UNITED STATES
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): February 28, 2003
Commission File Number 000-13822
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RESCON TECHNOLOGY CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Nevada 83-0210455
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
25 Fairchild Avenue, Suite 500
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Plainview, New York 11803
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(Address of principal executive offices)
(516) 576-0060
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(Registrant's Executive Office Telephone Number)
ITEM 5. OTHER INFORMATION
On July 12, 2002, the Company consummated an Agreement and Plan of
Reorganization (the "Agreement") with Radical Technologies, Inc., a New
York corporation ("Radical") and its then wholly-owned subsidiary GIT
Securities Corporation, a Nevada corporation ("GIT"). GIT is a broker-
dealer registered with the National Association of Securities Dealers
("NASD"). Pursuant to the terms and conditions of the Agreement, Radical
acquired 10,000,000 restricted common shares of the Company in exchange
for 20% of the issued and outstanding common shares of GIT. According to
the terms of that Agreement, the Company was to acquire the remaining 80%
equity interest in GIT for an additional 1,000,000, shares of Company
common stock following NASD approval of the change in beneficial ownership
of GIT.
As an NASD broker-dealer, GIT is required to obtain NASD approval of
any change in its beneficial ownership that exceeds 25%. The Company,
Radical and GIT have agreed that Radical will return for cancellation the
10,000,000 shares of common stock it was issued upon closing the Agreement.
In place of the 10,000,000 shares, Radical will be issued 2,200,000
restricted shares of Company common stock for the 20% equity interest it
holds in GIT. Upon cancellation of the 10,000,000 shares and issuance of
the 2,200,000 share, the Company intends to make new application to the
NASD for approval of a change in the beneficial ownership of GIT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report on Form 8-K to be signed
on its behalf by the undersigned hereunto duly authorized.
RESCON TECHNOLOGY CORPORATION
Date: March 3, 2003 By: /S/ Christian Nigohossian
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Christian Nigohossian, President