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) January 26, 2000
AMERICAN ACCESS TECHNOLOGIES, INC.
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(Exact name of registrant as specified in its charter
Florida 59-3410234
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(State or other jurisdiction (IRS Employer Identification No.
of incorporation)
37 Skyline Dr. Suite 1101, Lake Mary, FL 32746
Registrant's telephone number, including area code: (407) 333-1446
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Item 5. Other Events
On January 26, 2000 American Access Technologies, Inc. ("the Company")
entered into a Joint Venture with Vulcan Microsystems for the creation of a
business-to-business e-commerce company serving the voice/data communications
industry. The Company owns a 76% interest in AATK.com, LLC, with Vulcan a 19%
partner. Grovegate Capital Partners, LLC., investment banking firm for the Joint
Venture, shares 5% ownership. The Company will issue 135,000 shares of common
stock, with a current market value in excess of $1 million, to Vulcan. Vulcan
President and CEO Erik Gray and Vice President and Chief Technology Officer Bill
Wetmore each receive 100,000 Company stock purchase warrants exercisable at $10
per share as consultants for development of the joint venture. Vulcan will also
be issued warrants to purchase one million common shares of the Company stock,
at an exercise price of $25 per share. The Company will initially furnish
working capital of at least $400,000 to AATK.com LLC. Tony Leavitt, owner of
Grovegate Capital, will pledge his interest in AATK.com, LLC as collateral for
notes payable to the Company arising out of his exercise of 260,000 warrants to
purchase Company common stock in June 1999. Such notes have been extended to
December 2000.
On January 27 and 28, the remaining holders of Series A 10% Convertible
Preferred Stock converted 10, 650 Preferred shares into 215,534 shares of common
stock.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
The following Exhibits are filed herewith:
Exhibit No. Description
1. Letter Agreement with Vulcan Microsystems, Inc.
2. Consulting agreement dated January 26, 2000 between
registrant and Erik Gray and Bill Wetmore
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
AMERICAN ACCESS TECHNOLOGIES, INC.
February 9, 2000 By: s/John Presley
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John Presley, President
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