UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): August 3, 2001
TREASURY INTERNATIONAL INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-28514 98-0160284
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
303 52 Avenue W
Claresholm, Alberta
Canada T0L 0T0
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(Address of principal executive offices)
Registrant's telephone number, including area code: (403) 625-1761
1081 King Street
Kitchener, Ontario
Canada n2G 2N3
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(Former names or former address, if changed from last report)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On July 27, 2001, pursuant to a Stock Purchase Agreement which was signed on
June 29, 2001, Treasury International Inc. (the "Registrant") sold one of its
wholly-owned subsidiaries, Compelis Corporation, and rights to the Registrant's
ActiveCatalog technology. Compelis Corporation was purchased by Twelve Stones
Corporation, an Ontario corporation, having its principal place of business at 8
Hickson Drive, Kitchener, Ontario N2B 2H3. Twelve Stones Corporation paid
$22,000 CDN plus the transfer of all shares of the Registrant and a subsidiary,
which is owned by the President of Twelve Stones valued at $100,000 US, to the
Registrant in exchange for all of the outstanding shares of Compelis
Corporation. The President and principal shareholder of Twelve Stones is Marlin
Doner, a former officer and director of Registrant and the brother of Dale
Doner, the Registrant's Chief Executive Officer. In addition, Compelis
Corporation will retain all of the liabilities and obligations currently held by
Compelis Corporation of approximately $150,000. In addition to the rights to the
ActiveCatalog technology, the Registrant will also license to Twelve Stones
certain rights to the Registrant's ActiveCommerce technology and will share its
Active Database with Twelve Stones.
The sale of the ActiveCatalog technology will allow the Registrant to pursue its
realignment plan and identify other high growth business opportunities by
leveraging its other current technologies including ActiveCommerce and Active
RMS.
ITEM 5. OTHER EVENTS.
On May 1, 2001, Marlin Doner submitted his resignation as Chief Financial
Officer and a director of Registrant. Mr. Doner's resignation was not effective
until the financial reports for the Registrant's latest fiscal quarter were
completed. The Company's financial reports for the fiscal quarter ended April
30, 2001, were completed on June 27, 2001, which became the effective date of
Mr. Doner's resignation from his positions with the Registrant.
Ms. Kristina Sickels assumed the position of interim Chief Financial Officer for
the Registrant. The Registrant has no immediate plans to fill Mr. Doner's board
position.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
10.3 Stock Purchase Agreement
Dated: August 7, 2001
TREASURY INTERNATIONAL INC.
By: /s/ Dale Doner
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Dale Doner
Chief Executive Officer
INDEX TO EXHIBITS
Exhibit No. Description
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10.3 Stock Purchase Agreement