UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): May 16, 2000
Ableauctions.com, Inc.
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(Exact name of registrant as specified in its charter)
Florida 000-28179 Not Available
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(State of incorporation) (Commission file number) (I.R.S. Employer
Identification No.)
7303 East Earll Drive
Scottsdale, Arizona 85251
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(Address of principal executive offices)
Registrant's telephone number, including area code: (604) 521 2253
1963 Lougheed Highway
Coquitlam, British Columbia
Canada V3K 3T8
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(Former name or address, if changed since last report)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Pursuant to a share purchase agreement dated May 16, 2000,
Ableauctions.com, Inc., a Florida corporation (the "Registrant"), acquired all
of the issued and outstanding shares of Ehli's Commercial/Industrial Auctions,
Inc. ("Ehli's Auctions"), from Randy Ehli, the sole shareholder of Ehli's
Auctions. The Registrant agreed to purchase the Ehli's Auctions shares for the
following consideration:
(a) $900,000 in cash; and
(b) $350,000 by the issuance to Randy Ehli of 50,000 shares of common
stock of the Registrant based on the deemed price of $7.00 per share.
The purchase price was determined through negotiation of the parties, who
were dealing at arm's length. The Registrant funded the cash portion of the
acquisition from the proceeds of a $6,051,200 unit private placement at $5.00
per unit, each unit consisting of one share of common stock and one
non-transferable share purchase warrant exercisable to acquire one additional
common share of the Registrant at a price of $6.00 until April 28, 2001.
The acquisition closed on May 16, 2000. As a result of the acquisition,
Ehli's Auctions is now a wholly owned subsidiary of the Registrant. Ehli's
Auctions is a Washington company in the business of the auction of motor
vehicles and industrial equipment.
On closing, Randy Ehli was hired by Ehli's Auctions to provide management
services in connection with its auction business and to hold the position of
Vice-President, Northwest Auctions, of Ehli's Auctions.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of the Business Acquired.
It is impractical to provide the required financial statements for Ehli's
Auctions at the date of the filing of this Form 8-K. The required financial
statements will be provided as soon as practicable but not later than sixty
days after the date on which this Form 8-K must be filed.
(b) Pro Forma Financial Information.
It is impractical to provide the required pro forma financial information
at the date of the filing of this Form 8-K. The required pro forma
financial information will be provided as soon as practicable but not later
than sixty days after the date on which this Form 8-K must be filed.
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(c) Exhibits
Exhibit
Number Description
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2.1 Share Purchase Agreement among Randy Ehli, Ableauctions.com,
Inc., and Ehli's Commercial/Industrial Auctions, Inc. dated
as of May 16, 2000 (without schedules or exhibits).(1)
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(1) Ableauctions.com, Inc. agrees to supplementally furnish a copy of
any omitted schedule or exhibit to the Securities and Exchange
Commission upon request.
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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 duly
authorized undersigned.
Ableauctions.com, Inc.
June 8, 2000 /s/ Abdul Lahda
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(Date) Abdul Lahda, President and Director
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EXHIBIT INDEX
Exhibit
Number Description
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2.1 Share Purchase Agreement among Randy Ehli, Ableauctions.com,
Inc., and Ehli's Commercial/Industrial Auctions, Inc. dated as of
May 16, 2000 (without schedules or exhibits).(1)
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(1) Ableauctions.com, Inc. agrees to supplementally furnish a copy of any
omitted schedule or exhibit to the Securities and Exchange Commission upon
request.
