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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIECS EXCHANGE ACT OF 1934
DATE OF REPORT (date of earliest event reported): October 21, 1999
UNITED LEISURE CORPORATION
(Exact Name of Registrant as Specified in its Charter)
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<S> <C> <C>
DELAWARE 0-6106 13-2652243
(State or other jurisdiction of Incorporation) (Commission (I.R.S. Employer
File Number) I.D. Number)
18081 Magnolia Ave., Fountain Valley, CA 92708
(Address of Principal Executive Offices) (Zip Code)
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(714) 378-8761
(Registrant's Telephone Number,
Including Area Code)
N/A
(Former name or former address, if changed from last report)
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Item 5. Other Events.
The registrant hereby incorporates by reference herein the information set
forth in its Press Release dated October 21, 1999, a copy of which is attached
hereto as Exhibit 99.
Item 7. Exhibits.
Exhibit 99 United Leisure Corporation Press Release dated October 21, 1999
announcing the sale of its property interest in Las Vegas.
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 hereunto duly authorized.
Date: October 26, 1999 UNITED LEISURE CORPORATION
By /s/ Brian Shuster
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Brian Shuster
President and Chief Executive Officer
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INDEX TO EXHIBITS
Exhibit No. Description
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Exhibit 99 United Leisure Corporation Press Release dated
October 21, 1999 announcing the sale of its
property interest in Las Vegas.
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EXHIBIT 99
UNITED LEISURE CORPORATION 1990 Westwood Boulevard
Los Angeles, California 90025
Press Release Contact: Brian Shuster
Phone: (310) 441-0900
NEWS: FOR IMMEDIATE RELEASE
UNITED LEISURE CORPORATION ANNOUNCES THE SALE OF ITS
PROPERTY INTEREST IN LAS VEGAS
Los Angeles, CA October 21, 1999 -- United Leisure Corporation (OTC
BB:UTDL) announced today that United Hotel & Casino, LLC (in which United
Leisure Corporation was a founding partner) sold its real estate holdings on Las
Vegas Boulevard (the Strip & Convention Way) for an amount of $31.5 million. The
purchaser was the Brugnara Corporation of San Francisco, a real estate company
with in excess of $100 million in real estate in the San Francisco area. The
property was acquired by United Hotel & Casino, LLC approximately three years
ago for approximately $24.5 million.
Brian Shuster, Chairman of United Leisure Corporation said, "We are very
pleased to have been able to close this deal. It will result in a significant
gain to the Company. It will also enable us to improve our balance sheet,
including the payoff of the Westminster Capital obligations. The net proceeds to
United Leisure Corporation of approximately $3 million will be used for working
capital."
United Leisure Corporation through it's wholly owned subsidiary United
Internet Technologies creates proprietary video enabled Web Sites or enhanced
versions of existing Web sites, to be used by licensees and joint ventures to
create applications for the entertainment, sports, travel, retail, corporate,
and education markets.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, regarding the Company's
business strategy and future plans of operations. Forward-looking statements
involve known and unknown risks and uncertainties, both general and specific to
the matters discussed in this press release. These and other import factors,
including those mentioned in various Securities and Exchange Commission filings
made periodically by the Company, may cause the Company's actual results and
performance to differ materially from the future results and performance
expressed in or implied by such forward-looking statements. The forward-looking
statements contained in this press release speak only as of the date hereof and
the Company expressly disclaims any obligation to provide public updates,
revisions or amendments to any forward-looking statements made herein to reflect
changes in the Company's expectations or future events.
