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PAGE 1 OF 12
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
NORTH AMERICAN GAMING AND ENTERTAINMENT CORPORATION
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(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
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(Title of Class of Securities)
656863 10 7
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(CUSIP Number)
RONALD D. BLAYLOCK, 13150 COIT ROAD, SUITE 125, DALLAS, TEXAS 75240
WITH A COPY TO: MIKE PARSONS, ESQ., GLAST, PHILLIPS & MURRAY, P.C.
13355 NOEL ROAD, 2200 ONE GALLERIA TOWER, DALLAS, TEXAS 74240
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
APRIL 24, 1998
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(Date of Event which Requires Filing of this Settlement
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box.[_]
Check the following box if a fee is being paid with the statement. [_] (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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SCHEDULE 13D
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CUSIP NO. 656863 10 7 PAGE 2 OF 12 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
International Tours, Inc. ID #73-1320523
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
5 [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Oklahoma
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SOLE VOTING POWER
7
NUMBER OF
11,934,106
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
11,934,106
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
11,934,106
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
42.5%
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TYPE OF REPORTING PERSON*
14
CO
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SCHEDULE 13D
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CUSIP NO. 656863 10 7 PAGE 3 OF 12 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
I.T. Financial Corporation ID# 48-0769428
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
5 [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Oklahoma
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SOLE VOTING POWER
7
NUMBER OF
192,326
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 11,934,106
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
192,326
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
11,934,106
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
11,126,432
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
43.2%
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TYPE OF REPORTING PERSON*
14
CO
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SCHEDULE 13D
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CUSIP NO. 656863 10 7 PAGE 4 OF 12 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Hawes Partners ID#73-1528544
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
5 [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Oklahoma
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SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 12,126,432
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
12,126,432
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
12,126,432
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
43.2%
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TYPE OF REPORTING PERSON*
14
PN
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SCHEDULE 13D
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CUSIP NO. 656863 10 7 PAGE 5 OF 12 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edwin Hugh Hawes II ID# ###-##-####
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
5 [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
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SOLE VOTING POWER
7
NUMBER OF
2,334
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 12,126,432
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
2,334
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
12,126,432
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
12,128,766
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
43.2%
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TYPE OF REPORTING PERSON*
14
IN
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SCHEDULE 13D
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CUSIP NO. 656863 10 7 PAGE 6 OF 12 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
A. Keith Weber ID# ###-##-####
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
5 [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
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SOLE VOTING POWER
7
NUMBER OF
93,729
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 12,126,432
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
93,729
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
12,126,432
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
12,220,161
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
43.5%
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TYPE OF REPORTING PERSON*
14
IN
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SCHEDULE 13D
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CUSIP NO. 656863 10 7 PAGE 7 OF 12 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald D. Blaylock ID# ###-##-####
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
5 [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
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SOLE VOTING POWER
7
NUMBER OF
5,834
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 12,126,432
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
5,834
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
12,126,432
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
12,132,266
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
43.2%
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TYPE OF REPORTING PERSON*
14
IN
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PAGE 8 OF 12
ITEM 1. SECURITY AND ISSUER.
Common stock, par value $.01 per share (the "Common Stock"), of North
American Gaming and Entertainment Corporation (the "Issuer"), 13150 Coit
Road, Suite 125, Dallas, Texas 75240.
ITEM 2. IDENTIFY AND BACKGROUND.
(a) No change.
(b) The principal business address of the entities, and the residence
address of the natural persons, listed in (a), above, are as follows:
(i) International Tours - 13150 Coit Road, Suite 125
Dallas, Texas 75240
(ii) ITFC - 13150 Coit Road, Suite 125
Dallas, Texas 75240
(iii) Partners - Shangri-La Vista Tower, Route 3
Afton, Oklahoma 74331
(iv) No change.
(v) No change.
(vi) Blaylock - 13150 Coit Road, Suite 125
Dallas, Texas 75240
(c) No change.
(d) No change.
(e) No change.
(f) No change.
ITEM 3. SOURCE AND AMOUNT OF FUNDS, OR OTHER CONSIDERATION.
Effective April 24, 1998, International Tours transferred 1,000,000 shares
of Common Stock to an officer of International Tours for consideration of $0.025
per share. Such officer disclaims beneficial ownership of any of the shares
owned of record or beneficially by International Tours or any of the other
reporting persons, and International Tours and the other reporting persons
disclaim beneficial ownership of such shares transferred to such officer. As a
result of such transfer, International Tours owns approximately 42.5% of the
voting stock (Common Stock and Series B Preferred Stock combined as one class,
but exclusive of 1,287,000 shares of Class A Preferred Stock) of the Issuer.
Otherwise, there is no change to this Item 3.
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PAGE 9 OF 12
ITEM 4. PURPOSE OF TRANSACTION.
No change.
ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER.
(a) International Tours owns of record and beneficially the 8,838,106
shares of Common Stock and 3,096,000 shares of Series B Preferred Stock issued
by the Issuer in connection with the Acquisition. For purposes of this Schedule
13D, the Series B Preferred Stock is treated the same as Common Stock and is
deemed to be outstanding Common Stock for purposes of computing percentages and
other information provided herein. ITFC beneficially owns approximately 49.38%
of the outstanding shares of International Tours and Partners beneficially owns
approximately 48.14% of the outstanding shares of International Tours.
