<PAGE>
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
Date of Report (Date of earliest event reported) - April 25, 2000
Quadratech, Inc.
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(Exact name of Registrant as Specified in its Charter)
Nevada
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(State or other jurisdiction of Incorporation)
0-9919 95-4569931
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(Commission File Number) (IRS Employer Identification No.)
11401 Valley Blvd Suite 200A, El Monte, CA 91731
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(Address of Principal Executive Offices)
(626) 401-2700
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Registrant's Telephone Number, including Area Code
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Item 5. Other Events
On April 25, 2000, Registrant purchased 61.2% of the stock of MAG
Transportation, Inc. (MAG) and related intellectual property rights for $150,000
In cash. Within six (6) months (October 25, 2000) Registrant agreed to purchase
the remaining 38.8% of MAG stock and related intellectual property rights for an
additional $90,000.00 in cash.
MAG, located in Ogden, Utah, is a privately-held third-party logistics
Company with transportation services throughout the western United States. MAG
had year-to-date sales through the third quarter of 1999, of 1.8 million
dollars, operating 21 tractors and 42 trailers.
Michael K. Munsee, President of MAG will retain his position as
President, Operating MAG as a subsidiary of Registrant.
Item 7. Financial Statements and Exhibits
(a) Exhibit A - News Release
(b) Exhibit B - Financial Reports
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.
Quadratech, Inc.
(Registrant)
Date: April 25, 2000 By: /S/ Craig G. Robitaille
----------------------------
Craig G. Robitaille
Chief Executive Officer
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EXHIBIT "A"
FOR IMMEDIATE RELEASE
For information contact:
Craig G. Robitaille, President and Chief Executive Officer
626-401-2700
QUADRATECH INC. BOARD APPROVES ACQUISION OF MAG TRANSPORTATION
CITY OF INDSUTRY, CALIFORNIA - (BUSINESS WIRE) - March 1, 2000 (OTCBB: QUDT)
Board Of Directors agrees to acquire all stock and assets of MAG Transport Inc.,
based in Ogden, Utah.
"The acquisition of MAG greatly expands the geographical area where Quadratech's
leading third party logistics division can provide services. We look forward to
integrating MAG's operations into Quadratech's over the next 12 months", said
Craig G. Robitaille, QUDT President and Chief Executive Officer. "MAG's diverse
and long-Standing customer base will offer Quadratech additional opportunities
to expand our Logistics and supply network throughout the Western United States,
resulting in a Significant regional presence for QUDT's other divisions, OSA and
Accu Chem Conversion, Inc."
QUDT is a leading manufacturer of absorbents and supplier of third party
logistics throughout California and Arizona.
CONTACT:
Quadratech, Inc., El Monte, California
Craig G. Robitaille, President and Chief Executive Officer
626-401-2700
www.quadratech.com
- ------------------
accuchemconversion.com
keyword: CALIFORNIA NEVADA ARIZONA UTAH WASHINGTON
###
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EXHIBITY "B"
MAG TRANSPORT, INC.
