SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): October 16, 1998
PowerTrader, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 000-22329 98-0163116
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
885 Dunsmuir Street, Suite 591, Vancouver, BC V6C 1N5
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(Address of Principal Executive Offices) (Zip Code)
(604) 685-1529
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(Registrant's telephone number, including area code)
Not applicable.
(Former name or former address, if changed since last report.)
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ITEM 1. Change in Control of Registrant.
On October 16, 1998, Financial Models, Inc. a corporation incorporated
in Ontario, Canada ("Financial"), acquired a controlling interest in
PowerTrader, Inc., a Delaware corporation ("PowerTrader"). On that date,
Financial purchased 1,309,696 shares of PowerTrader US$0.01 par value per share
common stock from 458468 BC Ltd., a corporation incorporated in British
Columbia, Canada ("458468"), for an aggregate purchase price of US$13,096.96.
Also on that date, PowerTrader issued to Financial 14,000,000 shares of common
stock for an aggregate purchase price of US$140,000. Both transactions (the
"Transactions") were entered into pursuant to a certain Purchase and
Subscription Agreement, dated September 17, 1998, by and between 458468,
PowerTrader and Financial. As a result of the Transactions, Financial became the
record holder of 15,309,696 shares of PowerTrader which is 63% of the total
issued and outstanding shares of common stock, for an aggregate consideration of
US$153,096.96. Financial used funds from its capital reserves to fund the
necessary consideration for the purchase of PowerTrader stock.
ITEM 9. Sales of Equity Securities Pursuant to Regulation S
On October 16, 1998, in connection with the above referenced
Transactions, PowerTrader, completed the sale of 14,000,000 shares of Common
Stock, to Financial, for cash consideration in the aggregate amount of
US$140,000. Such transaction was consummated in reliance upon the exemptive
provisions of Regulation S promulgated under the Securities Act of 1933, as
amended.
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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.
Dated: November 2, 1998
POWERTRADER, INC.
By: /s/ Stamos Katotakis
Stamos Katotakis
President and Chief Executive Officer
