1 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 5, 1996 WAVETECH, INC. (Exact name of registrant as specified in its charter) New Jersey 0-15482 22-2726569 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 5210 E. Williams Circle, Suite 200, Tucson, Arizona 85711 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (520) 750-9093 Not applicable (Former name or former address, if changed since last report.) 2 Item 2. Acquisition or Disposition of Assets. On February 5, 1996, Wavetech, Inc. ("Wavetech" or the "Company") determined that real property believed to be owned by its subsidiary, International Environmental Services Corporation, reflected in the Company's audited financial statements for the fiscal year ended August 31, 1995 at a book value of $2,000,000, was sold in April 1994 in a delinquent tax sale. The property was not used in Wavetech's operations, and its loss will not adversely impact ongoing operations. Wavetech's audited financial statements for fiscal years ended August 31, 1995 and 1994 will be restated to reflect the loss of such property, and such restatement will reduce the Company's assets below the level required for maintenance of its Nasdaq listing. The Company is in negotiations with equity funding sources and is pursuing other alternatives which could allow it to meet such Nasdaq listing requirements, including seeking redress for the loss of the real property asset from certain responsible parties. Item 5. Other Matters. Effective February 12, 1996, Terrence E. Belsham retired and resigned as President and Chief Executive Officer of Wavetech, Inc. Mr. Belsham will continue to serve as a member of the Company's Board of Directors. Mr. Stephen A. Ezell, Executive Vice-President and Chief Financial Officer of the Company will assume the responsibilities of the President until a new President is appointed. 3 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. Dated: February 14, 1996 WAVETECH, INC. By: /s/ Stephen A. Ezell ----------------------------- Stephen A. Ezell Executive Vice-President and Chief Financial Officer