FINAL INCOME STATEMENT
FOR THE PERIOD ENDED 9/30/99
CURRENT
ACCOUNT NAME YTD %
- ----------------- ------------- --------
R E V E N U E
FREIGHT BILL REVENUE 1,826,861.03 99.71
SERVICE CHARGES 0.00 0.00
SALES DISCOUNT 0.00 0.00
INTEREST INCOME 2.20 0.00
MISC. INCOME 5,354.75 0.29
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TOTAL REVENUE 1,832,235.98 100.00
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E X P E N S E S
GENERAL & ADMINISTRATIVE EXP'S
ADVERTISING 473.97 0.03
DATA PROCESSING 3,226.58 0.18
DEPRECIATION G & A 252.54 0.01
DONATIONS 100.00 0.01
DUES/MEMBERSHIPS/SEMINARS/LICENSES 628.24 0.03
EMPLOYER PAYROLL EXPENSE 13,914.55 0.76
FACILITYIES EXPENSE 7,184.33 0.39
FINANCE CHARGES (S/C, LATE, CHG) 6,332.84 0.35
FRINGE BENEFIT EXPENSE 3,313.38 0.18
FUEL & OIL EXPENSE 1,201.60 0.07
INSURANCE EXPENSE - G & A 1,524.80 0.08
INSURANCE - HEALTH 12,846.28 0.70
INTEREST EXPENSE 104,217.99 5.69
LABOR EXPENSE 95,165.43 5.19
MISC.EXPENSE 1,692.35 0.09
OFFICE SUPPLIES 5,683 58 0.31
POSTAGE EXPENSE 2,053.23 0.11
PREVIOUS YEAR'S EXPENSES 1,403.35 0.08
PROFESSIONAL FEES 4,660.00 0.25
PROMOTIONS 212.05 0.01
RENT/LEASE EXPENSE 38,050.00 2.08
REPAIRS G' & A EQUIPMENT 1,475.76 0.08
TAXES-EMPLOYERS PORTION 39,751.46 2.17
TAXES - FUTA 0.00 0.00
TAXES - INCOME-FEDERA.L 0.00 0.00
TAXES - INCOME-STATE 0.00 0.00
TAXES - MISC 2,315.95 0.13
TAXES - PENALTY EXPENSE 0.00 0.00
TAXES - SUTA 0.00 0.00
TAXES - WORKMENS COMP 0.00 0.00
SATELLITE COMMUNICATIONS EXP 9,828.97 0.54
TELEPHONE EXPENSE 8,137.93 0.44
TRAVEL & ENTERTAINMENT 2,073.42 0.11
UTILITIES 8,941.87 0.49
VEHICLE REG.& TAXES - G & A 0.00 0.00
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TOTAL GEN. & ADM. EXPENSES 376,662.45 20.56
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MAG TRANSPORT, INC.
FINAL INCOME STATEMENT
FOR THE PERIOD ENDED 9/30/1999
CURRENT
ACCOUNT NAME YTD %
- ----------------- ------------- --------
OPERATING EXPENSES
BAD DEBT EXPENSES 0.00 0.00
DEPRECIATION EXPENSE 62,174.70 3.39
AMORTIZATION EXPENSE 29,748.78 1.62
EQUIPMENT-CLEANING/WASHOUT EXP 1,145.78 0.06
FRINGE BEN. /MEDICAL EXPENSES 7,522.11 0.41
FUEL & OIL EXPENSE 313,780.87 17.13
INSURANCE EXPENSE - CONTRACTING 129,274.14 7.06
LABOR - DIRECT 299,829.99 16.36
LABOR - SHOP & MISC 45,390.41 2.48
LABOR - PER DIEM l12,826.13 6.16
MLG.TAX, PRMTS, CITS, REG-COLORADO 96.37 0.01
MLG.TAX, PRMTS, CITS, REG-IDAHO 31,513.23 1.72
MLG.TAX, PRMTS, CITS, REG-MONTANA 173.04 0.01
MLG.TAX, PRMTS, CITS, REG-NEVADA 2,902.62 0.16
MLG.TAX, PRMTS, CITS, REG-OREGON 41,632.51 2.27
MLG.TAX, PRMTS, CITS, REG-UTAH 13,906.47 0.76
MLG.TAX, PRMTS, CITS, REG-WASHNGTON 4,705.17 0.26
MLG.TAX, PRMTS, CITS, REG-WYOMING 318.07 0.02
MLG.TAX, PRMTS, CITS, REG-MISC.ST 2,753.94 0.15
MISCELLANEOUS EXPENSE 10,118.10 0.55
RENT/LEASE - EQUIPMENT 147,753,38 8.06
REPAIRS - EQUIP/PARTS 96,218.36 5.25
REPAIRS - EQUIP/SERVICE 25,671.12 1.40
SHOP SUPPLIES 9,733.04 0.53
TIRE EXPENSE 60,595.24 3.31
SUB-CONTRACT EXPENSE 0.00 0.00
TAXES - FICA (EMPLOYERS PORTION) 0.00 0.00
TAXES - FUTA 0.00 0.00
TAXES - SUTA 0.00 0.00
TAXES - WORKMENS COMP 18,144.19 0.99
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TOTAL OPERATING EXPENSES 1,467,927.76 80.12
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GAIN/LOSS ON ASSET DISPOSAL (10,150.00) (0.55)
LOSS ON NOTES RECEIVABLE 0.00 0.00
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TOTAL EXPENSES 1,834,440.21 100.12
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N E T 1 N C 0 M E (2,204.23) (0.12)
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MAG TRANSPORT, INC.
