SECTION 2 - REPRESENTATIONS AND WARRANTIES OF SELLER, STOCKHOLDER AND FOUNDER...................................13
2.1 Making of Representations and Warranties...........................................................13
2.2 Organization.......................................................................................13
2.3 Subsidiaries.......................................................................................14
2.4 Capital Stock of Seller; Beneficial Ownership......................................................14
2.5 Authority of Seller................................................................................14
2.6 Leased Property; Liens; Condition of Properties....................................................15
2.7 Financial Statements...............................................................................16
2.8 Taxes..............................................................................................17
2.9 Accounts Receivable; Accounts Payable; Inventory...................................................18
2.10 Absence of Undisclosed Liabilities................................................................19
2.11 Absence of Certain Developments...................................................................19
2.12 Intellectual Property.............................................................................20
2.13 Certain Contracts and Arrangements................................................................21
2.14 Litigation........................................................................................22
2.15 Compliance with Laws..............................................................................22
2.16 Insurance Coverage................................................................................23
2.17 Approvals.........................................................................................23
2.18 Employee B