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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): January 3, 2000
HITK CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 2-82427-NY 13-3159591
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(STATE OF INCORPORATION) (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER
IDENTIFICATION NO.
68 SCHRAALENBURG ROAD
HARRINGTON PARK, NEW JERSEY 07640
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (201) 784-5190
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 1. OTHER MATTERS.
On January 3, 2000, HITK Corporation (the "Company") sold a total of
1,600,000 restricted shares of its Common Stock to Robert N. Schuck, president
and a director of the Company and a total of 500,000 restricted shares of its
Common Stock to John Gitlin, vice president and a director of the Company. The
purchase price paid by Mr. Schuck for the shares was $24,000. The purchase price
paid by Mr. Gitlin was $7,500.00. The purchase price was calculated at fifteen
times par value of the stock. Although the Company's stock trades on the pink
sheets, there has been no closing bid for the stock since June 24, 1993. In
October 1988, the Company filed a petition under Chapter 11 of the Bankruptcy
Code and as a result of the bankruptcy proceedings and the terms of its plan of
reorganization, effectively ceased doing business as a going concern. As of its
last audited report for the fiscal year ending February 28, 1999, the Company
had a negative net asset value in excess of $300,000.00. The financial condition
of the Company has not materially changed as of the date of this report. Prior
to the sale, Mr. Schuck held a total of 817,998 or 24% of the issued and
outstanding shares of the Company's stock. As a result of Mr. Schuck's purchase
of the 1,600,000 shares he currently holds approximately 44.3% of the Company's
issued stock. Prior to the acquisition of the 500,000 shares, Mr. Gitlin held no
shares of the Company's stock. As of the acquisition date, Mr. Gitlin currently
holds approximately 9% of the issued and outstanding shares of the Company's
stock. Following confirmation of its plan of reorganization in 1989, HITK
requested that Mr. Schuck, who under the terms of the plan was to receive a
salary of $120,000.00 per annum, defer payment of the salary pending the
consummation of the plan which Mr. Schuck agreed to do. The purchase price paid
by Mr. Schuck was applied against the outstanding salary owed to him by the
Company. Similarly, Mr. Gitlin who had acted as bankruptcy counsel for the
Company agreed to continue to represent the Company post confirmation and to
defer payment of his fees pending consummation of the Company's reorganization
plan. The purchase price paid by Mr. Gitlin for the shares was applied against
the outstanding legal fees owed to him by the Company. The agreements to
purchase the stock were entered into in July, 1999, but were expressly subject
to and contingent upon the Company obtaining a favorable opinion letter from
outside counsel regarding the proposed transactions. On December 17,1999, the
opinion letter was received by the Company and on January 3, 2000, the
respective transactions closed.
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.
Date: January 8, 2000
HITK Corporation
/s/ John Gitlin
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By: John Gitlin
Its: Vice President