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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. )(1)
Equity Growth Systems, inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
294698 10 5
- --------------------------------------------------------------------------------
(CUSIP Number)
Charles J. Scimeca
8001 DeSoto Woods Drive
Sarasota, Florida 34243
941-358-8182
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
6/25/99
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [_].
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7(b)
for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of Pages)
- ----------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(SC13D-07/98)
<PAGE>
CUSIP No. 298698 10 5 13D Page 2 of 4 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael D. Umile _______________
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [ ]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
OO
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
Not Applicable
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 1,105,325
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,105,325
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,105,325
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
excludes contingent deferred shares per the terms of the Reorganization
Agreement dated June 25, 1999.
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.08%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 294698 10 5 13D Page 3 of 4 Pages
________________________________________________________________________________
Item 1. Security and Issuer.
Equity Growth Systems, inc.
Common Stock
________________________________________________________________________________
Item 2. Identity and Background.
(a) Michael D. Umile
(b) 210 Oregon Lane; Boca raton, Florida 33487
(c) Vice-President of American Internet Technical Centers, Inc., a
subsidiary of Equity Growth Systems, Inc., 440 East Sample Road,
Suite 204; Pompano Beach, Florida 33064
(d) No
(e) No
(f) United States of America
________________________________________________________________________________
Item 3. Source and Amount of Funds or Other Consideration.
Exchange of 5,000,000 shares of American Internet Technical Centers, Inc., a
Nevada Corporation for 1,127,431 shares of Equity Growth Systems, inc . plus
rights to certain contingent deferred shares of common stock per the terms of
the Reorganization Agreement dated June 25, 1999.
________________________________________________________________________________
Item 4. Purpose of Transaction.
(a) Reorganization Agreement dated June 25, 1999.
(b) Corporate Reorganization involving issuer and American Internet
Technical Centers, Inc., a Nevada corporation
(c) Not applicable
(d) J. Brcue Gleason and Mark Granville-Smith elected to Board of
Directors of Issuer effective July 1, 1999, subject to the next annual
meeting of stockholders or until December 31, 1999, which ever event
occurs first.
(e) Additional 2,250,000 shares to issuer.
(f) No material change to Issuer's business or corporate structure.
(g) None
(h) Not Applicable
(i) Not Applicable
(j) None to report
________________________________________________________________________________
Item 5. Interest in Securities of the Issuer.
(a) 13.08% common stock
(b) 1,105,325
(c) June 25, 1999 Reorganization Agreement
(d) Not Applicable
(e) Not Applicable
<PAGE>
________________________________________________________________________________
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Reorganization Agreement dated June 25, 1999.
________________________________________________________________________________
Item 7. Material to be Filed as Exhibits.
Exhibit 1- Disclosure as to contingent deferred shares of common stock paragraph
4.1 of the Reorganization Agreement.
Exhibit 2- Reorganization Agreement dated June 25, 1999 filed as an exhibit to
the Form 8-KSb filed on July 12, 1999.
________________________________________________________________________________
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
7/12/99
----------------------------------------
(Date)
/s/ Michael D. Umile /s/
----------------------------------------
(Signature)
Michael D. Umile
----------------------------------------
(Name/Title)
Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
EXHIBIT 1 Section 4.1 of the Reorganization Agreement
4.1 Post Closing Performance Criteria.
(a) Whether or not the restructuring provisions of Section 4.9 become
operative, the Holding Company will issue additional shares of its
common stock to the Subscribers as additional shares exchanged for the
Target Company Stock or if applicable pursuant to Section 4.9, all of
the Subsidiary's capital stock (the "Additional Exchange Shares"),
predicated on the Target Companies' attaining the following annual net,
pre-tax profit thresholds determined as of December 31 of each year in
accordance with generally accepted accounting principals, consistently
applied ("GAAP"), as follows:
Goal Time Frame Additional Exchange Shares
-----------------------------------------------------------------------
$200,000 1999 500,000 Shares
$500,000 2000 800,000 Shares
$1,000,000 2001 800,000 Shares
$1,5000,000 2002 800,000 Shares
$2,000,000 2003 800,000 Shares
$2,500,000 2004 800,000 Shares
(b) In the event that the thresholds are not attained and the Holding Company
has provided the Target Companies with at least $250,000 in funding for
their operations, then:
<PAGE>
(1) If the net, pre tax earnings are less than 33% of the required
threshold during the subject 12 month period, the Additional
Exchange Shares for such period will be forfeited;
(2) If the net, pre tax earnings are between 33% and 80% of the
required threshold during the subject 12 month period, the
Additional Exchange Shares for such period and the required
threshold will be carried over to the next year, increasing
both the aggregate threshold and the aggregate bonus
attainable for such year; and
(3) If the net, pre tax earnings are between 80% and 100% of the
required threshold during the subject 12 month period, the
Additional Exchange Shares for such period shall be prorated.
(c) In the event that the thresholds are not attained but the Holding Company
has not provided the Target Companies with at least $250,000 in funding
for its operations, then, the Additional Exchange Shares for such
period shall be prorated.