FINAL INCOME STATEMENT
FOR THE PERIOD ENDED 9/30/1999
CURRENT
ACCOUNT NAME YTD %
- ----------------- ------------- --------
AS S E T S
CASH 42,848.69 3.55
CASH-RESERVE ACCT 96.93 0.01
ACCOUNTS RECEIVABLE 127,775.50 10.59
NOTES RECEIVABLE - EMPLOYEES 0.00 0.00
ACCTS RECEIVABLE - #72 INS PMT 0.00 0.00
NOTES RECEIVABLE 0.00 0.00
NOTES RECEIVABLE - MKM 0.00 0.00
DEPOSIT - WORKMEN'S COMP 0.00 0.00
DEPOSIT - OREGON BOND 5,350.64 0.44
CONTRIBUTION CARRY-OVER 0.00 0.00
CAPITAL LOSS CAPRYOVER 0.00 0.00
PRE--PAID FEDERAL INCOME TAX 0.00 0.00
NET OPERATING LOSS CARRY OVER 0.00 0.00
OFFICE EQUIPMENT 4,019.81 0.00
CONTRACTING EQUIPMENT 2,034,240.75 168.65
G & A VEHICLES 0.00 0.00
SHOP EQUIPMENT 15,358.64 1.27
CONTRACTING EQUIPMENT-LEASED 298,186.00 24.72
ACCUM. DEPREC. - OFFICE EQUIP (2,382.24) (0.20)
ACCUM.DEPREC. - CONTRACTING EQUIP (764,171.51) (63.35)
ACCUM. DEPREC. - G & A VEHICLES 0.00 0.00
AOCUM. DEPREC. - SHOP EQUIPMENT (14,347.45) (1.19)
ACCUM. DEPREC. - LEASED EQUIP. (471,341.13) (39.08)
ACCUM. AMORTIZATION (69,413.82) (5.75)
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TOTAL ASSETS 1,206,220.81 100.00
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L I A B I L I T I E S
ACCOUNTS PAYABLE 158,359.76 13.13
LEASE PAYABLE - GE CAPITAL #96 57,717.78 4.79
LEASE PAYABLE - GE CAPITAL #86 57,717.78 4.79
LEASE PAYABLE - GE CAPITAL #390 30,044.50 2.49
LEASE PAYABLE - ASSOC.LSG #L'8 68,526.76 5.68
LEASE PAYABLE - ZIONS CR #90 22,337.83 1.85
LEASE PAYABLE - GE CAPITAL #26 67,117.98 5.56
LEASE PAYABLE - GE CAPITAL #80 67,117.98 556
LEASE PAYABLE 0.00 0.00
LEASE PAYABLE - GE CAPITAL #72 0.00 0.00
LEASE PAYABLE - GE CAPITAL #82 20,404.33 1.69
LEASE PAYABLE - ZIONS CR #380 7,302.43 0.61
LEASE P.AYABLE - ZIONS CR #470 6,199.69 0.51
LEASE PAYABLE - AT&T CR - SATLT 20,850.97 1.73
LEASE PAYABLE - ZIONS CR #307 8,797.53 0.73
LEASE PAYABLE - GOLDSTONE #306 5,216.48 0.43
LEASE PAYABLE - GOLDSTONE #406 5,216.48 0.43
LEASE PAYABLE - GOLDSTONE #747 19,241.95 l.60
LEASE PAYABLE - GOLDSTONE #757 19,241.92 1.60
LEASE PAYABLE - GOLDSTONE #350 23,475.50 1.95
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MAG TRANSPORT, INC.
