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): August 28, 2000
UNICO, INCORPORATED
______________________________________________________________
(Exact name of registrant as specified in its charter)
Arizona 000-30239 86-0205130
________________________ ________________________ ____________________
(State of (Commission (I.R.S. Employer
Incorporation) File Number) Identification No.)
6475 Grandview Avenue, P.O. Box 777, Magalia, California 95954
______________________________________________________________________
(Address of principal executive offices)
(530) 873-4394
____________________________________________________
(Registrant's telephone number, including area code)
______________________________________________________________
(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets.
On August 28, 2000, Unico, Incorporated entered into a Sales Agreement to
purchase approximately 680 acres of raw ground (the "Property") located in
Piute County, State of Utah, adjacent to the existing mining property leased
by Unico, Incorporated. The Sales Agreement and related Promissory Note were
made effective retroactively to July 8, 2000.
Unico, Incorporated is purchasing the Property for the purpose of establishing
a mill site on the Property and to use as a place to store waste rock from
mining operations, and for other general mining and business purposes.
The Property is being purchased from Tech-Sym Corporation of Houston, Texas.
There is no present material relationship between Tex-Sym Corporation and
Unico, Incorporated or any of Unico, Incorporated's directors, officers,
associates or their affiliates involving anything other than Unico,
Incorporated's purchase of the Property.
The Property is being purchased for $200,000 of which $50,000 has been paid in
the form of a down payment, and the balance of $150,000 is to be paid to
Tex-Sym Corporation according to the terms and conditions of a Promissory Note
which requires that the entire unpaid principal balance be paid in full on or
before April 20, 2001. No interest is being charged on the $150,000 deferred
portion of the purchase price, provided that the remaining balance is paid in
full timely. In the event of a default, interest shall be charged at the rate
of 12% per annum. The purchase price and the other terms of the purchase were
established through arms' length negotiations between the parties.
Unico, Incorporated obtained the $50,000 necessary for the down payment on the
purchase of this Property by borrowing the $50,000 from Ray C. Brown who
serves as the Chief Executive Officer of Unico, Incorporated. Mr. Brown has
loaned the $50,000 to Unico, Incorporated on an interest free basis.
To the best of Unico, Incorporated's knowledge, Tex-Sym Corporation previously
held the Property for investment purposes only, and it did not use the
Property for any mining operations, ranching operations or for any other
purpose.
Item 7. Financial Statements and Exhibits.
(c) Exhibits Exhibit No.
(1) Sales Agreement 10.1
(2) Promissory Note 10.2
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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.
UNICO, INCORPORATED
(Registrant)
Date: September 1, 2000 By: /s/ Ray C. Brown
__________________________________
Ray C. Brown
Chief Executive Officer and
Principal Financial and Accounting
Officer
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