SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) June 12,2000
DYNAMIC INTERNATIONAL, LTD.
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Nevada O-21475 93-1215401
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(State or Other Jurisdiction (Commission (IRS Employer
Of Incorporation) File Number) Identification No.)
58 Second Avenue, Brooklyn, New York 11215
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (718) 369-4160
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Item 2. Acquisition or Disposition of Assets.
On June 12, 2000, the Registrant sold its entire existing saleable
inventory (the "Existing Inventory") of fitness accessories at Registrant's
actual wholesale cost of $1,089,138 to Bollinger Industries, L.P. ("Bollinger"),
in settlement of Civil Action No. 499-CV-0612L, Bollinger Industries L.P. v.
Dynamic International, Ltd. (the "Action") brought by Bollinger and The Step
Company against the Registrant in the United States District Court, Northern
District of Texas alleging the infringement by the Registrant of certain
patents. Bollinger and The Step Company also released the Registrant and its
direct and indirect customers from all patent infringement claims alleged in the
Action.
The purchase price for the Existing Inventory was paid by Bollinger as
follows:
(1) $217,828 was treated as an offset, to pay Bollinger's monetary
claims in the Civil Action against Registrant;
(2) 50% of the balance of the purchase price, or $435,655, was
paid by Bollinger to Registrant on June 12, 2000;
(3) the remaining 50%, or $435,655, will be paid by Bollinger to
Registrant no later than September, 2000.
Item. 7. Financial Statements, Pro Forma Financial Information and Exhibits
The following Exhibit is filed herewith:
Settlement Agreement
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dynamic International, Ltd.
(Registrant)
Date: June 30, 2000 By: /s/Marton Grossman
Marton Grossman, Chairman
& President
