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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 1 TO
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
May 10, 2000
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Date of report (Date of earliest event reported)
INTERNATIONAL FUEL TECHNOLOGY, INC.
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(Exact Name of Registrant as Specified in its Charter)
Nevada
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(State or Other Jurisdiction of Incorporation)
000-25367 88-0357508
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(Commission File Number) (IRS Employer Identification No.)
7777 Bonhomme, Suite 1920, St. Louis, Missouri 63105
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(Address of Principal Executive Offices) (Zip Code)
(314) 727-3333
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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INTERNATIONAL FUEL TECHNOLOGY, INC.
FORM 8-K/A
The registrant hereby amends the following exhibit of its Current Report on
Form 8-K originally filed with the Securities and Exchange Commission on January
12, 2000 to correct the unaudited pro forma condensed financial statements filed
as Exhibit 1.3 to the Form 8-K. Except as amended below, the Form 8-K is
unchanged.
Item No. 7. Financial Statements, Proforma Financial Information and Exhibits.
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Exhibits
1.3 Unaudited Pro Forma Condensed Financial Statements.
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.
INTERNATIONAL FUEL TECHNOLOGY, INC.
Date: May 10, 2000
By: /s/ WILLIAM J. LINDENMAYER
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William J. Lindenmayer, President
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EXHIBIT 1.3
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INTERNATIONAL FUEL TECHNOLOGY, INC.
UNAUDITED PRO FORMA CONDENSED FINANCIAL STATEMENTS
Effective October 27, 1999, the Company merged with Blencathia Acquisition
Corporation (Blencathia) wherein International Fuel Technology, Inc. is the
surviving corporation. Blencathia had 300,000 shares outstanding at the time of
the merger, which it redeemed and canceled. In exchange for 300,000 shares of
Blencathia's common stock, International Fuel Technology, Inc. agreed to issue
300,000 shares of its common stock. These shares are expected to be sold in an
amount sufficient to provide the former shareholders of Blencathia with maximum
proceeds of $500,000. Any remaining unsold shares will be returnable to the
Company. Based on the October 27, 1999 closing price of the International Fuel
Technology, Inc. stock of $2.8125, 177,778 shares of International Fuel
Technology, Inc.'s common stock were contingently issuable. Blencathia, which
was incorporated on December 3, 1997, had not commenced any significant
operations, and was considered a public "shell". In a related transaction
following the merger, International Fuel Technology, Inc. paid $100,000 to TPG
Capital Corporation, a former shareholder of Blencathia, for services in
connection with effecting a business combination between International Fuel
Technology, Inc. and a publicly reporting Company.
The accompanying pro forma condensed balance sheet is derived from the
historical financial statements of International Fuel Technology, Inc. and
Blencathia as of September 30, 1999. The accompanying pro forma statements of
operations are derived from the historical financial statements of International
Fuel Technology, Inc. for the year ended March 31, 1999 and six months ended
September 30, 1999 and of Blencathia for the year ended December 31, 1998 and
nine months ended September 30, 1999. The balance sheet is presented as if the
transaction occurred on September 30, 1999 and the statements of operations are
presented as if the transaction occurred on April 1, 1998 and carried through to
September 30, 1999. The unaudited pro forma condensed financial statements do
not necessarily indicate the financial position or results of operations which
would have occurred had the merger been completed at such times, nor do they
necessarily indicate future results that may be expected. These statements
should be read in conjunction with the historical financial statements of
International Fuel Technology, Inc. and Blencathia, including notes thereto,
included in their audited financial statements.
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<CAPTION>
INTERNATIONAL FUEL TECHNOLOGY, INC.
PRO FORMA CONDENSED STATEMENT OF OPERATIONS
Year Ended March 31, 1999
Pro Forma
International International
Fuel Blencathia Pro Fuel
Technology, Acquisition Forma Technology,
Inc. Corporation Adjustments Inc.
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<S> <C> <C> <C> <C>
Revenues $ - $ - $ - $ -
Expenses 7,839,753 156 600,000 8,439,909
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Net loss $ 7,839,753 $ 156 $ 600,000 $ 8,439,909
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Basic and dilutive loss per share $ 0.59 $ 0.00 $ 0.63
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Weighted average number of shares outstanding 13,390,417 5,000,000 13,390,417
=========================== ===========
</TABLE>
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<TABLE>
<CAPTION>
INTERNATIONAL FUEL TECHNOLOGY, INC.
PRO FORMA CONDENSED BALANCE SHEET
September 30, 1999
Pro Forma
International International
Fuel Blencathia Pro Fuel
Technology, Acquisition Forma Technology,
ASSETS Inc. Corporation Adjustments Inc.
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<S> <C> <C> <C> <C>
Cash $ 219,569 $ 736 $(100,000) $ 120,305
Prepaid insurance 20,350 - - 20,350
Due from related party 25,000 - - 25,000
Machinery and equipment 13,935 - - 13,935
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Total assets $ 278,854 $ 736 $(100,000) $ 179,590
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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Accounts payable $ 120,746 $ - $ - $ 120,746
Accrued expenses 144,784 - - 144,784
Due to related party 26,500 - - 26,500
Notes payable 677,754 - - 677,754
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969,784 - - 969,784
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Stockholders' Deficit
Common stock 163,957 500 2,500 166,957
Discount on common stock (81,692) - - (81,692)
Additional paid in capital 12,736,880 500 496,500 13,233,880
Deficit accumulated during the
development stage (13,510,075) (264) (599,000) (14,109,339)
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(690,930) 736 (100,000) (790,194)
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Total liabilities and stockholders' deficit $ 278,854 $ 736 $(100,000) $ 179,590
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</TABLE>
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INTERNATIONAL FUEL TECHNOLOGY, INC.
PRO FORMA CONDENSED STATEMENT OF OPERATIONS
Six Months Ended September 30, 1999
<TABLE>
<CAPTION>
Pro Forma
International International
Fuel Blencathia Pro Fuel
Technology, Acquisition Forma Technology,
Inc. Corporation Adjustment Inc.
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<S> <C> <C> <C> <C>
Revenues $ - $ - $ - $ -
Expenses 4,235,183 264 - 4,235,447
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Net loss $ 4,235,183 $ 264 $ - $ 4,235,447
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Basic and dilutive loss per share $ 0.28 $ 0.00 $ 0.28
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Weighted average number of shares outstanding 15,262,225 5,000,000 15,262,225
===================================== ===================
</TABLE>
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Balance Sheet Pro Forma Adjustments as of September 30, 1999:
<TABLE>
<S> <C> <C>
(1) Common stock $ 3,000
Additional paid in capital 497,000
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$ 500,000
======================
</TABLE>
To record the value of International Fuel Technology, Inc. common stock issuable
in connection with the merger with Blencathia Acquisition Corporation.
<TABLE>
<S> <C> <C>
(2) Deficit accumulated during the development stage $ 1,000
Common stock (500)
Additional paid in capital (500)
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$ -
======================
</TABLE>
To record the redemption and cancellation of 300,000 shares of Blencathia
Acquisition Corporation common stock.
Statements of Operations Pro Forma Adjustments for the year ended March 31,
1999:
<TABLE>
<S> <C>
Acquisition expense $ 500,000
Consulting expense 100,000
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$ 600,000
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</TABLE>
To record the value of shares of International Fuel Technology, Inc. common
stock issuable in connection with the merger with Blencathia Acquisition
Corporation and the payment of a $100,000 consulting fee to TPG Capital
Corporation, a former shareholder of Blencathia Acquisition Corporation .
