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UNITED STATES
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)
August 1, 1995
NATEC RESOURCES, INC.
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(Exact name of registrant as
specified in its charter)
Delaware 0-8104 36-6059098
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
1177 West Loop South, Suite 800
Houston, Texas 77027
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(Address of principal executive offices)
Registrant's telephone number, including area code (713) 552-2552
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ITEM 5. OTHER EVENTS
On August 1, 1995, the Registrant issued a press release stating that
it had entered into an amendment to its previously announced Acquisition
Agreement with North American Chemical Company.
ITEM 7. EXHIBITS
Exhibit 99. Press release dated August 1, 1995.
SIGNATURES
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 thereunto duly authorized.
NATEC RESOURCES, INC.
Dated: August 1, 1995 By:/s/ Timothy R. Dunne
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Name: Timothy R. Dunne
Title: Vice President, General Counsel
and Secretary
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EXHIBIT 99
NEWS RELEASE Contact: Mr. John McCormack
(713) 552-2552
NATEC RESOURCES ANNOUNCES AMENDMENT TO AGREEMENT FOR SALE OF
SUBSTANTIALLY ALL ITS ASSETS TO NORTH AMERICAN CHEMICAL COMPANY
HOUSTON, TEXAS August 1, 1995 -- NaTec Resources, Inc. (NaTec)(NASDAQ: NATC) and
North American Chemical Company (NACC), a unit of Harris Chemical North America,
Inc., jointly announced today that they have entered into an amendment to their
previously announced Acquisition Agreement, pursuant to which NaTec and NACC
have agreed to revise certain financial terms of the sale by NaTec of
substantially all of its assets to NACC. The assets to be sold include NaTec's
50% interest in White River Nahcolite Minerals, Ltd. Liability Co. (White
River), the owner of a sodium bicarbonate mining and processing facility located
in Colorado in which NaTec has been a joint venture partner since 1992. NaTec
will retain its assets unrelated to the operation of White River.
Under the terms of the amended agreement, the sales price will be $10.5
million, consisting of $500,000 cash payable at closing, a $6 million
non-interest bearing promissory note maturing January 15, 1996 by White River,
and NACC's $4 million non-interest bearing promissory note, which will have a
three-year term. Both notes will be secured by a security interest covering the
White River facility. Under the terms of the prior agreement, the sales price
was $10 million, consisting of $6 million in cash payable at closing and a $4
million non-interest bearing promissory note with a five-year term.
Completion of the sale is subject to a number of conditions, including
approval of the transaction by NaTec's stockholders. CRSS Inc., the holder of
approximately 50.2% of common and 100% of preferred stock of NaTec, has
conditionally agreed to vote in favor of the sale.
As previously announced, the NaTec Board also has approved the
liquidation of the Company, subject to stockholder approval. As a result of the
liquidation, CRSS Inc., as both creditor and sole preferred stockholder of
NaTec, will receive all or substantially all of the proceeds of the sale. There
will not be sufficient assets to make any distribution to holders of NaTec's
common stock pursuant to any liquidation.
NaTec is finalizing the Proxy Statement to be distributed to its
stockholders prior to NaTec's annual meeting of stockholders, which NaTec
presently anticipates will be held on August 24, 1995. NaTec will seek
stockholder approval of the sale of assets to NACC and the liquidation of NaTec
at this meeting.
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