UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
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FORM 8-K
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Event November 15, 1996 Commission File Number 0-28524
HIREL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware 65-0666239
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
650 SW 16th Terrace
Pompano Beach, Florida 33069
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (954) 942-5390
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HIREL HOLDINGS, INC.
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ITEM 5. OTHER EVENTS
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On November 15, 1996, Hirel Holdings, Inc. [the "Company"] entered into a
non-binding letter of intent with Marine Power, Inc., a Louisiana corporation
["MPI"] to acquire all of MPI's assets subject to certain specified liabilities.
Subject to the execution by the parties of a definitive Asset Purchase Agreement
that will include customary and appropriate representations, warranties and
indemnities, the Company, in consideration for the business of MPI, will issue
an aggregate of 390,000 shares of the Company's Common Stock. MPI is engaged in
manufacturing and marketing marine engines for the aftermarket and original
equipment manufacturers.
Although the Company has not entered into any other letters of intent or
agreements to acquire the business or assets of any other entities, the Company
may seek acquisitions of other businesses which will compliment and/or expand
its present product line. No assurances are made that the Company will enter
into any other letters of intent or that any acquisitions will be made.
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SIGNATURES
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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.
HIREL HOLDINGS, INC.
Date: December 13, 1996 By:/s/ Vincent Montelione
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Vincent Montelione, President
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