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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
September 30, 1997
FORWARD INDUSTRIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
New York 0-6669 13-1950672
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) No.)
275 Hempstead Turnpike
West Hemstead, New York 11552
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(Address of principal executive offices)
Registrant's Telephone Number, including
area code: (516) 564-1100
Not Applicable
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(Former Address, if changed since last report)
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Item 2. Disposition of Assets.
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On September 30, 1997 Koszegi Industries, Inc. ("Koszegi"), an Indiana
corporation and wholly-owned subsidiary of Forward Industries, Inc. (the
"Company"), consummated the sale of certain of its assets, consisting mainly of
equipment and inventory relating to its advertising specialties business (the
"Assets"), to Amplaco Group, Inc. ("Amplaco"), a New York corporation.
Consideration for the Assets consisted of $500,000 in cash and a secured
promissory note in the principal amount of $850,000, for an aggregate of
$1,350,000. In addition, Amplaco will assume certain liabilities of Koszegi,
including a portion of Koszegi's lease obligations with respect to its
manufacturing facility in South Bend, Indiana.
Koszegi's advertising specialties business consists of the design,
manufacture and sale of advertising specialties fabricated from vinyl.
Advertising specialties are "intrinsically useful" articles which have
imprinted on them an advertiser's name and advertising message and are usually
distributed by the advertiser without cost to the recipients.
Item 7. Financial Statements, Pro Forma
Financial Information and Exhibits
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(a) Financial statements of business acquired: Not applicable
(b) Pro Forma financial information: Not applicable
(c) Exhibits : None.
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
September 30, 1997
FORWARD INDUSTRIES, INC.
By: /s/ Theodore H. Schiffman
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Theodore H. Schiffman
Chairman and Chief Executive Officer
