U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Act of 1934
October 7, 2000
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Date of Report (date of earliest event reported)
Capco Energy, Inc.
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Exact Name of Registrant as Specified in its Charter
Colorado 0-10157 84-0846529
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State or Other Jurisdiction Commission File IRS Employer
of Incorporation Number Identification
Number
2922 East Chapman Avenue, Suite 202
Orange, California 92869
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Address of Principal Executive Office, Including Zip Code
(714) 288-8230
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Registrant's Telephone Number, including Area Code
ITEM 5. OTHER EVENTS.
On September 27, 2000, Registrant sold sixty-five percent (65%)
of it's equity interest in Meteor Stores, Inc. ("MSI"), to
OneStopPlaza.Com, Inc. (the "Buyer"), a California corporation. OneStop
Plaza is controlled by Imran Jattala, the current President of Meteor
Stores, Inc.
The material terms of the transaction are as follows:
The total purchase price for the stock was one million seventy-
five thousand US dollars ($1,075,000). The purchase price was paid by
buyer paying $50,000 in cash, delivering to registrant 132,000 common
shares of Capco Energy, Inc. stock valued at $165,000, and undertaking a
promissory note for the balance of the purchase price, eight hundred
sixty thousand dollars ($860,000). Fifty thousand dollars($50,000)was
paid on September 27, with the balance under the promissory note due
December 31, 2000.
The note is secured by the common stock of MSI and has a nine
percent (9%) annual interest rate payable on a quarterly basis. In the
event of default by the buyer, registrant has the right to foreclose
against the security unless the interest payment is made and the default
is fully cured within 60 days of the date of default.
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.
CAPCO ENERGY, INC.
Dated: October 7, 2000 By:/s/ Ilyas Chaudhary
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Ilyas Chaudhary
President