FORM 8-K
Securities and Exchange Commission
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 24, 2001
HOT PRODUCTS, INC.COM
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(Exact name of registrant as specified in its charter)
Arizona 0-27382 86-0737579
(State or other (Commission File (IRS Employer
Jurisdiction of Number) Identification
Incorporation Number)
7625 E. Redfield Road, Suite 200, Scottsdale, Arizona 85260
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including area code: (480) 368-9490
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Some of the statements in this report may discuss future expectations,
contain projections of results of operation or financial condition, or include
other "forward-looking" information. Those statements are based on our
assumptions and are subject to known and unknown risks, uncertainties and other
factors that could cause the actual results to differ materially from the
results we currently contemplate. Important factors that could cause actual
results to differ from expectations include, for example, the failure of the
settlement described below to have as favorable an impact as we anticipate on
our financial results, and other factors set forth under the heading "Special
Conditions" beginning on page 7 of our Annual Report on Form 10-KSB for the
fiscal year ended April 30, 2001.
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
Hot Products, Inc.com sets forth the following information, which HPIC
believes is of importance to security holders:
HPIC has successfully resolved a dispute with a former Asian supplier. The
resolution will allow HPIC to eliminate a liability in the amount of $805,070,
which it has carried as a disputed trade account payable on its books for the
past three years. The result of this settlement will be reported on HPIC's Form
10-QSB for the quarter ended October 31, 2001, and we believe it will have a
material favorable impact on HPIC's results for this quarter.
Under the settlement agreement, which is a full and final settlement of all
claims, HPIC will pay expenses totaling approximately $7,000. The supplier and
HPIC will each fully release any and all claims against the other.
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 thereunto duly authorized.
OCTOBER 29, 2001
Hot Products, Inc.com
By /s/ Rick Greenberg
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Rick Greenberg
Director of Finance