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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) April 21, 1997
INTERNATIONAL ALLIANCE SERVICES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-25890 22-2769024
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
10055 Sweet Valley Drive
Valley View, Ohio 44125
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (216) 447-9000
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Item 5. Other Events.
On April 21, 1997, International Alliance Services, Inc. (the "Company") issued
and sold an aggregate of 616,611 units of the Company for $9.00 per unit in a
private placement to directors of the Company. Each unit is comprised of one
share of common stock, $.01 par value per share, of the Company ("Common
Stock") and one warrant to purchase one share of Common Stock at an exercise
price of $11.00 per share, exercisable for a three year period from the date of
issuance (a "Unit"). Such Units were purchased as follows: 555,556 Units by
MGD Holdings Ltd., a Bermuda company controlled by Mr. Michael G. DeGroote,
Chairman of the Board of the Company; (ii) 55,555 Units by WeeZor I Limited
Partnership, a limited partnership controlled by Mr. Richard C. Rochon, a
director of the Company; and (iii) 5,500 Units by The Harve A. Ferrill Trust
U/A 12/31/69, of which Harve A. Ferrill, a director of the Company, is trustee.
The private placement resulted in net proceeds of approximately $5.2 million,
after deducting the placement agent fee and other estimated expenses associated
with the private placement. The proceeds will be used for general corporate
purposes, to fund the Company's working capital requirements and to finance
acquisitions and capitalize on expansion opportunities.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INTERNATIONAL ALLIANCE SERVICES, INC.
Date: April 30, 1997 /s/ Gregory J. Skoda
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Gregory J. Skoda
Executive Vice President and
Chief Financial Officer