SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
SEPTEMBER 16, 1998
Date of Report
(Date of earliest event reported)
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Commission File No. 0-29164
TRI-NATIONAL DEVELOPMENT CORP.
(Name of Small Business Issuer in its charter)
Wyoming 33-0741573
(State of other Jurisdiction I.R.S. Employer
of incorporation or organization) Identification No.
480 Camino Del Rio S., Suite 140
San Diego, California 92108
(Address of principal executive officers)
(619) 718-6370
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
The Board of Directors of Tri-National Development Corp. have authorized a
Common Stock Repurchase Program for up to approximately $3 million. The $3
million to be used for the Common Stock Repurchase Program comes from a $5
million award the Company and its wholly owned subsidiary, MRI Grand
Terrace, Inc., received on June 3, 1998, as part of a litigation against
Citizens Business Bank (AMEX:CVB) for fraud and negligent misrepresentation
in connection with its sale of a retirement hotel to the Company and MRI
Grand Terrace, Inc. in 1992.
Management has been given discretion over the timing and amounts of the
periodic buybacks, including commencing the repurchase program in advance
of receiving the award. Management started the repurchase program in
October 1998 and will continue to purchase stock in the open market and in
private transactions. Shares bought back will be held as treasury stock
and may be used for general corporate purposes.
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.
Date: September 16, 1998
TRI-NATIONAL DEVELOPMENT CORP.
(Registrant)
By: Michael A. Sunstein,
President, Chief Executive
Officer and Chairman of
the Board
