SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or
15(d) of The Securities Act of 1934
Date of Report (Date of earliest event reported): September 13, 1996
CREATIVE PROGRAMMING AND TECHNOLOGY VENTURES, INC.
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(Exact name of registrant as specified in its charter)
Colorado 0-19817 84-1236669
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
7900 East Union Avenue, Suite 1100
Denver, Colorado 80237
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(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (303) 694-5324
Not Applicable
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(Former name or former address, if changed since last report.)
Item 2. Acquisition or Disposition of Assets
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On September 13, 1996, the Registrant entered into and closed, subject to
certain conditions subsequent, in escrow a definitive agreement to sell its
entire interest in Off World Entertainment, Inc., d/b/a OddWorld Inhabitants
("OddWorld") to GT Interactive Software Corp. ("GT"), a NASDAQ listed leading
global publisher of interactive entertainment, edutainment, and value-priced
software. The Registrant's interest in OddWorld is held by KG Squared, Inc.
("KG"), a wholly owned subsidiary of the Registrant. The transaction took the
form of the sale of all of the Registrant's interest in the capital stock of
OddWorld and all indebtedness due the Registrant from loans and other advances
extended to OddWorld. The completion of this transaction is subject to limited
conditions subsequent, one of which is the approval of the shareholders of the
Registrant at a special meeting of shareholders to be held as soon as possible
after necessary regulatory approvals. All documents and funds are currently held
in escrow pending fulfillment of the conditions subsequent.
The gross purchase price of this transaction was $7 million. The net
purchase price for this transaction to the Registrant will be approximately $6.8
million, less transaction costs and repayment of a $500,000 loan received from
affiliated shareholders. The purchase price received from GT was determined
through arms' length negotiations.
Item 7. Financial Statements and Exhibits
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The Registrant will amend this Form 8-K to provide the financial
information required by and within the time permitted by this item.
(c) Exhibit
Number Description
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2.1 Stock Purchase Agreement dated September, 13, 1996, by and among
GT, KG, and the Registrant. *
2.2 Share Exchange Agreement Dated September 13, 1996, by and among,
the Registrant, OddWorld, Sherry McKenna, Lorne Lanning and KG.*
* Filed herewith.
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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.
CREATIVE PROGRAMMING AND
TECHNOLOGY VENTURES, INC.
Date: September 20, 1996 By /S/ GARY R. VICKERS
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Gary R. Vickers, President
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