SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8K
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of Earliest Event Reported) November 2, 1999
Commission File Number 0-14443
WASTE TECHNOLOGY CORP.
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(Exact name of Registrant as specified in its charter)
DELAWARE 13-2842053
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
5400 Rio Grande Avenue
Jacksonville, Florida 32205
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(Address of Principal Executive Offices)
(800) 231-9286
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(Registrant's Telephone number, including area code)
Item 1. BUSINESS.
On November 2, 1999, Waste Technology Corp. (the "Company") entered
into a Memorandum of Intent to sell all of the assets, including a patent for a
hing side baler, of its wholly owned subsidiary, International Press & Shear,
Inc. ("IPS"), a Georgia corporation, which owns and operates a hydraulic press
baler manufacturing facility in Baxley, Georgia to Sidney Wildes and Forest
Wildes who are officers of IPS. Mr. Sidney Wildes until his recent resignation
was also a Director of the Company. In consideration for the assets, the
purchasers will pay the sum of $800,000 and will assume certain of IPS'
liabilities. Eighty percent (80%) of the purchase price will be paid upon
closing with the balance due and payable sixty (60) days after closing. Closing
is tentatively scheduled for November 15, 1999 and is subject to several
conditions being satisfied, including, the execution of a complete and
definitive asset purchase agreement. Purchasers will have the right to use the
IPS name and to continue to manufacture IPS' product line. The Company and the
purchasers have agreed that after closing each will be willing to manufacture
baling presses for the other as private labeled products. The purchasers will
grant to the Company a license to manufacture for its own sales purposes seven
and eight inch bore standard hinge side closed door and open end auto tie
products. IPS' business will continue to be operated in the same manner has it
has been in the past until the date of closing.
Item 7. Financial Statements and Exhibits.
The following documents are filed herewith:
10.40 Memorandum of Intent between Waste Technology Corp. and Sidney
Wildes and Forrest H. Wildes dated November 2, 1999.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused and authorized this report to be signed on
its behalf by the undersigned.
Dated: November 3, 1999
Waste Technology Corp.
By: /s/ Morton S. Robson,
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Morton S. Robson,
Executive Vice President