Medjet Inc – ‘PRE 14C’ for 11/5/99

On:  Friday, 12/17/99   ·   For:  11/5/99   ·   Accession #:  944209-99-1932   ·   File #:  1-11765

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Preliminary Proxy Information Statement   —   Schedule 14C
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: PRE 14C     Preliminary Information Statement                      7     30K 

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SCHEDULE 14C INFORMATION  

Information Statement Pursuant to Section 14(c) of the  
Securities Exchange Act of 1934 

Check the appropriate box:                                                      

[X]  Preliminary Information Statement     [_]  CONFIDENTIAL, FOR USE OF THE    
                                                COMMISSION ONLY (AS PERMITTED BY
                                 RULE 14C-5(D)(2))

[_]  Definitive Information Statement                                           

MEDJET INC. 
--------------------------------------------------------------------------------
(Name of Registrant As Specified In Charter)  

Payment of Filing Fee (Check the appropriate box):                              

[X]  No fee required                                                            

[_]  $125 per Exchange Act Rules 0-11(c)(1)(ii), or 14c-5(g).                   

[_]  Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11.      

(1) Title of each class of securities to which transaction applies:   

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(2) Aggregate number of securities to which transaction applies:      

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(3) Per unit price or other underlying value of transaction computed  
   pursuant to Exchange Act Rule 0-11 (Set forth the amount on which
the filing fee is calculated and state how it was determined):

    --------------------------------------------------------------------------

(4) Proposed maximum aggregate value of transaction:                  

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(5) Total fee paid:                                                   

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[_]  Fee paid previously with preliminary materials.                            

[_]  Check box if any part of the fee is offset as provided by Exchange         
  Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
     was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.           

(1) Amount Previously Paid:                                           

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(2) Form, Schedule or Registration Statement No.:                     

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(3) Filing Party:                                                     

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(4) Date Filed:                                                       

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Notes:                                                                          

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MEDJET INC. 
1090 Kind George Post Road, Suite 301 
Edison, New Jersey 08837  

--------------------------------  

INFORMATION STATEMENT 

December __, 1999 

--------------------------------  

 This Information Statement is being furnished to the stockholders of Medjet
Inc., a Delaware corporation (the "Company"), in connection with an amendment   
(the "Amendment") to the Company's Amended and Restated Certificate of          
Incorporation approved on November 5, 1999 by written consent of the holders of 
a majority of the outstanding shares of Common Stock of the Company.  A copy of 
the Amendment is attached as Appendix A to this Information Statement.          

On November 5, 1999, 3,901,431 shares of the Company's Common Stock were  
issued and outstanding.  Each share of Common Stock was entitled to one vote    
with respect to the approval of the Amendment.  Under applicable federal        
securities laws, the Amendment cannot be effected until at least 20 calendar    
days after this Information Statement is sent or given to the stockholders of   
the Company.  The Board of Directors of the Company established December 21,    
1999 as the record date for determining stockholders entitled to receive this   
Information Statement.  The approximate date on which this Information statement
is first being sent or given to stockholders is December __, 1999.              

----------------------------------------- 

WE ARE NOT ASKING YOU FOR A PROXY AND 
YOU ARE REQUESTED NOT TO SEND US A PROXY. 

----------------------------------------- 

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AMENDMENT TO AMENDED AND RESTATED 
CERTIFICATE OF INCORPORATION

 In November 1999, the Board of Directors of the Company adopted, subject to
the approval of the Company's stockholders, the Amendment to increase the number
of authorized shares of Common Stock from 7,000,000 shares to 30,000,000 shares 
and resetting the Company's authorized number of shares of Preferred Stock from 
890,000 to 1,000,000.  In accordance with Section 228 of the Delaware General   
Corporation Law, stockholders owning a majority of the outstanding Common Stock 
approved the Amendment by written consent, without a meeting, on November 5,    
1999.  The Amendment was filed and accepted by the Delaware Secretary of State  
on November 22, 1999, with a delaying provision that it will not become         
effective until January 31, 2000.                                               

Current Use Of Shares                                                           

   As of November 5, 1999, 3,901,431 shares of Common Stock were outstanding and
the Board had reserved an aggregate of 631,354 additional shares for future     
issuance, including:  (a) 348,550 shares reserved for issuance upon exercise of 
outstanding options granted or to be granted under the 1994 stock option plan   
and (b) 282,804 shares reserved for issuance upon the exercise of outstanding   
options and warrants granted outside the 1994 stock option plan (after giving   
effect to the expiration of certain warrants which expired following November   
5).  As a result, the Company has approximately 2,467,215 authorized but        
unissued and unreserved shares of Common Stock available for future issuance.   

On November 5, 1999, the Company also had authorized 890,000 shares of    
Preferred Stock, none of which were outstanding.                                

