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)  October 28, 1998

                  GENISYS RESERVATION SYSTEMS, INC.               
      (Exact name of registrant as specified in its charter)


                               New Jersey                         
      (State or Other Jurisdiction of Incorporation)

    1-12689                             22-2719541           
(Commission File Number)          (I.R.S. Employer Identification No.)


2401 Morris Avenue, Union, New Jersey                07083             
(Address of principal executive offices)           (Zip Code)

(908) 810-8767                                                
(Registrant's telephone number, including area code)





<PAGE>

ITEM 5. Other Events

         On June 30, 1998  NetCruise (a wholly owned  subsidiary of the Company)
acquired assets and a technology  license from UIT in consideration of 2,000,000
shares  of the  Company's  Common  Stock  and two  warrants  ("Warrants"),  each
entitling  the holder to  purchase  800,000  shares of the  Common  Stock of the
Company.  One warrant is  exercisable  for 800,000 shares at $2.50 per share and
may be exercised  between April 1, 2002 and June 30, 2002, but only if NetCruise
achieves  profits equal to or exceeding  $5,000,000 for the years 1999, 2000 and
2001. The other Warrant is exercisable for 800,000 shares at $6.00 per share and
may be exercised  between April 1, 2002 and June 30, 2002, but only if NetCruise
achieves profits equal to or exceeding  $10,000,000 for the years 1999, 2000 and
2001.  The Company has been  advised that the  issuance of such  securities  has
caused the Company to inadvertently be in violation of a Nasdaq MarketPlace Rule
because the issuance of the shares and Warrants amounted to more than 20% of the
issued  and  outstanding  shares  of  the  Company  and  were  not  approved  by
Shareholders  as required by such Rule.  Nasdaq has advised the Company that the
Company's  Common Stock will be delisted unless the Company obtains  Shareholder
approval  for these  issuance  to the extent  that they  violate  the Rule.  The
Company  and UIT have  restructured  the  transaction  by UIT  returning  to the
Company  1,100,000  shares of Common Stock  (retaining  900,000  shares) and the
Warrants. The Company will issue to UIT 1,100,000 shares of Convertible Series B
Preferred Stock (the "Series B Preferred Stock"), which Series B Preferred Stock
is automatically convertible into 1,100,000 shares of the Company's Common Stock
upon  Shareholder  approval of the  issuance of the  1,100,000  shares of Common
Stock and the  Warrants.  The  Series B  Preferred  Stock  carries  a  mandatory
dividend of $275,000,  payable on September  30, 1999 and a mandatory  quarterly
dividend at the rate of $68,750  commencing  with the quarter ended December 31,
1999.  No dividend will be payable if the  Shareholders  approve the issuance of
the Common Stock and Warrants prior to the time that the dividend is payable.

         As a result of the transaction the Company acquired the Travel Web site
called  "Netcruise" and the license for "Parallel  Addressing Video  Technology"
for all travel related  applications,  along with all of the software,  computer
systems and intellectual  properties related to the travel business. The Company
formed  NetCruise as a wholly owned  subsidiary  for the purpose of operating an
Internet  travel  agency   featuring  the  technology   obtained   through  this
acquisition.  Harry  Shuster has been  appointed  Chairman and Brian Shuster the
President of NetCruise. Pursuant to the acquisition agreement, Mr. Brian Shuster
will receive  $5,000 per month for his services as a consultant  to the Company.
In  addition,  Messrs.  Harry  Shuster and Brian  Shuster  have been  serving as
directors  of the  Company  since  the  transaction  closed  and both  have been
nominated for election as directors of the Company.

ITEM 7.  Financial Statements and Exhibits.

         (c)  Exhibits

                  1. Copy of Agreement.

<PAGE>




                                                 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.


                                 Genisys Reservation Systems, Inc.
                            (Registrant)



By:___________________________
           John Wasko, Treasurer


DATED: October 28, 1998