SECURITIES AND EXCHANGE COMMISSION
WASHINGTON DC 20549
FORM 8-K/A
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: April 21, 2004
(Date of earliest event reported)
INTREPID TECHNOLOGY & RESOURCES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Idaho 000-30065 82-0230842
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(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification #
501 Broadway Suite 200 Idaho Falls, Idaho 83402
(Address and Zip Code of the Principal Executive Offices)
Registrant's telephone number including area code: (208) 529-5337
FKA: IRON MASK MINING COMPANY, INC.
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656 Cedera Street, Ponderay, Idaho 83852.
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(Former Name and Address)
(208) 529-5337
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(Registrants telephone number, including area code)
Indicate by a check mark whether Registrant (1) has filed all reports required
to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days. YES [X] NO [ ]
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On April 20, 2004, the Company completed an Asset Purchase Agreement to purchase
the assets of a natural gas vehicle fueling station and current customer base of
a privately held distribution and marketing company, Wright Oil and Broadway
Ford a natural gas joint venture, "(WOBF") located in south eastern Idaho.
WOBF is a compressed natural gas ("CNG") and cryogenic liquid natural gas
("LNG") processor and distributor whose clientele include Federal, commercial
and municipal customers. The distribution plant is fully automated and operates
on a computerized billing system with no attendant necessary at the locations.
The processing plant brings the additional capability of compressing gas into
cylinders that can be transported to any location requiring CNG. The purchase
brings a sizeable new asset base to the Company and the WOBF operation will be
accretive to earnings in 2004. Furthermore, this acquisition provides a
substantial outlet for the Company's methane gas production expected to come
online by late 2004.
The purchase, the first in a series of planned marketing events, provides the
Company with distribution assets and the refining facilities necessary to
further process and market their natural gas production in either LNG or CNG to
a wide, and geographically diverse, range of customers. This purchase makes the
Company a fully vertically integrated producer and distributor of methane gas
and associated value added products.
The agreement, an arms length transaction, between the Company and WOBF was for
the purchase of the natural gas filling station assets and current customer base
for $25,000 cash and 500,000 shares of the Company's common stock. The agreement
also includes a provision whereby and if WOBF is able to successfully transfer
an existing $300,000 U.S. Department of Energy grant from the Idaho Department
of Water Resources to the Company for facility upgrades, the Company will pay an
additional $25,000 cash to WOBF. On April 20, 2004 the Company's common stock
closed at a price of $.079 per share therefore the total value of the purchase
if the grant payment is issued to the Company is $89,500. The purpose of the
grant is to upgrade this existing facility to be able to store and dispense
liquid natural gas as well as compressed gas. It is estimated that the facility
upgrades will approximate in cost the full value of the $300,000 grant. Today
the facility only dispenses compressed gas.
Intrepid Technology & Resources, Inc., is a premier technology application
innovator of Biogas, bio-diesel and Ethanol products and services designed to
assist in worldwide energy independence and reduce pollution (Green Energy). All
of these are from renewable agriculture feedstock and industrial and agriculture
waste materials.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
The required unaudited pro forma financial statements will be prepared by the
Company and filed in a Form 8-K/A on or within 60 days from April 26, 2004, the
required date for filing the initial report on Form 8-K.
(c) Exhibits.
99.1 Registrant's Press Release dated April 21, 2004
99.2 Purchase Agreement
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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 thereunto duly authorized.
INTREPID TECHNOLOGY & RESOURCES, INC.
(Registrant)
Date: April 23, 2004 By: /s/ Dr. Dennis D. Keiser, Chief
Executive Officer & President
Date: April 23, 2004 By: /s/ Dr. Jacob D. Dustin, Vice
President, Secretary, and Treasurer
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Exhibit Index
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Exhibits Description
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99.1 Registrant's Press Release dated April 21, 2004
99.2 Purchase Agreement