FINAL INCOME STATEMENT
FOR THE PERIOD ENDED 9/30/1999
CURRENT
ACCOUNT NAME YTD %
- ----------------- ------------- --------
LEASE PAYABLE-GOLDSTONE #22 34,438.23 2.86
LEASE PAYABLE 0.00 0.00
LEASE PAYABLE 0.00 0.00
LEASE PAYABLE - GE CAPITAL #64 59,095.35 4.90
LEASE PAYABLE - GOLDSTONE #303 26,178.02 2.17
LEASE PAYABLE - GOLDSTONE #737 29,004.50 2.40
NOTES PAYABLE - LOC, ZIONS 0.00 0.00
NOTES PAYABLE - ASSOC.#76 0.00 0.00
NOTES PAYABLE - ASSOC.#12 12,359.51 1.02
NOTES PAYABLE - ASSOC. #34 38,579.69 3.20
NOTES PAYABLE - MD ENT., OP'G 29,902.23 2.48
NOTES PAYABLE - MD ENT., FORD TRK 0.00 0.00
NOTES PAYABLE - ASSOC. #30 0.00 0.00
NOTES PAYABLE 0.00 0.00
NOTES PAYABLE 0.00 0.00
NOTES PAYABLE - ASSOC. #36 0.00 0.00
NOTES PAYABLE - ASSOC. #14 17,396.74 1.44
NOTES PAYABLE - ASSOC. #. 38 0.00 0.00
NOTES PAYABLE - GOLDSTONE #440 0.00 0.00
NOTES PAYABLE - MERCEDES #18 88,133.28 7.31
NOTES PAYAB'LF - ZIONS, OP. EXP'S 40,266.91 3.34
NOTES PAYABLE - NEWCOURT52, 58+TR 115,920.98 9.61
NOTES PAYABLE - TEXTRON #707 59,590.27 4.94
NOTES PAYABLE - GE CAPITOL 77+ 45,791.10 3.80
NOTES PAYABLE - GREEN TREE #54 76,934.47 6.38
NOTES PAYABLE - GREEN TREE #74 76,934.47 6.38
OTHER TAXES - PAYROLL 0.00 0.00
PREVIOUS YRS ACCRUED P/R TAXES 0.00 0.00
FEDERAL W/H TAXES PAYABLE 0.00 0.00
FICA TAXES PAYABLE 0.00 0.00
FUTA TAXES PAYABLE 0.00 0.00
UT W/H TAXES PAYABLE 0.00 0.00
ID W/H TAXES PAYABLE 0.00 0.00
UT SUTA PAYABLE 0.00 0.00
ID SUTA PAYABLE 0.00 0.00
UT WORKMENS COMP. PAYABLE 0.00 0.00
HEALTH INSURANCE W/H PAYABLE 0.00 0.00
MISC. PAYROLL DEDUCTIONS 0.00 0.00
ACCRUED FED. INCOME TAXES 0.00 0.00
ACCRUED STATE INCOME TAXES 0.00 0.00
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TOTAL LIABILITIES 1,415,413.40 117.34
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OWNERS EQUITY
CAPITAL STOCK 30,000.00 4.49
ADDITIONAL PAID IN CAPITAL 23,041.07 1.91
RETAINED EARNINGS (260,029.43) (21.56)
CURRENT EARNINGS - NET INCOME (2,204.23) (0.18)
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TOTAL OWNER'S EQUITY (209,192.59) (17.34)
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TOTAL LIABILITIES & EQUITY 1,206,220.81 100.00
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