As previously reported by the Company, on December 6, 1999, the Company   
completed a private placement (the "Private Placement") of 16,000 shares of a   
newly created Series B Convertible Preferred Stock (the "Series B Preferred     
Stock") and warrants (the "Private Placement Warrants") to purchase 1,600,000   
shares of Common Stock at an exercise price of $3.50 per share.  Each share of  
Series B Preferred Stock initially is convertible into 100 shares of Common     
Stock, subject to antidilution adjustments.  The exercise price and number of   
shares of Common Stock purchasable under the Private Placement Warrants also are
subject to antidilution adjustments.  The Private Placement Warrants may not be 
exercised until after January 31, 2000, when the increase in authorized shares  
of Common stock to be effected by the Amendment is expected to occur.  In       
connection  with the Private Placement, the Company also issued Private         
Placement Warrants to purchase 500,000 shares of Common Stock to Adam Smith &   
Company, Inc. ("ASC") pursuant to an investment banking agreement, dated        
December 3, 1999, entered into between the Company and ASC.                     

No other shares of Preferred Stock are issued or outstanding.             

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Rights of Additional Stock                                                      
--------------------------                                                      

The additional Common Stock to be authorized by the Amendment will have   
rights identical to currently outstanding Common Stock.  The Amendment will not 
affect the rights of the holders of currently outstanding Common Stock, except  
for effects incidental to increasing the number of shares of Common Stock       
outstanding upon any issuance of these additional shares.                       

As is the case with respect to the Company's currently authorized and     
unissued shares of Preferred Stock, the additional Preferred Stock to be        
authorized by the Amendment may be issued by the Board of Directors in one or   
more series with such voting powers, designations, and preferences as the Board 
may determine.                                                                  

Effect of Proposal                                                              
------------------                                                              

After the Amendment becomes effective on January 31, 2000, the increased  
number of authorized shares of Common Stock and Preferred Stock will be         
available for issuance, from time to time, for such purposes and consideration  
and on such terms as the Board may approve, and no further vote of the Company's
stockholders will be sought except as required by applicable law.               

 The existence of additional authorized shares of Common Stock and Preferred
Stock could have the effect of rendering more difficult or discouraging hostile 
takeover attempts.  The Board, however, is not aware of any existing or planned 
effort to accumulate material amounts of the Company's Common Stock, or to      
acquire the Company by means of a merger, tender offer, solicitation of proxies 
in opposition to management, or otherwise, or to change the Company's           
management, nor is the Board aware of any person having made any offer to       
acquire the Company's Common Stock or assets.                                   

Reason for the Amendment                                                        
------------------------                                                        

The increase in authorized Common Stock to be effected by the Amendment is
necessary to enable the Company to fulfill its obligations to the participants  
in the Private Placement by making available a sufficient number of shares of   
Common Stock to permit the possible conversion and exercise in full of the      
Series B Preferred Stock and the Private Placement Warrants.                    

Furthermore, the Board believes that the limited number of currently      
authorized but unissued and unreserved shares of Common Stock and Preferred     
Stock unduly restricts the Company's ability to respond to business needs and   
opportunities that may arise in the future.  The Amendment will afford the      
Company added flexibility by increasing the number of authorized but unissued   
shares of Common Stock, as well as Preferred Stock, for financing requirements, 
stock splits, and other corporate purposes.  Apart from the Private Placement   
described above, however, the Company has no current plan or agreement to sell  
or issue any additional shares of Common Stock or Preferred Stock.              

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 The following table sets forth certain information regarding the beneficial
ownership of the Company's Common Stock as of December 21, 1999, by (i) each    
person known by the Company to own beneficially more than 5% of the outstanding 
shares of Common Stock, (ii) the Company's Chief Executive Officer (no other    
executive officer received compensation in excess of $100,000 for the year ended
December 31, 1998), (iii) each director of the Company and (iv) all executive   
officers and directors of the Company as a group.  All information with respect 
to beneficial ownership has been furnished to the Company by the respective     
beneficial owners.  An asterisk denotes beneficial ownership of less than 1%.   

                                                        [Enlarge/Download Table]

---------------------------------------------------------------------------------------------------------------------
                                                                Amount and Nature                                    
       Name and Address of Beneficial Owner                 Beneficial Ownership/(1)/       Percentage of Class/(1)/ 
---------------------------------------------------------------------------------------------------------------------
                                                                                                                     
