FORM 6 - K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report on Foreign Issuer
Pursuant to Rule 13a - 16 or 15d -16
of the Securities Exchange Act of 1934
For the Month of November, 2002
B.O.S. BETTER ON-LINE SOLUTIONS, LTD.
(Translation of Registrant's Name into English)
100 BOS ROAD, TERADION 20179, ISRAEL
(Address of Principal Corporate Offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): N/A
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The Registrant hereby reports the following:
1. At the Registrant's Special Meeting of Shareholders, held November 14,
2002 at the Registrant's corporate offices in Israel, Dr. Yael Ilan was
elected to serve as an external director, to hold office until November
13, 2005.
2. The Registrant's efforts to sell its US subsidiary, Pacific Information
Systems, Inc. ("Pacinfo"), whose business is in a severe financial
situation, have not yet been successful. Furthermore, recent
developments, such as the loss of some key employees, including
Pacinfo's President, Mr. David Gibson, the resignation of one of
Pacinfo's directors, Mr. Jacob Lee, and an arbitration judgment
rendered against Pacinfo, in the sum of approximately $650K, suggest
that the Registrant may have little choice but to dissolve the business
in the future. However, some of the contemplated actions, if occurring
before the end of 2003, may trigger a tax event for Mr. Jacob Lee, who
sold Pacinfo to the Registrant in 1998, and to whom the Registrant may
be obligated, under the purchase agreement, to loan a sum of money,
currently estimated at approximately $1.5 million, towards the tax
payment, while receiving a security interest in the Registrant's shares
Mr. Lee currently holds. The Registrant is currently studying the
matter with its consultants.
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, thereunto duly authorized.
B.O.S. Better On-Line Solutions, Ltd.
(Registrant)
By: /S/ ISRAEL GAL
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Israel Gal
President and CEO
Dated: November 14, 2002