2 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): May 31, 1996. AFGL INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Commission File Number: 0-23170 NEVADA 75-2134871 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 850 Third Avenue New York, New York 10022 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number: (212) 508-3400 NOT APPLICABLE (Former name, former address and former fiscal year, if changed since last report) ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS On May 31, 1996, AFGL International, Inc. ("Company"), closed the purchase of all of the capital stock of Irene Cohen Temps, Inc., Corporate Staffing Alternatives, Inc., and Certified Technical Staffing, Inc., and substantially all the operating assets of Irene Cohen Personnel, Inc. The capital stock of Irene Cohen Temps, Inc., Corporate Staffing Alternatives, Inc., and Certified Technical Staffing, Inc., was purchased for cash from a small group of stockholders not affiliated with the Company at a purchase price of $9,362,032, subject to adjustment based on the closing date balance sheets. The operating assets of Irene Cohen Personnel, Inc., were purchased for $500,000 payable out of future earnings derived from use of the assets acquired. The businesses acquired by the Company offer a broad range of employment-related services consisting of human resource administration (including temporary and permanent placement services), employment regulatory compliance management, workers' compensation coverage, health care, and other employee benefits. Prior to and at the time the acquisition was completed, the Company raised $6,300,000 through a private offering of preferred stock, and obtained a term loan in the amount of $9,000,000 and a revolving credit commitment in the amount of $6,000,000 from Internationale Nederlanden (U.S.) Capital Corporation, a Delaware corporation. A portion of the debt and equity financing was used by the Company to complete the acquisition and payoff the Company's credit facilities with Finova Capital Corporation and Merrill Lynch Business Financial Services, and the remainder will be used for working capital needs as they arise. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Financial Statements It is impracticable for the Company to provide the required financial statements at the time this report on Form 8-K is filed. The Company proposes to file the required financial statements as soon as the statements are available. The Company expects that it will file the required financial statements no later than 60 days after the date on which this report on Form 8- K is required to be filed. (b) Pro Forma Financial Information It is impracticable for the Company to provide the required pro forma financial information at the time this report on Form 8-K is filed. The Company proposes to file the required pro forma financial information as soon as it is available. The Company expects that it will file the required financial information no later than 60 days after the date on which this report on Form 8- K is required to be filed. (c) Exhibits Included in this report are the following exhibits. Exhibit No. SEC Ref. Title of Document No. 1 (2) Stock Purchase Agreement dated April 10, 1996 2 (2) Asset Purchase Agreement dated May 31, 1996 3 (4) Series C 8% Convertible Preferred Stock Designation 4 (4) Series D 8% Convertible Preferred Stock Designation 5 (4) Series E Convertible Preferred Stock Designation 6 (4) Credit Agreement dated May 31, 1996 7 (4) Revolving Note dated May 31, 1996 8 (4) Term Note dated May 31, 1996 9 (4) Security Agreement dated May 31, 1996 10 (4) Warrant Agreement dated May 31, 1996 11 (4) Registration Rights Agreement dated May 31, 1996 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AFGL INTERNATIONAL INC. DATED: June 14, 1996 By Barry S. Roseman (Signature) Chief Operating Officer