Adam Smith Investment Partners, L.P./(2)(7)/.............          2,080,000/(3)/                    34.8%           
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Eugene I. Gordon/(4)/....................................          1,689,287/(5)/                    30.2%           
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Adam Smith & Company, Inc./(2)/..........................            500,000/(6)/                    11.4%           
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Adam - Jack M. Dodick, M.D. General Partnership/(2)(7)/..            400,000/(8)/                     9.3%           
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Adam Smith Investments, Ltd./(2)/........................            320,000/(9)/                     7.6%           
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Edward E. David, Jr......................................              5,000/(10)/                       *           
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William C. Hittinger.....................................                  0                            --           
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Ronald B. Odrich.........................................              8,000                             *           
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Elias Snitzer............................................                  0                            --           
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All executive officers and directors                                                                                 
  as a group (6 persons).................................          1,724,079/(11)/                   30.7%           
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/(1)/ Beneficial ownership is determined in accordance with the rules of the    
   Securities and Exchange Commission (the "Commission"). In computing the
number of shares beneficially owned by a person and the percentage  
   ownership of that person, shares of Common Stock subject to convertible
     securities or options and warrants held by that person that are currently
     convertible or exercisable, or that are convertible or exercisable within
60 days of December 21, 1999, are deemed outstanding. Such shares,  
 however, are not deemed outstanding for the purposes of computing the
percentage ownership of any other person. Except as indicated in the
     footnotes to this table, the beneficial owner named in the table has sole
     voting and investment power with respect to the shares set forth opposite
such beneficial owner's name.                                       

/(2)/ The address of each of these beneficial owners is 101 East 52nd Street,   
New York, New York 10022.                                           

/(3)/ Consists of 1,040,000 shares of Common Stock issuable upon conversion of  
   shares of Series B Preferred Stock and 1,040,000 shares of Common Stock
issuable upon exercise of Private Placement Warrants.               

/(4)/ Mr. Gordon's business address is 1090 King George Post Road, Suite 301,   
Edison, New Jersey 08837.                                           

/(5)/ Includes 92,500 shares subject to exercisable options and warrants.       

/(6)/ Consists of shares issuable upon exercise of Private Placement Warrants.  

/(7)/ Adam Smith Capital Management, L.L.C. is the general partner of this      
  beneficial owner and, as such, may be deemed a beneficial owner of the
shares shown in the table.                                          

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/(8)/  Consists of 200,000 shares of Common Stock issuable upon conversion of   
   shares of Series B Preferred Stock and 200,000 shares of Common Stock
issuable upon exercise of Private Placement warrants.             

/(9)/  Consists of 160,000 shares of Common Stock issuable upon conversion of   
   shares of Series B Preferred Stock and 160,000 shares of Common Stock
issuable upon exercise of Private Placement Warrants.             

/(10)/ Consists of shares subject to exercisable options.                       

/(11)/ Includes 117,292 shares subject to exercisable options and warrants.     

                                  BY ORDER OF THE BOARD OF DIRECTORS

                           ---------------------------
                      Thomas M. Handschiegel
                   Corporate Secretary

Edison, New Jersey                                                              
December __, 1999                                                               

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APPENDIX A

CERTIFICATE OF AMENDMENT OF THE 
AMENDED AND RESTATED CERTIFICATE OF INCORPORATION 
OF
MEDJET INC. 

  Medjet Inc., a corporation duly organized and existing under the General
Corporation Law of the State of Delaware (the "Corporation"), does hereby       
certify that:                                                                   

     I.   The amendment to the Corporation's Amended and Restated Certificate of
Incorporation set forth below was duly adopted in accordance with the provisions
of Section 242 and has been consented to in writing by the stockholders, and    
written notice has been given, in accordance with Section 228 of the General    
Corporation Law of the State of Delaware.                                       

II.  Article Fourth of the Corporation's Amended and Restated         
Certificate of Incorporation is amended to read in its entirety as follows:     

FOURTH: The aggregate number of shares of capital stock which the     
Corporation shall have authority to issue is 31,000,000, of which     
    30,000,000 shall be shares of common stock, par value $.001 per share (the
"Common Stock"), and 1,000,000 shall be shares of preferred stock, par
value $.01 per share (the "Preferred Stock").  Shares of the Preferred
   Stock may be issued in one or more series.  The number of shares included
    in any series of Preferred Stock and the full or limited voting powers, if
  any, designations, preferences and relative, participating, optional and
    other special rights, and the qualifications, limitations or restrictions,
    of Preferred Stock or any series of Preferred Stock shall be stated in the
    resolution or resolutions providing for the issuance of Preferred Stock or
 such series of Preferred Stock adopted by the Board of Directors of the
Corporation (the "Board").                                            

    III. This Certificate of Amendment shall be effective on January 31, 2000.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of    
Amendment to be signed by Thomas M. Handschiegel, its Secretary, this 22nd day  
of November 1999.                                                               

           MEDJET INC.

                                 By:    /S/ Thomas M. Handschiegel
                                       ---------------------------------
                                    Thomas M. Handschiegel
                       Secretary

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘PRE 14C’ Filing		Date		First		Last			Other Filings
		1/31/00		3		7			4
		12/21/99		2		5
Filed on:		12/17/99							8-K
		12/6/99		3					3,  8-K
		12/3/99		3
		11/22/99		3
For Period End:		11/5/99		2		3			DEF 14C
		12/31/98		5					10KSB40,  10KSB40/A,  NT 10-K
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