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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) March 21, 2002
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AGTSPORTS, INC.
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(Exact name of registrant as specified in its charter)
Colorado 0-21914 84-1022287
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(State of incorporation) (Commission File Number) (IRS Employer ID number)
7255 E. Quincy Avenue, Suite 550, Denver, CO 80237
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(Address of principal executive office) (Zip code)
(303) 758-5570
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(Registrant's telephone number, including area code)
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FORM 8-K
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Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Item 1. Changes in Control of Registrant.
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Not Applicable
Item 2. Acquisition or Disposition of Assets.
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Not Applicable
Item 3. Bankruptcy or Receivership.
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Not Applicable
Item 4. Changes in Registrant's Certifying Accountant.
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Not Applicable
Item 5. Other Events.
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(a) Termination of Letter of Intent and proposed acquisition of
Plenum Wireless, Inc.. Pursuant to the Company's Form 8-Ks dated
February 8, 2002 and March 8, 2002, the Company advised of its
entry into a binding letter of intent to acquire Plenum
Wireless, Inc. ("Plenum"), a private, development stage wireless
mobile computing and communications products business based in
Georgetown, Texas, and the progress towards completion of this
acquisition.
On March 21, 2002, the Company received written notice
from Plenum of its decision to immediately terminate and not
proceed further with the acquisition in accordance with the
February 8, 2002 binding letter of intent. The agreement
required the parties to complete the acquisition on or before
March 29, 2002, subject to terms and conditions to be negotiated
in connection with a proposed Share Exchange Agreement between
the parties. The termination by Plenum of the subject
transaction was neither anticipated nor expected by management
of the Company. The Company is currently evaluating and
assessing what recourse and/or remedies, if any, may be
available to it and for protection of the interests of its
shareholders under the existing facts and circumstances.
Furthermore, the Company is unable to currently assess what
impact, if any, the termination of this acquisition will have on
its business and financial affairs. However, in light of the
termination of the Plenum acquisition, the Company does not
currently intend to call any special meeting of its shareholders
during the 2nd quarter of 2002.
The Board of Directors has authorized management to
continue to pursue efforts to identify and acquire new business
opportunities for the Company.
(b) Forward-Looking Statement. This Form 8-K includes
"forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Among the
matters discussed in this Report which are forward-looking
statements include statements relating to the Company's
assessment of remedies which may be available in light of
Plenum's notice terminating the pending acquisition and the
impact of this termination on the Company and its business and
financial affairs, which are subject to various risks,
uncertainties and other factors that could cause actual results
to vary materially from the results anticipated in such forward
looking statements. Such risks and uncertainties include, but
are not limited to, the inability to predict the success of
potential remedies, if any, which might be available to the
Company and other risks detailed from time to time in our
filings with the Securities and Exchange.
SIGNATURES
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Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized on this 25th day of
March, 2002.
By: /s/ Cory J. Coppage
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Cory J. Coppage
President and Secretary
Dated: March 25, 2002