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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) November 21, 1997
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APPLEWOODS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-27850 13-3859709
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
Formation)
274 Riverside Avenue, Westport, Connecticut 06881
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 227-4912
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(Former name or former address, if changes since last report)
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Item 5. Other Events.
On November 21, 1997, the Registrant learned from news sources
that Sherman Drusin, a director of the Registrant, pleaded guilty to
conspiracy to commit securities and wire fraud and conspiracy to commit
money laundering in connection with the underwriting of the
Registrant's initial public offering in April 1996. Mr. Drusin was at
that time associated with Sterling Foster, Inc., the managing
underwriter of the Company's initial public offering. Mr. Drusin
resigned as a director of the Registrant effective as of November 24,
1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly authorized and caused the undersigned to sign this
Report on the Registrant's behalf.
APPLEWOODS, INC.
By: /s/ Roger Buoy
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Roger Buoy
Chief Executive Officer
Dated: November 25, 1997
