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):August 12, 2003
DIATECT INTERNATIONAL CORPORATION
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(Exact name of registrant as specified in its charter
California | 0-10147 | 95-355578 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer ID No.) |
875 South Industrial Parkway, Heber City, Utah, 84032
________________________________________________________
(Address of principal executive office)
(435) 654-4370
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(Registrant’s phone number including area code)
-1-
ITEM 5.
OTHER INFORMATION
On August 12th, 2003, Diatect International Corporation, (the “Company” or “Diatect”) entered into a letter of intent with Diatomaceous Earth Deposits of Virginia to purchase 90%of Diatect’s diatomaceous earth mining site in Oregan for $31.1 million. At the current time, Diatect expects to finalize the transaction on or before September 15, 2003. Diatomaceous Earth Deposits of Virginia is a corporation co-owned by Michael P. McQuade, an outside director of the Company. Initial terms of the agreement call for Diatect to receive annual payments for $1.9 million per year beginning in September 2005 and continuing for a period of fifteen years thereafter. Other terms will be negotiated prior to the scheduled closing.
Diatomaceous Earth
Deposits of Virginia
30 Courthouse Road
Richmond, VA 23236
804-794-8582 (Voice)
804-379-2159 (Fax)
August 12, 2003
Jay Downs, President
Diatect International
875 S Industrial Parkway
Herber, Utah 84032
Dear President Downs,
It is my great pleasure to inform you of our intent to purchase 90% of White Mountain Diatomite Project, consisting of all of Section 9 in Township 18 South, Range 41 East, Willamette Meridian in the White Mountain Range in Oregan. The purchase price of $31,125,600 with the payment terms of $1,945,350 a year through 2021 beginning September 1, 2005, is acceptable. I would ask for a closing on or before September 15, 2003, as we should be able to complete our due diligence by that date.
Best regards,
/s/ Michael P. MCQuade
_______________________________
Michael P. McQuade
President
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.
DIATECT INTERNATIONAL CORPORATION
August 15, 2003
/s/ Jay W. Downs
________________________________
Jay W. Downs
Principal Executive Officer
Principal Financial Officer
