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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): May 20, 1998
Tollycraft Yacht Corporation
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction of incorporation)
0-21087 86-0849925
(Commission File Number) (I.R.S. Employer Identification No.)
2200 Clinton Avenue, Kelso, Washington 98626
(Address of principal executive offices, including Zip Code)
(360) 414-5910
(Registrant's telephone number, including Area Code)
(Former name or former address, if changed since last report)
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Item 5. Other Events.
Tollycraft Yachts announced that it has received confirmation from
Arturo Lopez Alonzo, Director of Industrial Relations for the State of
Yucatan, Mexico, of 10 acres being received for its project in Progreso.
This will give the new Joint Venture with Ben Conde of Mimsa a total of 15
waterfront acres. Construction should begin within 90 days on a 100,000
sq. ft. facility.
This project is in addition to the Joint Venture with Eduardo Perezgarcia
Garcia of Astilleros Pergasa, S. A. The announcement for that project was
made through a letter from Peter Hobbs, Chairman of Tollycraft, to the
office of the Governor of Yucatan on May 20, 1998.
Tollycraft expects to be back in limited production using the Mimsa
facilities within 90 days. It is expected that manufacturing for other
yacht companies will begin sometime during the first quarter of 1999 based
on the completion of the total facility.
The total project will encompass 20 acres of waterfront with a first class
repair facility that has a 300 ton syncro lift to accomodate boats up to
130 ft. A production facility to build not just Tollycraft Yachts but a
selected group of other yacht manufacturers.
Tollycraft like other yacht manufacturers has continued to build larger
vessels out of necessity because they could not generate a profit with the
smaller boats. This move will allow the company to begin to produce vessels
in the 30 ft. range in addition to its current line of 48 ft., 57ft and 65
ft. models. It will also insure that the Champagne Series of yachts in the
75 ft. to 120 ft. will be built and sold at very competitive prices.
Tollycraft anticipates that it will be current with its filings within 30
days and that it will have completed its debt conversion within 60 days.
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.
TOLLYCRAFT YACHT CORPORATION
By: /s/ Peter D. Hobbs
_____________________________
Peter D. Hobbs, Chairman
Dated: June 13, 1998
