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) August 5, 1997
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AGTsports, Inc.
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(Exact name of registrant as specified in its charter)
Colorado 0-21914 84-1022287
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(State of incorporation) (Commission File Number) (IRS Employer ID number)
5031 S. Ulster Street, Suite 205, Denver, CO 80237
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(Address of principal executive office) (Zip code)
(303) 220-8686
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(Registrant's telephone number, including area code)
Form 8-K
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Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Item 1. Changes in Control of Registrant.
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See Item 5 below
Item 2. Acquisition or Disposition of Assets.
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Not Applicable
Item 3. Bankruptcy or Receivership.
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Not Applicable
Item 4. Changes in Registrant's Certifying Accountant.
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Not Applicable
Item 5. Other Events.
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On August 5, 1997, the Company completed an amendment to the
joint venture agreement of September 15, 1995 with Global
Links Trading, Ltd. (GLT), a major shareholder, and American
Consolidated Growth Corporation (AMGC), a former affiliate.
The amendment was precipitated by the Company's previously
announced management decision to withdraw from foreign
markets for the short term and to focus exclusively on the
U.S. marketplace. Under the terms of the amendment, GLT has
agreed to surrender 6,850,000 shares of AGTsports, Inc.
common stock to the Company in return for receiving
1,000,000 non-voting convertible preferred shares of
AGTsports, Inc. Each preferred share is convertible at the
option of GLT into 2 voting shares of AGTsports, Inc.
restricted common stock. In addition to reducing the total
number of outstanding free-trading common shares of the
Company, the agreement transfers management duties of the
venture and GLT's 15% share of future venture revenues to
AGTsports, Inc.
Although management can provide no assurance the effect of
the amendment will result in any specific benefit for the
Company, in the view of management, the potential long term
economic benefits over time may have a favorable material
impact on the Company's ability to expand its market
presence, thereby generating new sources of revenue for the
Company.
SIGNATURES
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Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized on this 5th day of August,
1997.
By: /s/ Cory J. Coppage
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Cory J. Coppage
Secretary and Treasurer
Dated: August 5, 1997