U.S. 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): December 31, 1999
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AVIATION GROUP, INC.
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(Exact Name of Registrant as Specified in Its Charter)
0-10124 75-2631373
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(Commission File Number) (I.R.S. Employer
Identification Number)
700 North Pearl Street
Suite 2170
Dallas, Texas 75201
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(Address of Principal (Zip Code)
Executive Offices)
(214) 922-8100
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(Registrant's Telephone Number,
Including Area Code)
N/A
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(Former Name or Former Address,
if Changed Since Last Report)
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Item 2. Acquisition or Disposition of Assets
On December 15, 1999, Tri-Star Airline Services, Inc. ("Tri-Star"), a
wholly-owned subsidiary of Avaiation Group, Inc. (the "Company"), entered into
an agreement with Tri-Star Acquisition Corp., d/b/a Servisair Texas, Inc.
("Servisair"), to sell all of Tri-Star's ground handling assets and operations,
which are located at Dallas/Ft. Worth International Airport. The transaction was
consummated on December 31, 1999. The purchase price was $1,500,000 in cash.
Tri-Star retained all accounts payable, accounts receivable and inventories of
the business. The Company and Servisair USA, Inc., the parent of Servisair
joined in the purchase agreement for certain limited purposes, including
on-going cross-indemnity covenants. The cash proceeds were used by Tri-Star and
the Company primarily to satisfy Tri-Star's revolving line of credit and certain
debts and accounts payable of the Company.
On February 8, 2000, Casper Air Service ("CAS"), a wholly-owned subsidiary
of the Company, entered into an agreement to sell, and closed the sale of, its
fixed base operations and related assets located in Casper, Wyoming to Casper
Jet Center Fueling, L.L.C. ("CJCF"). The purchase price was $200,000 in cash and
the assumption by CJCF of approximately $600,000 in accounts payable of CAS. CAS
retained its inventory of aircraft parts, three aircraft and all of its accounts
receivable. CAS intends to sell or otherwise realize on these retained assets
before June 30, 2000 and will not continue in business. Substantially all of the
cash purchase price was used to pay off the debt owing on CAS's revolving line
of credit.
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SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Date: February 15, 2000.
AVIATION GROUP, INC.
By:/s/ Richard L. Morgan
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Richard L. Morgan,
Executive Vice President and
Chief Financial Officer
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