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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): November 23, 1998
Concorde Gaming Corporation
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Colorado 0-8698 84-0716683
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(State or Other Jurisdiction of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
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3290 Lien Street
Rapid City, South Dakota 57702
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (605) 341-7738
Not Applicable
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(Former Name or Former Address,
if Changed since last report)
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ITEM 5. OTHER EVENTS.
On April 20, 1998, the Company entered into an option agreement (the
"Option Agreement") with Bruce H. Lien, the majority shareholder of the
Company, under which the Company granted Mr. Lien an option (the
"Option") to purchase all or a portion of the Company's interest in
Bayfront Ventures, a joint venture formed to construct, own, operate
and manage an off shore gaming vessel from dockage at Bayfront Park in
Miami, Florida.
On November 23, 1998, the Company and Mr. Lien entered into an
Agreement to Terminate Option (the "Termination Agreement"). The
Termination Agreement provides for the termination of the Option
effective as of November 23, 1998.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Exhibits.
10. Agreement to Terminate Option between the Company and Bruce H. Lien
dated November 23, 1998.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
CONCORDE GAMING CORPORATION
Date: December 2, 1998 By: /s/ David L. Crabb
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David L. Crabb, Chief Financial Officer
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EXHIBIT INDEX
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EXHIBIT
NUMBER DESCRIPTION
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<S> <C>
10 Agreement to terminate opinion
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EXHIBIT 10
AGREEMENT TO TERMINATE OPTION
THIS AGREEMENT ("Agreement") is made and entered into as of this 23rd
day of November, 1998 by and between Bruce H. Lien, an individual (the
"Optionee"), and Concorde Cruises, Inc., assignee and wholly-owned subsidiary of
Concorde Gaming Corporation (the "Optionor").
W I T N E S S E T H
WHEREAS, Optionee and Concorde Gaming Corporation entered into an
("Option Agreement") dated April 20, 1998 pursuant to which Optionee was granted
an option (the "Option") to purchase Optionee's interest in Bayfront Ventures, a
Florida general partnership.
WHEREAS, Concorde Gaming Corporation assigned its interest in the
Option Agreement and its obligations pursuant to the Option to Optionor.
WHEREAS, Optionee and Optionor consider it in their respective best
interests to terminate the Option and the Option Agreement.
NOW, THEREFORE, in consideration of good and valuable consideration,
the receipt of which is hereby acknowledged, the parties agree as follows:
1. Termination. Optionor and Optionee agree that the Option and the
Option Agreement shall terminate effective upon the execution of this Agreement.
2. Binding Agreement; Inurement. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective legal
representatives, successors, heirs and assigns.
3. Preparation of Agreement. The parties hereto acknowledge that this
Agreement has been negotiated and prepared in an arms-length transaction and
that both Optionee and Optionor have negotiated all the terms contained herein.
Accordingly, the parties agree that neither party shall be deemed to have
drafted the Agreement and the Agreement shall not be interpreted against either
party as the draftsman.
4. Counterparts. This Agreement may be executed in identical
counterparts, each of which shall be deemed an original for all purposes and all
of which shall constitute; collectively one and the same agreement.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized representatives as of the day and year first
above written.
OPTIONOR:
Concorde Cruises, Inc.
By: /s/ Jerry L. Baum
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OPTIONEE:
By: /s/ Bruce H. Lien
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Bruce H. Lien
