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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. 2)*
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)
SEPTEMBER 18, 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 (S)(S) 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box.[ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the Schedule. See (S) 240.13d-7(b) 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
CUSIP No. 656863 10 7 PAGE 2 OF 12 PAGES
- ---------------------- ------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
International Tours, Inc. ID #73-1320523
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Oklahoma
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7 SOLE VOTING POWER
Number of 17,386,960
Shares
Beneficially ----------------------------------------------------------
Owned by
Each 8 SHARED VOTING POWER
Reporting
Person
With ----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
17,386,960
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,386,960
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41.6%
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14 TYPE OF REPORTING PERSON*
CO
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SCHEDULE 13D
CUSIP No. 656863 10 7 PAGE 3 OF 12 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
I. T. Financial Corporation ID #48-0769428
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Oklahoma
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7 SOLE VOTING POWER
Number of 192,326
Shares
Beneficially ----------------------------------------------------------
Owned by
Each 8 SHARED VOTING POWER
Reporting
Person 17,386,960
With
----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
192,326
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
17,386,960
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,579,286
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.1%
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14 TYPE OF REPORTING PERSON*
CO
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SCHEDULE 13D
CUSIP No. 656863 10 7 PAGE 4 OF 12 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Hawes Partners ID #73-1528544
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Oklahoma
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7 SOLE VOTING POWER
Number of
Shares
Beneficially ----------------------------------------------------------
Owned by
Each 8 SHARED VOTING POWER
Reporting
Person 17,579,286
With
----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
17,579,286
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,579,286
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.1%
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14 TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D
CUSIP No. 656863 10 7 PAGE 5 OF 12 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edwin Hugh Hawes II ID ####-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
Number of 2,334
Shares
Beneficially ----------------------------------------------------------
Owned by
Each 8 SHARED VOTING POWER
Reporting
Person 17,579,286
With
----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,334
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
17,579,286
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,581,620
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.1%
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14 TYPE OF REPORTING PERSON*
IN
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SCHEDULE 13D
CUSIP No. 656863 10 7 PAGE 6 OF 12 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
A. Keith Weber ID ####-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
Number of 93,729
Shares
Beneficially ----------------------------------------------------------
Owned by
Each 8 SHARED VOTING POWER
Reporting
Person 17,579,286
With
----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
93,729
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
17,579,286
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,673,015
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.3%
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14 TYPE OF REPORTING PERSON*
IN
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SCHEDULE 13D
CUSIP No. 656863 10 7 PAGE 7 OF 12 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald D. Blaylock ID ####-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
Number of 5,834
Shares
Beneficially ----------------------------------------------------------
Owned by
Each 8 SHARED VOTING POWER
Reporting
Person 17,579,286
With
----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
5,834
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
17,579,286
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,585,120
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.1%
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14 TYPE OF REPORTING PERSON*
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) No change.
(ii) No change.
(iii) No change.
(iv) No change.
(v) No change.
(vi) No change.
(c) No change.
(d) No change.
(e) No change.
(f) No change.
ITEM 3. SOURCE AND AMOUNT OF FUNDS, OR OTHER CONSIDERATION.
Effective September 18, 1998, International Tours converted the remaining
3,096,000 shares of Series B Preferred Stock into 3,096,000 shares of Common
Stock and 5,452,854 shares of Common Stock were issued to International Tours by
the Issuer pursuant to a contractual anti-dilution right held by International
Tours which was triggered upon the conversion by the Issuer of 1,287,000 shares
of Class A Preferred Stock of the Issuer into 8,240,000 shares of Common Stock.
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Page 9 of 12
ITEM 4. PURPOSE OF TRANSACTION.
No change, except the Issuer may sell the assets of GalaxSea and/or IT
Cruise pursuant to a transaction under negotiations with Points North Digital
Technologies, Inc., although there can be no assurance.
ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER.
(a) International Tours owns of record and beneficially the 17,386,960
shares of Common Stock issued by the Issuer in connection with the Acquisition
and in connection with the conversion of Class A Preferred Stock. 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 17,386,960 shares of
Common 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 17,386,960 shares of Common 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 17,579,286 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 17,579,286 shares of Common 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 17,579,286 shares of Common 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 17,579,286 shares of Common 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
conversion by International Tours of 3,096,000 shares of Series B Preferred
Stock into 3,096,000 shares of Common Stock effective
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Page 10 of 12
September 18, 1998, and the issuance by the Issuer of 5,452,854 shares of Common
Stock effective September 18, 1998 to International Tours under its anti-
dilution agreement upon conversion by the Issuer of 1,287,000 shares of Class A
Preferred Stock into 8,240,000 shares of Common Stock.
(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: September 28, 1998 INTERNATIONAL TOURS, INC.
By: /s/ Ronald D. Blaylock
---------------------------------------
Ronald D. Blaylock, President
Dated: September 28, 1998 IT FINANCIAL CORPORATION
By: /s/ Ronald D. Blaylock
---------------------------------------
Ronald D. Blaylock, President
Dated: September 28, 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: September 28, 1998 /s/ Edwin Hugh Hawes, II
--------------------------------------------
EDWIN HUGH HAWES, II, Individually
Dated: September 28, 1998 /s/ A. Keith Weber
--------------------------------------------
A. KEITH WEBER, Individually
Dated: September 28, 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. 2) with
respect to North American Gaming and Entertainment Corporation, and declare that
such statement is filed on behalf of each of the undersigned.
Dated: September 28, 1998 INTERNATIONAL TOURS, INC.
By: /s/ Ronald D. Blaylock
----------------------------------------
Ronald D. Blaylock, President
Dated: September 28, 1998 IT FINANCIAL CORPORATION
By: /s/ Ronald D. Blaylock
----------------------------------------
Ronald D. Blaylock, President
Dated: September 28, 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: September 28, 1998 /s/ Edwin Hugh Hawes, II
--------------------------------------------
EDWIN HUGH HAWES, II, Individually
Dated: September 29, 1998 /s/ A. Keith Weber
--------------------------------------------
A. KEITH WEBER, Individually
Dated: September 29, 1998 /s/ Ronald D. Blaylock
--------------------------------------------
RONALD D. BLAYLOCK, Individually
