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) January 14, 1997
----------------
AGTSPORTS, INC.
(Exact Name of Issuer as specified in its charter)
Colorado 0-21914 84-1165916
- --------------- ----------- --------------------------
(State or other (Commission (IRS Employer File Number)
jurisdiction of File No.)
incorporation)
P.O. Box 620
Tampa, Florida 33601
----------------------------------------------------
(Address of principal executive offices zip code)
(813) 661-3209
----------------------------------------------------
(Registrant's telephone number, including area code)
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Act of 1934
Item 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable
Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
See Item 5 below.
Item 3. BANKRUPTCY OR RECEIVERSHIP.
Not Applicable
Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not Applicable
Item 5. OTHER EVENTS.
Effective January 10, 1997, the Registrant has consummated two
acquisitions. The first was the acquisition of 100% of the issued and
outstanding common stock of Tee Times of America, Inc., a Texas
corporation (TTA). The second was the acquisition of all of the
assets, including the receivables, contracts and proprietary property,
but not the liabilities, of J.M. Golf, Inc., a Colorado corporation
(JM). As a part of these acquisitions, the Registrant has entered into
five year renewable employment agreements, stock option agreements,
and non-compete agreements with the former principals of the
respective acquirees, who will continue in the same capacities on
behalf of the Registrant in the acquiree operations.
TTA is a company which is in the business of providing computerized
golf management systems, including the proprietary TeeMaster computer
tee time system, to golf courses and resorts in the United States.
Currently, these systems are installed and operational at the Presidio
Golf Course and the Tahquitz Golf Resort. TTA also has contracts to
install the Tee Master system at Ridgeview Ranch near Dallas, Texas,
at the Hyatt Bear Creek in Colorado, and at Firewheel Golf Park.
JM is a company which owned an electronic device for the golf
industry, along with patents pending, known as the Micro Caddie. This
device permits computerized individual scoring and recordkeeping of
golf rounds, as well as providing information concerning the course
being played. The Registrant intends to market this device as an
adjunct to its other golf products and programs.
Item 6. RESIGNATION OF REGISTRANT'S DIRECTORS.
Not Applicable.
1
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Not Applicable
Item 8. CHANGE IN FISCAL YEAR.
Not Applicable
Item 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S.
Not Applicable
2
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.
AGTsports, INC.
By: /s/ B. Mack DeVine
------------------------
B. Mack DeVine
Chief Executive Officer
Dated: January 14, 1997