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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTIONS 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of Earliest Event Reported): April 16, 1997
EVOLUTIONS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-27788 22-3420712
(State of (Commission File Number) (I.R.S. Employer
Incorporation) Identification No.)
266 Harristown Road, Glen Rock, New Jersey 07452
(Address of principal executive offices and zip code)
(201) 493 - 9595
(Registrant's telephone number, including area code)
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Item 5. Other Events
The Company's secured lender, Heller Financial, Inc.("Heller'), has foreclosed
on substantially all of the assets of the Company's apparel subsidiaries in view
of a default of approximately $2.8 million in connection with outstanding
obligations to Heller. Effective, June 6, 1997, the subsidiaries have filed for
protection under Chapter 11 of the Bankruptcy Code.
Item 6. Resignations of Registrant's Directors
On April 16, May 1, May 1 and May 12, 1997, Messrs. Mark Mastroianni,
Paul Litwinczuk, David Katz, and Robert O'Brien, respectively, resigned as
members of the Company's Board of Directors. The only remaining member of the
Board is Michael Nafash, President and Chief Executive Officer. None of the
resignations involved any disagreement with the Company on any matter relative
to the Company's operations, policies or practices. The Company is seeking to
fill the vacancies.
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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.
EVOLUTIONS, INC.
By: /s/ Michael Nafash
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Michael Nafash, President
Date: June 10, 1997
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