UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): March 30, 2000
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Paradigm Advanced Technologies, Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-28836 33-0692466
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(State or Other Jurisdiction (Commission (IRS Employer
of incorporation) File Number) dentification No.
1 Concord Gate, Suite 201, Toronto, Canada M3C 3N6
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (416) 447-3235
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Item 2. ACQUISITION OR DISPOSITION OF ASSETS
(a) Pursuant to an agreement dated as of February 18, 2000 by and among
Paradigm Advanced Technologies, Inc. (the "Issuer"), Watson & Associates
International Corp. ("Watson"), Eduardo Guendelman ("Guendelman") on behalf
of himself and members of his immediate family and Harry Zarek, in Trust
("Zarek" and, collectively with Watson and Guendelman, the "Sellers"), the
Issuer has acquired all of the issued and outstanding stock of PowerLOC
Technologies Inc. ("PowerLOC"). In exchange for the stock the Issuer paid
to the Sellers the following consideration: (1) a payment of $100,000 on
February 18, 2000; (2) $200,000 on March 30, 2000; (3) 5,000,000 shares of
the Issuer on March 30, 2000; and, (4) options to purchase 4,166,666 shares
of the Issuer's Stock. The options are fully vested and exercisable for
a three-year period. The purchase price was the result of arm's length
negotiations between the Issuer and the Sellers.
The funds for this purchase were provided by the Issuer.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Business Acquired.
Audited financial statements of PowerLOC required pursuant to Regulation
S-X will be filed on an amendment to this Form 8-K no later than June 13,
2000.
(b) Pro Forma Financial Information.
The pro forma financial information required pursuant to Article 11 of
Regulation S-X will be filed on an amendment to this Form 8-K no later than
June 13, 2000.
(c) Exhibits.
2.1 An agreement dated as of February 18, 2000 by and among Paradigm
Advanced Technologies, Inc., Watson & Associates International Corp.,
Eduardo Guendelman on behalf of himself and members of his immediate
family and Harry Zarek, in Trust.
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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 hereunto duly authorized.
PARADIGM ADVANCED TECHNOLOGIES, INC.
Dated: April 13, 2000 By: /s/ Selwyn Wener
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Selwyn Wener
Chief Financial Officer
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EXHIBIT INDEX
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Exhibit No. Exhibit
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2.1 An agreement dated as of February 18, 2000 by and among Paradigm
Advanced Technologies, Inc., Watson & Associates International
Corp., Eduardo Guendelman on behalf of himself and members of his
immediate family and Harry Zarek, in Trust.
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