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):
August 7, 1997
CONTINENTAL INVESTMENT CORPORATION
(Exact name of registrant as specified in its charter)
Georgia 0-3743 58-0705228
(State or other (Commission (IRS Employer)
jurisdiction of File No.) Identification No.)
incorporation)
10254 MILLER ROAD, DALLAS, TEXAS 75238
(Address of principal executive offices) (Zip Code)
(214) 691-1100
(Registrant's telephone number, including area code)
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ITEM 2: ACQUISITION OR DISPOSITION OF ASSETS.
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On August 7, 1997, Continental Investment Corporation issued the newss
release which is reprinted in its entirety immediately following this
paragraph. The asset acquisition described in such news release was made in
exchange for immediate cash consideration of $2.5 million and future cash
payments totaling $240,000. The source of cash for the $2.5 million already
paid and for the future payments of $240,000 was and will be Continental's
working capital. The seller was a private individual, Mr. George Pippen.
Prior to this transaction, Mr. Pippen never had any relationship of any sort
whatsoever with Continental Investment Corporation or any of its subsidiaries,
affiliates, officers, or directors. Continental intends to continue to
operate the acquired asset as a construction and demolition landfill.
CONTINENTAL INVESTMENT CORPORATION
ACQUIRES LANDFILL IN ATLANTA, GEORGIA
DALLAS, TEXAS, August 7, 1997 . . . Continental Investment Corporation
(CICG/OTC) today announced that it has acquired an operating construction and
demolition landfill in metropolitan Atlanta, Georgia, in exchange for
consideration totaling $2.74 million. Continental's Chairman, President,
and Chief Executive Officer, R. Dale Sterritt, Jr., stated: "This acquisition
will be the first of many as we carry out our strategic plan to become a major
factor in the $37 billion North American solid waste industry."
A construction and demolition landfill may accept building materials and
rubble resulting from construction, remodeling, repair, and demolition
operations on commercial buildings, pavements, houses, and other structures.
Such wastes include, but are not necessarily limited to, wood, bricks, metal,
concrete, wallboard, paper, and cardboard.
Continental Investment Corporation also owns one of the largest
undeveloped tracts of land within the city limits of Atlanta, Georgia. The 229
acre property is strategically located only 10 miles from downtown Atlanta,
has a CSX rail line adjacent to it and is one mile from Interstate 285. Parts
of the tract have been mined as a granite quarry, resulting in the creation of
a huge open pit (maximum depth of 641 feet) covering approximately 22 acres.
Continental hopes to utilize the property as the site of a waste disposal and
recycling facility.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this news release which are not
historical facts may be "forward-looking statements" that involve risks and
uncertainties which could cause actual results to differ materially from
those currently anticipated. For example, statements that describe
Continental's hopes, plans, objectives, goals, intentions, or expectations
are forward-looking statements. The forward-looking statements made herein are
only made as of the date of this news release. Numerous factors, many of which
are beyond Continental's control, will affect actual results. Continental
undertakes no obligation to publicly update such forward-looking statements
to reflect subsequent events or circumstances. This news release should be
read in conjunction with Continental's annual report on Form 10-KSB for the
fiscal year ended December 31, 1996 and other filings with the U. S.
Securities and Exchange Commission.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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Any financial statements that may be required by this item will be filed
by amendment not later than 60 days from the date of filing of this initial
Form 8-K.
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 thereunto duly authorized.
August 21, 1997
CONTINENTAL INVESTMENT CORPORATION
By: /S/ R. Dale Sterritt, Jr.
R. Dale Sterritt, Jr.
Chairman, President and
Chief Executive Officer
