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 (Date of earliest event reported): August 9, 1999
CANISCO RESOURCES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 012293 54-0952207
(State or Other
Jurisdiction (Commission (IRS Employer
Of Incorporation) File Number) Identification No.)
300 Delaware Avenue, Suite 714, Wilmington, DE 19801
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code: (302) 777-5050
Item 5 Other Events
Canisco Resources, Inc., a Delaware corporation (the "Company") has
previously announced on April 16, 1999, it had entered into a Securities and
Purchase Agreement (the "Purchase Agreement"), with SCC Investment I, L.P., a
Texas limited partnership (the "Investor") and Sterling City Capital, LLC, a
Texas limited liability company ("Sterling"). Pursuant to the Purchase
Agreement, the Investor has committed to purchase up to an aggregate of
100,000 shares of a newly created series of 7 1/2% Series A Redeemable
Convertible Preferred Stock (the "Preferred Stock") and an Investment
Incentive Warrant (the "Warrant") for a maximum aggregate purchase price of
$10,000,000.
On August 9, 1999, the Investor advised the Company that it was terminating
the Agreement pursuant to its terms. The Investor indicated that the reasons
for the termination were the Company's results of operations in the fiscal
year 1999 and the delisting of the Company's stock from The NASDAQ SmallCap
Market, which they believe constituted a "Material Adverse Effect" as defined
in the Agreement. The Company and its counsel are considering the Company's
rights under the Agreement.
Item 7 Financial Statements, Pro Forma Financial Information, and
Exhibits
(a) Financial Statements of Business Acquired.
Not Applicable
(b) Pro Forma Financial Information.
Not Applicable
(c) Exhibit
10.2 Securities Purchase Agreement, dated as of April 16, 1999, by and
among SCC Investment I, L.P., Sterling City Capital, LLC and
Canisco Resources, Inc. (incorporated by reference, see Exhibit
10.2 to 8-K filed May 3, 1999).
Signatures
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: August 27, 1999
Canisco Resources, Inc.
By:____________________________
/s/Ralph A. Trallo, President
