SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDED
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: May 29, 1998
` to amend 8-K filed March 10, 1998
WASATCH PHARMACEUTICAL, INC.
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(Exact name of registrant as specified in its charter)
UTAH 000-22899 84-0854009
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(State or other jurisdiction (Commission File Number) (IRS Employer ID No.)
of incorporation)
714 East 7200 South, Midvale, Utah 84047
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(Address of principal executive office)
Registrant's telephone number, including area code: (801) 566-9688
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
Summary
On February 23, 1998, Wasatch Pharmaceutical, Inc., a Utah corporation
(the "Company"), entered into an agreement (the "Agreement") with Mountaineer
Gas Transmission, Inc., a Nevada corporation, registered to do business in West
Virginia ("Mountaineer"), wherein the Company exchanged its 25% working interest
in 50 gas wells located in Pleasants, Wood, and Ritchie Counties, West Virginia.
In connection with the exchange of the working interest with Mountaineer, the
Company received 1,800,000 shares of restricted common stock of the Company
which was returned to the treasury and canceled.
The Company had entered into the purchase of these 50 gas wells
November 20, 1996 in an effort to enhance its cash flows. The cash flows did not
come as expected and the Company determined that an investment in the oil and
gas business did not fit in with its long term strategy of setting up and
operating medical skin care clinics.
AMENDMENT
Due to the sale of this asset, Wasatch no longer has sufficient net
tangible assets to preclude it from being characterized as a "penny stock".
Therefore, pursuant to SEC Rule 3a51-1, the common stock of Wasatch is now
defined and considered a "penny stock".
ITEM 5 OTHER EVENTS
Due to the sale of this asset, Wasatch no longer has sufficient net
tangible assets to prevent it from being characterized as a "penny stock".
Therefore, pursuant to SEC Rule 3a51-1, the common stock of Wasatch is now
defined and considered a "penny stock".
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunder duly authorized.
WASATCH PHARMACEUTICAL, INC.
Date: May 29, 1998 /s/ David K. Giles
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David K. Giles, Secretary
