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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
JULY 9, 1999
Date of report (Date of earliest event reported)
K-TEL INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Charter)
MINNESOTA 0-6664 41-0946588
(State or other Jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation or Organization) Identification Number)
2605 FERNBROOK LANE NORTH
PLYMOUTH, MINNESOTA 55447
(Address of Principal Executive Offices, including Zip Code)
(612) 559-6800
(Registrant's Telephone Number, including Area Code)
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ITEM 5. OTHER EVENTS.
Legal Proceedings:
A lawsuit has been filed in state court in New York City by Strong River
Investments, Inc. and Catharine Street, LLC, naming as defendants the
Registrant, its Chairman, Philip Kives, K-5 Leisure Products, Inc., a company
owned by Philip Kives, and against Foothill Capital Corporation. The Summons
states that the nature of the action is breach of a securities purchase
agreement, registration rights agreement and alleges other claims. The Summons
states that the nature of the relief sought is damages in the amount of
$8,000,000. The Company has neither received the complaint in the lawsuit nor
been served in the case. The plaintiffs are purchasers of the Registrant's
common stock in a private placement which occurred in April 1999.
On the basis of the description of the alleged claims in the Summons, the
Registrant believes it has meritorious defenses to the lawsuit and intends to
vigorously defend the litigation.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
Dated: July 13, 1999 K-TEL INTERNATIONAL, INC.
By: /s/ Steven A. Kahn
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Steven A. Kahn
Vice President and Chief Financial Officer
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