UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report June 9, 1998
HAWKS INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Wyoming 0-5781 83-0211955
(State or other juris- (Commission File (IRS Employer
diction of Incorporation.) Number) Identification No.)
913 Foster Road 82601
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number (including area code) (307) 234-1593
N/A
(Former name or former address, if changed since last report.)
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ITEM 2 - DISPOSITION OF ASSETS
On May 26, 1998, the Company signed an agreement to sell its buildings located
at 7345 6WN Road and 7383 6WN Road in Natrona County, Wyoming to WERCS, a
Wyoming Corporation. As set forth in the agreement, the closing date was June
1, 1998 and the total sales price for both buildings was $417,000.
The Company's cost in the buildings was $506,000. The Company's basis in the
buildings was $367,000. Therefore, the Company had an approximate $50,000 gain
resulting from the transaction.
The $417,000 was received as $317,000 cash and 10,000 shares of WERCS 4%
preferred stock which has a guaranteed value of $10 per share.
The majority owner of WERCS, a Wyoming Corporation, is Dr. Gail D. Zimmerman,
whose spouse, through the Anne D. Zimmerman Revocable Trust, owns 11.2% of the
outstanding shares of Hawks Industries, Inc. stock.
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SIGNATURE
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.
HAWKS INDUSTRIES, INC.
Registrant
Date: June 9, 1998 /s/ James E. Meador, Jr.
James E. Meador, Jr.
Vice President
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