<PAGE>
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 report) April 1, 1996
Commission file number 2-70345-NY
BUFFS-N-PUFFS LTD
(Exact name of registrant as specified in its charter)
Former name of registrant - PUBCOA, INC.
<TABLE>
<S> <C>
NEVADA 88-0182534
_______________________________________________________________ __________________________
(State or other jurisdiction of incorporation of organization.) (IRS Employer ID Number)
6500 SOUTH STATE STREET, MURRAY, UTAH 84107
_______________________________________________________________ ___________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (801) 268-9280
</TABLE>
<PAGE>
ITEM 1. CHANGES AND CONTROL OF REGISTRANT
N/A
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On March 25, 1996, the Company, acquired the land and buildings at 6500 South
State Street, Murray, Utah from Daniel P. Pentelute, the majority shareholder
of the Company, for $1,950,000 cash together with 2,000,000 authorized but
unissued shares of the Company's common stock at $.0625 per share for a total
combined purchase price of $2,075,000 in cash and stock. The property
acquired from Mr. Pentelute consists of approximately 3.5 acres and the two
buildings located thereon which house the Company's major operation. Prior to
acquisition, the Company was leasing the property at a rent of 7% of monthly
gross proceeds, excluding fuel sales, with a minimum rent of $5,000 monthly.
In 1995 the Company paid a total of $112,643 in rent to Mr. Pentelute.
The purchase price was determined by negotiations between the Company and Mr.
Pentelute after the Company had received an independent appraisal on said
property from Appraisal Group, Inc., a appraising the fair market value of
the property at $2,400,000 and the replacement cost of the property and
buildings thereon at $3,600,000. The $1,950,000 paid to Mr. Pentelute, in
cash, was financed by a $1,800,000 mortgage loan with an interest rate of
8.26% per annum, amortized over 20 years and a five year call, together with
a $150,000 revolving line of credit at prime interest rate, both from Bank
One of Utah, N.A.
Although the aforementioned purchase did not result in a change of control of
the Company, it did increase the percentage of ownership of the common shares
of the Company by Mr. Pentelute from approximately 54.85% of the outstanding
shares to approximately 67.39%.
ITEM 3. BANKRUPTCY RECEIVERSHIP
N/A
ITEM 4. CHANGES IN REGISTRANT'S CERTIFIED ACCOUNTANT
N/A
ITEM 5. OTHER EVENTS
N/A
ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS
N/A
ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS
NONE
<PAGE>
Pursuant to the requirement of the Securities Act of 1934, the registrant
has duly caused this report to be signed on its behalf of the undersigned
hereunto duly authorized.
Dated this 1st day of April, 1996.
BUFFS 'N' PUFFS, LTD.
By /s/ ALAN R. THEIS
______________________________________
Alan R. Theis
SECRETARY/TREASURER, CHIEF FINANCIAL
OFFICER, AND DIRECTOR
