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 Earliest Event Reported: September 2, 1999
AMERICAN INDEPENDENT NETWORK, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-23105 75-2504551
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation Identification No.)
or organization)
6125 Airport Freeway, Suite 200
Haltom City, Texas 76117
(Address of principal executive offices, including zip code)
(817) 222-1234
(Registrant's telephone number, including area code)
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Item 1. Changes in Control of Registrant
On September 2, 1999, American Independent Network, Inc. (the "Company")
closed a transaction (the "HTV Transaction") whereby the Company issued and sold
11,000,000 shares of its common stock to Hispano Television Ventures, Inc.
("HTV") for $500,000 in cash. The Company believes that HTV issued
convertible debt to pay for the shares. HTV now owns approximately 57.9% of
the presently outstanding shares of common stock of the Company.
Item 2. Acquisition or Disposition of Assets
In August, 1999, the Company entered into an Asset Transfer Agreement
(the "Asset Transfer Agreement") with HTV whereby HTV agreed to pay certain
obligations of the Company totaling $82,500, and the Company agreed to repay
this amount to HTV on or before August 20, 1999 and to give HTV eight months of
free use of the satellite uplink equipment and the satellite transponder, both
of which the Company leases from third parties.
The Asset Transfer Agreement provided that if the Company does not meet the
terms of the Asset Transfer Agreement, then the Company is obligated to
immediately transfer and assign to HTV: (i) the leases to the uplink equipment
and the satellite transponder; and, (ii) the Company's FCC Radio Station
Authorization (the "Earth Station License"), which was granted to the Company in
1997. The Earth Station License authorizes the Company to build and operate a
domestic fixed transmit/receive C-band earth station uplink system on the
Company's premises. The Earth Station License expires in July, 2007. The
Company has not yet built the earth station uplink system.
The Asset Transfer Agreement provided that if the asset transfer is
effectuated, HTV would allow the Company to use the transferred assets for a
satellite usage fee of $22,500 per month, with one month of free usage, and the
Company would be able to continue providing its programming to its network
affiliates.
The leases to the uplink equipment and the satellite transponder, and the
Earth Station License are material and major assets of the Company. Although
the Company did not repay HTV, the asset transfer has not been effectuated at
this time. As part of the HTV Transaction, HTV will assist in the management of
the operations of the Company on a interim basis.
Item 5. Other events
In connection with the HTV Transaction, the Company and HTV have entered
into discussions for a business combination which could result in HTV owning a
greater percentage of the Company's common stock.
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Item 7. Financial Statements and Exhibits
Financial Statements
None.
Exhibits
10.1 HTV Transaction
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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.
American Independent Network, Inc.
October 15, 1999
_________________________________
/s/ Randy Moseley
Randy Moseley
Director, CEO and President
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