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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
SEPTEMBER 10, 1999
Date of report (Date of earliest event reported)
K-TEL INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Charter)
MINNESOTA 0-6664 41-0946588
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification Number)
2605 FERNBROOK LANE NORTH
PLYMOUTH, MINNESOTA 55447
(Address of Principal Executive Offices, including Zip Code)
(612) 559-6800
(Registrant's Telephone Number, including Area Code)
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ITEM 2 ACQUISITION OR DISPOSITION OF ASSETS
On September 10, 1999, K-tel International, Inc. (the "Company") sold
its subsidiary in Finland, K-tel International (Finland) Oy, to Edel Music AG
("Edel") of Hamburg, Germany, for $6,350,000 in cash. K-tel International
(Finland) Oy formerly served as a subsidiary in the Company's music segment
which was responsible for the sale of music in Scandinavia. The purchase price
was established through negotiations between the parties.
ITEM 7 FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements of Businesses Acquired
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
10.1 Sale and Purchase Agreement relating to K-tel
International (Finland) Oy by and between K-tel
International, Inc. and Edel Music AG, dated
September 10, 1999.
10.2 Letter Agreement relating to K-tel International
(Finland) Oy by and between K-tel International, Inc.
and Edel Music AG, dated September 10, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on September 24, 1999.
K-TEL INTERNATIONAL, INC.
By: /s/ Steven A. Kahn
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Steven A. Kahn
Vice President and Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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10.1 Sale and Purchase Agreement relating to K-tel International (Finland)
Oy by and between K-tel International, Inc. and Edel Music AG, dated
September 10, 1999.
10.2 Letter Agreement relating to K-tel International (Finland) Oy by and
between K-tel International, Inc. and Edel Music AG, dated
September 10, 1999.
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