Moreover, Partners beneficially owns approximately 65% of the outstanding shares
of ITFC. Each of Hawes, Weber and Blaylock own one-third of Partners.
Consequently, the 11,934,106 shares of Common Stock and Series B Preferred Stock
owned of record and beneficially by International Tours may also be deemed to be
beneficially owned by each of ITFC, Partners, Hawes, Weber and Blaylock.
In addition to the 11,934,106 shares of Common Stock and Series B Preferred
Stock owned of record by International Tours and which may be deemed to be
beneficially owned by ITFC, ITFC owns of record and beneficially 192,326 shares
of Common Stock, resulting in total beneficial ownership of 12,126,432 shares of
the Issuer. These shares may be deemed to be beneficially owned by each of
Partners, Hawes, Weber and Blaylock.
Partners does not directly own any shares of the Issuer.
In addition to the 12,126,432 shares of Common Stock and Series B Preferred
Stock which may be deemed to be beneficially owned by Hawes through his one-
third partner interest in Partners, Hawes owns of record and beneficially 2,334
shares of Common Stock.
In addition to the 12,126,432 shares of Common Stock and Series B Preferred
Stock which may be deemed to be beneficially owned by Weber through his one-
third partner interest in Partners, Weber owns of record and beneficially 93,729
shares of Common Stock.
In addition to the 12,126,432 shares of Common Stock and Series B Preferred
Stock which may be deemed to be beneficially owned by Blaylock through his one-
third partner interest in Partners, Blaylock owns of record and beneficially
5,834 shares of Common Stock.
(b) No change.
(c) There have been no transactions by the reporting persons in the Common
Stock or Series B Preferred Stock during the past 60 days except for the
transfer of 1,000,000 shares as
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PAGE 10 OF 12
described in Item 3 and the conversion by International Tours of 4,904,000
shares of Series B Preferred Stock into 4,904,000 shares of Common Stock
effective April 24, 1998.
(d) No change.
(e) No change.
ITEM 6. CONTRACTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
No change.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1 - Joint Filing Agreement among the filing persons.
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PAGE 11 OF 12
SIGNATURES
----------
After reasonable inquiry and to the best of the undersigned's knowledge and
belief, the undersigned certify that the information set forth in this statement
is true, complete and correct.
Dated: May 5, 1998 INTERNATIONAL TOURS, INC.
By: /s/ Ronald D. Blaylock
--------------------------------
Ronald D. Blaylock, President
Dated: May 5, 1998 IT FINANCIAL CORPORATION
By: /s/ Ronald D. Blaylock
--------------------------------
Ronald D. Blaylock, President
Dated: May 5, 1998 HAWES PARTNERS
By: /s/ Ronald D. Blaylock
--------------------------------
Ronald D. Blaylock, General Partner
By: /s/ Edwin Hugh Hawes, II
--------------------------------
Edwin Hugh Hawes, II,
General Partner
By: /s/ A. Keith Weber
--------------------------------
A. Keith Weber, General Partner
Dated: May 5, 1998 /s/ Edwin Hugh Hawes, II
--------------------------------
EDWIN HUGH HAWES, II, Individually
Dated: May 5, 1998 /s/ A. Keith Weber
--------------------------------
A. KEITH WEBER, Individually
Dated: May 5, 1998 /s/ Ronald D. Blaylock
--------------------------------
RONALD D. BLAYLOCK, Individually
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PAGE 12 OF 12
EXHIBIT 1
JOINT FILING AGREEMENT
Pursuant to Rule 13d-1(k), the undersigned hereby execute this Joint Filing
Agreement with respect to filing of a Schedule 13D (Amendment No. 1) with
respect to North American Gaming and Entertainment Corporation, and declare that
such statement is filed on behalf of each of the undersigned.
Dated: May 5, 1998 INTERNATIONAL TOURS, INC.
By: /s/ Ronald D. Blaylock
--------------------------------
Ronald D. Blaylock, President
Dated: May 5, 1998 IT FINANCIAL CORPORATION
By: /s/ Ronald D. Blaylock
--------------------------------
Ronald D. Blaylock, President
Dated: May 5, 1998 HAWES PARTNERS
By: /s/ Ronald D. Blaylock
--------------------------------
Ronald D. Blaylock, General Partner
By: /s/ Edwin Hugh Hawes, II
--------------------------------
Edwin Hugh Hawes, II,
General Partner
By: /s/ A. Keith Weber
--------------------------------
A. Keith Weber, General Partner
Dated: May 5, 1998 /s/ Edwin Hugh Hawes, II
--------------------------------
EDWIN HUGH HAWES, II, Individually
Dated: May 5, 1998 /s/ A. Keith Weber
--------------------------------
A. KEITH WEBER, Individually
Dated: May 5, 1998 /s/ Ronald D. Blaylock
--------------------------------
RONALD D. BLAYLOCK, Individually
