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 9, 1999
ERLY Industries Inc.
(Exact Name of Registrant as Specified in Charter)
California 001-07894 95-231-2900
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No)
8641 United Plaza Boulevard
Baton Rouge, Louisiana 70809
(Address of Principal Executive (Zip Code)
Offices)
Registrant's telephone number, including area code (225) 922-4664
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item 2. Acquisition or Disposition of Assets.
ERLY Industries, Inc. ("ERLY") signed a letter of intent on August 13, 1999
with Kellstrom Broadcasting Inc. and Demaree Media, Inc. to acquire the assets
and business of four radio stations in Hot Springs, Arkansas for a total
purchase price of $4,750,000. ERLY intends to finance these acquisitions
through a combination of debt and privately placed equity, although it currently
has no binding commitments from third parties to provide such financing. The
consummation of these acquisitions is contingent upon ERLY being able to obtain
such financing.
Item 3. Bankruptcy or Receivership.
On August 9, 1999, the bankruptcy court in the joint bankruptcy matters of
Watch-Edge International, Inc. and ERLY Industries, Inc. confirmed the Modified
Debtors' and ERLY Creditors' Committee Joint Plan of Reorganization and related
ERLY Industries, Inc.'s; Watch-Edge, Inc.'s; and ERLY Creditors Committes's
Disclosure Statement as Modified for the Joint Plan of Reorganization.
Item 4. Changes in Registrant's Certifying Accountant.
In the spring of 1999, ERLY's independent accountants, Deloitte & Touche
LLP ("D&T"), resigned as ERLY's principal accountant for the audit of ERLY's
financial statements. D&T's report for the year ended March 31, 1997 did not
contain an adverse opinion, disclaimer of opinion, modification, or
qualification. An audit for the fiscal year ended March 31, 1998 was not
completed by D&T. An audit was not performed for the latest fiscal year ending
March 31, 1999. Prior to D&T's resignation, there were no disagreements between
D&T and prior management on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure.
Also in the spring of 1999, ERLY engaged Postelwaithe & Netterville, LLP
("P&N") as its principal accountant to audit its financial statements. P&N is
currently in the process of auditing ERLY's balance sheet at August 20, 1999.
Item 7. Financial Statements and Exhibits.
The following exhibits are filed with this report:
Exhibit Description
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2.1 Letter of Intent dated August 13, 1999 for acquisition of four
radio stations in Hot Springs, Arkansas.
99.1 Debtors' and ERLY Creditors' Committee Joint Plan of
Reorganization as Modified, dated as of June 1, 1999, with ERLY
Industries, Inc.'s; Watch-Edge, Inc.'s; and ERLY Creditors
Committes's Disclosure Statement as Modified for
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the Joint Plan of Reorganization attached.
99.2 ERLY Industries, Inc. Monthly Operating Report Summary for Month
Ending October 31, 1998 as submitted to United States Bankruptcy
Court, Southern District of Texas, Corpus Christi Division.
99.3 ERLY Industries, Inc. Monthly Operating Report Summary for Month
Ending November 30, 1998 as submitted to United States Bankruptcy
Court, Southern District of Texas, Corpus Christi Division.
99.4 ERLY Industries, Inc. Monthly Operating Report Summary for Month
Ending December 31, 1998 as submitted to United States Bankruptcy
Court, Southern District of Texas, Corpus Christi Division.
99.5 ERLY Industries, Inc. Monthly Operating Report Summary for Month
Ending January 31, 1999 as submitted to United States Bankruptcy
Court, Southern District of Texas, Corpus Christi Division.
99.6 ERLY Industries, Inc. Monthly Operating Report Summary for Month
Ending February 28, 1999 as submitted to United States Bankruptcy
Court, Southern District of Texas, Corpus Christi Division .
99.7 ERLY Industries, Inc. Monthly Operating Report Summary for Month
Ending March 31, 1999 as submitted to United States Bankruptcy
Court, Southern District of Texas, Corpus Christi Division.
99.8 ERLY Industries, Inc. Monthly Operating Report Summary for Month
Ending April 30, 1999 as submitted to United States Bankruptcy
Court, Southern District of Texas, Corpus Christi Division.
99.9 ERLY Industries, Inc. Monthly Operating Report Summary for Month
Ending May 31, 1999 as submitted to United States Bankruptcy
Court, Southern District of Texas, Corpus Christi Division.
99.10 ERLY Industries, Inc. Monthly Operating Report Summary for Month
Ending June 30, 1999 as submitted to United States Bankruptcy
Court, Southern District of Texas, Corpus Christi Division.
99.11 ERLY Industries, Inc. Monthly Operating Report Summary for Month
Ending July 31, 1999 as submitted to United States Bankruptcy
Court, Southern District of Texas, Corpus Christi Division.
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SIGNATURE
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 hereunto duly authorized.
ERLY INDUSTRIES, INC.
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(Registrant)
Date: August 24, 1999 By: /s/ Nanette N. Kelley
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Nanette N. Kelley
Chairman, President and
Chief Executive Officer
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