SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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): November 21, 1996
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The New World Power Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-18260 52-1659436
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
The Farmhouse, 558 Lime Rock Road, Lime Rock, Connecticut 06039
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(Address of principal executive offices)
Registrant's telephone number, including area code: (860) 435-8900
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N/A
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(Former name or former address, if changed since last report.)
Item 2. Acquisition Or Disposition Of Assets
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On November 21, 1996, The New World Power Corporation (the
"Registrant") completed the previously announced agreement to sell all of its
6,612,447 shares of common stock of Photocomm, Inc. ("Pcomm") to Golden
Technologies Company, Inc. for $11,292,500. Of that amount, $600,000 was
remitted to other stockholders of Pcomm in exchange for their agreement to waive
their right of first refusal on that sale. At the same time, the Registrant's
option to acquire up to 1,500,000 shares of common stock of Pcomm was cancelled
through the termination of the 1993 Stock Purchase Agreement among the
Registrant, Pcomm and certain other parties. As a result, the Registrant no
longer owns any shares of common stock of Pcomm.
All of the net proceeds of this stock sale were applied to the
payment of the Registrant's 8% Convertible Subordinated Notes dated February 29,
1996 held by the Robert Fleming & Co. Ltd. noteholders.
Also on November 21, 1996, John D. Kuhns, Robert W. MacDonald
and Gerald R. Cummins, designees of the Registrant on the Board of Directors of
Pcomm, resigned.
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SIGNATURE
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.
The New World Power Corporation
Dated: November 27, 1996 By: /s/ Vitold Jordan
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Vitold Jordan
Interim Chief Executive Officer
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