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
Date of Report (Date of earliest event reported) February 9, 1999
GALAXY ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
Nevada 0-25055 88-0315212
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
890 North Industrial Park Drive, Orem, Utah 84057
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (801) 227-0004
<PAGE>
Item 5. Other Events
On February 9, 1998, Invest Linc Emerging Growth Fund I, L.L.C., a
Nevada limited liability company ("Invest Linc"), entered into a Stock Purchase
Agreement with Registrant whereby Invest Linc agreed to purchase 62,500 shares
of Registrant's common stock at $4.00 per share for an aggregate purchase price
of $250,000. The funds have been paid by, and the Shares have been issued to,
Invest Linc in accordance with the terms of the Stock Purchase Agreement. Also,
on February 19, 1999, Registrant sold an additional 62,500 shares at a purchase
price of $4.00 per share to Invest Linc. The Company has granted to Invest Linc
certain registration rights pursuant to an Investor's Rights Agreement executed
in connection with the sale of the shares. Invest Linc's payment of $500,000
constitute the first two installments of a total investment of $1,200,000 by
Invest Linc in the Registrant that the parties anticipate will occur over the
next 30 to 45 days. The total number of common shares to be acquired by Invest
Linc will be 300,000.
Registrant has also agreed to engage Invest Linc Capital Corp., an
affiliate of Invest Linc, to provide certain consulting services including
developing business and strategic alliances, as well as public and investor
relations, for a period of two years with consulting fees of $8,000 per month.
As further consideration for these services, Registrant will grant to Invest
Linc Capital Corp. a five year warrant to purchase up to 100,000 shares at an
exercise price of $4.00 per share.
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 thereunto duly authorized.
GALAXY ENTERPRISES, INC.
(registrant)
February 23, 1999 BY:/s/John J. Poelman
(Date) ---------------------
JOHN J. POELMAN,
CHIEF EXECUTIVE OFFICER
