UNITED STATES
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 3, 1997
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Jungle Street, Inc.
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(Exact name of registrant as specified in its charter)
Utah
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(State or other jurisdiction of incorporation or organization)
0-27390 87-0368236
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(Commission file number) (I.R.S. Employer Identification No.)
215 Yakima Street
Wenatchee, Washington 98801
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (509) 664-9004
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
Effective April 4, 1997, Jungle Street, Inc. (the "Company" or "JSI")
reduced the number of shares of its common stock, par value $.001 per share,
by effecting a "reverse split." The reverse split, authorized earlier by the
Company's board of directors, resulted in the exchange of one share of common
stock for each four shares owned prior to the split on April 4, 1997. No
action by the shareholders was required or sought by the Company in connection
with the reverse split. Prior to the reverse split, the Company had 14,640,740
shares of common stock issued and outstanding. As a result of the reverse
split, there are now 3,660,185 shares of common stock issued and outstanding.
No change was made to the authorized capital of the Company or to the par
value of the common stock. A copy of the Company's press release, announcing
the reverse split and dated April 4, 1997, is attached to and filed with this
Report.
In unrelated matters, the Company also has appointed two new directors to
serve on its board of directors. The new directors are Donald A. Wright and
Michael Hendrickson. Donald A. Wright has been the Chairman of the Board,
Chief Executive Officer and President of Pacific Aerospace & Electronics, Inc.
("PAE"), a corporation with securities registered under Section 12(g) of the
Securities Exchange Act of 1934, as amended (the "1934 Act"), since February
1995. Mr. Wright held those same positions with PCT Holdings, Inc., PAE's
predecessor and its successor from May 1994 until the successor was dissolved
in May 1996. Mr. Wright has been an officer and director of Pacific Coast
Technologies, Inc., a wholly owned subsidiary of the PAE, and its predecessor,
Kyle Technology Corporation, since 1990. Mr. Wright also has been an officer
and director of each of PAE's other four operating subsidiaries since their
respective acquisitions by PAE. Mr. Wright was a director of the Company from
August 30 until November 6, 1996. Mr. Wright is the beneficial owner of
approximately 22.1% of the Company's issued and outstanding shares of common
stock. Mr. Hendrickson has over 25 years of experience in the insurance
business with Prudential Insurance. He spent 22 years in management,
including the office in charge of The Prudential Insurance and Financial
Service, Minneapolis operation, most recently as V.P. of Regional Marketing in
the Pacific Northwest. Mr. Hendrickson has been involved in real estate investi
ng and realty operations since the 1970's. He is currently on the board of
directors of Robodyne Corporation (Minneapolis, MN), Hendrickson Mining &
Exploration (Anchorage, AK), Advantage Video Productions (Everett, WA), and
West Coast Management Production & Capital (Bellevue, WA). Mr. Hendrickson
currently works as a private consultant for major life insurance companies in
the U.S.
With the appointment of these new directors, the board of directors of
the Company now is comprised of the following: Roger P. Vallo, Nick A. Gerde,
Donald Cotton, Donald A. Wright, and Michael Hendrickson.
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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 thereunto duly authorized.
Jungle Street, Inc.
By: /s/ Roger P. Vallo
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Roger P. Vallo
President
(Principal Executive Officer)
Date: April 10, 1997
3
<PAGE>
Attachment: Press Release of 4/4/97:
(206) 749-0210
FOR IMMEDIATE RELEASE
JUNGLE STREET ANNOUNCES A ONE-F0R-FOUR REVERSE
SPLIT OF ITS COMMON STOCK
Wenatchee, Washington - April 3, 1997 - Jungle Street, Inc.
(NASDAQ-Bulletin Board: "JUNS"). The Board of Directors of Jungle Street,
Inc. today announced that it had authorized a reverse split of all of its
issued and outstanding shares of common stock on a 1 for 4 basis. Prior to
the reverse split, the Company had 14,640,740 shares issued and outstanding.
As a result of the reverse split, there are now 3,660,185 shares issued and
outstanding. The reverse split does not have any effect with respect to the
number of authorized shares of the Company (50,000,000 authorized), nor the
par value thereof ($.001).
As a result of the 1 for 4 reverse split, the Company's NASDAQ electronic
bulletin board trading symbol will be changed effective with the date of the
split on April 4, 1997, to "JNGS".
Jungle Street, Inc. is a holding company which operates in the
telecommunications industry through its wholly-owned subsidiary, Televar
Northwest, Inc. ("Televar"). Founded in 1983, Televar is a leading internet
service provider (ISP) in the Pacific Northwest Region, offering residential
and business internet access services, web site and home page development
services, and long distance telecommunications services. Televar currently
provides ISP services to over 10,000 subscribers, primarily in rural markets.
In September 1996, Televar became a wholly-owned subsidiary of Jungle Street,
Inc., a NASDAQ electronic bulletin board traded company with common stock
traded under the symbol "JUNS," now changed to "JNGS" as a result of the
reverse split.
