SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
SEPTEMBER 8, 2003 0-5940
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Date of Report (Date of earliest event reported) Commission File Number
TEMTEX INDUSTRIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE 75-1321869
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
1189 IOWA AVENUE, RIVERSIDE, CALIFORNIA 92507
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(Address of Principal Executive Offices) (Zip Code)
(909) 779-6766
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(Registrant's telephone number, including area code)
1190 W. OLEANDER AVENUE, PERRIS, CALIFORNIA 92571
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(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS.
On September 11, 2003, Temtex Industries, Inc. (the "Company") issued a press
release announcing that on September 8, 2003, the United Stated Bankruptcy
Court, Central Division of California, Riverside Division, approved, among other
things, the Company's proposed asset sale procedures and the proposed sale of
substantially all of its assets, including substantially all of the assets of
its subsidiaries, to a new business enterprise comprised of three former members
of the Board of Directors of the Company. The proposal is subject to overbid.
Temtex also announced that, with the approval of the Bankruptcy Court, it has
engaged Capital Asset Advisors, LLC, to act as an investment banking and
financial advisor to Temtex in relation to its proposed refinancing of the
company's current bank financing provided by Frost Capital Group.
The proposed value of the opening bid for the Company's assets is between
$4,913,474 and $5,056,974, which bid includes the payment of secured claims,
assumption of certain liabilities and priority claims, and assumption of
selected other obligations of the Company. Although the ultimate sale price may
be higher, Temtex believes that it is highly unlikely that sufficient proceeds
will be received to pay the approximately $10,000,000 in creditor claims, and,
as such, Temtex believes that its outstanding stock is without value.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) The following exhibits are filed herewith:
Exhibit 99.1 - Press Release of Temtex Industries, Inc., dated
September 11, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
TEMTEX INDUSTRIES, INC.
Dated: September 11, 2003 By: /s/ Richard N. Anderson
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Richard N. Anderson
President & Chief Executive Officer