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): FEBRUARY 21, 2002
RVM INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-1709 31-1515410
(State or other jurisdiction of (Commission (IRS employer identification
incorporation or organization) file number) number)
753 WEST WATERLOO ROAD, AKRON, OHIO 44314-1519
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (330) 753-4545
Former name or former address, if changed since last report: NOT APPLICABLE
ITEM 5. OTHER EVENTS
On February 21, 2002, RVM Industries, Inc. (the "Company") issued a press
release announcing its intent to shut down its operations. As the Company
reported in its most recent quarterly report on Form 10-Q, filed with the
Securities and Exchange Commission on February 14, 2002, there were material
changes in the Company's financial condition in the quarter ended December 31,
2001. As disclosed therein and in earlier Form 10-Q reports filed by the Company
during the last year, the Company has had to restructure its debt repeatedly.
Substantial debt payments are due on March 31, 2002, and the Company will be
unable to meet its payment obligations on that date. The Company has attempted
to deal with its fiscal problems by selling off assets. On August 10, 2001, the
Company issued a press release to announce the closing of the operations of, and
the company's intent to sell, its wholly owned subsidiary, Albex Aluminum, Inc.
("Albex"); a Form 8-K was filed on August 14, 2001, and the sale of the
extrusion assets of Albex was completed on December 19, 2001. On November 17,
2001, the Company issued a press release to announce the sale, on November 14,
2001, of the assets of another wholly owned subsidiary, Ravens, Inc.; a Form 8-K
was filed on November 21, 2001. On December 20, 2001, the Company filed a Form
8-K to announce that its independent public accountants had resigned on December
17, 2001. In its Form 10-Q filed on February 14, 2002, the Company announced the
resignation of its Chief Financial Officer. The resignation of the auditors and
the Chief Financial Officer were made without dispute with the Company over
accounting practices and procedures. Management does not believe the Company can
continue to operate under these circumstances. The Company intends to sell the
assets of its one remaining subsidiary, Signs and Blanks, Inc., use the proceeds
of that sale and any other assets of the Company to pay its creditors to the
extent that funds are available and cease operations at the earliest practicable
date. As the Company winds down its operations, its shares will have little or
no value to stockholders, and it is unlikely the Company will be able to repay
debt to related parties.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
(99) Press Release dated February 21, 2002, announcing the
intention of RVM Industries, Inc. to sell its remaining
assets, pay creditors to the extent funds are available and
cease operations
SIGNATURE
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.
RVM INDUSTRIES, INC.
By: /s/ Jacob Pollock
----------------------------
Jacob Pollock
Principal Financial Officer and
Principal Accounting Officer
Dated: February 21, 2002
RVM INDUSTRIES, INC.
FORM 8-K CURRENT REPORT
INDEX OF EXHIBITS
99 Press Release dated February 21, 2002, announcing the intention
of RVM Industries, Inc. to sell its remaining assets, pay
creditors to the extent funds are available and cease operations