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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) April 30, 1999
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Casinovations Incorporated
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(Exact name of Registrant as specified in charter)
Nevada
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(State or other jurisdiction of incorporation)
000-25855 91-1696010
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(Commission File Number) (IRS Employee Identification No.)
6744 South Spencer Street, Las Vegas, Nevada 89119
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 733-7195
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On April 29, 1999, Casinovations Incorporated, a Nevada
corporation (the "Company"), appointed Bob L. Smith as the
Company's Chairman of the Board. Although health reasons caused
the Mr. Huson to step down as the Company's Chairman of the
Board, Mr. Huson continues to be a director of the Company. In
addition, on the same date, the Company appointed two additional
members to the Company's Board of Directors, Richard S. Jaslow
and Jill Bayless. The Company's Board of Directors currently
consists of eight members.
As discussed in the Company's Annual Report on Form 10-KSB
as filed with the Securities and Exchange Commission on March 26,
1999 under Part I, "Item 3. Legal Proceedings," the Company
received a letter from a stockholder which purchased 200,000
shares of the Company's common stock (the "Disputed Shares")
issued in conjunction with the Company's offering for 1,500,000
shares of the Company's common stock. Although the stockholder's
subscription agreement was accepted by the Company on December 4,
1998 and although the Disputed Shares were issued to the
stockholder on December 14, 1998, the stockholder asserted that
it has the right to rescind said subscription agreement and that
it desired to rescind said subscription agreement. On March 24,
1999, the Company agreed to rescind the subscription on or before
April 30, 1999 and provide payment of $450,000 to the
stockholder. On April 30, 1999, pursuant to this agreement with
the stockholder, the Company rescinded the subscription agreement
and provided payment of $450,000 to the stockholder. The Company
currently intends to cancel the shares thereby reducing the
Company's outstanding shares of common stock.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
Not Applicable.
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SIGNATURE
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.
CASINOVATIONS INCORPORATED
(Registrant)
Date: May 3, 1999 By: /s/ Steven J. Blad
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Steven J. Blad
President and Chief Executive
Officer
