FORM 8 - K
CURRENT REPORT
Filed Pursuant to Section 13 or 15 (d) of
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
December 20, 1996
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Tone Products, Inc.
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(Exact name of registrant as specified in its charter)
Arkansas 0-4289 71-0390957
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
2129 North 15th Street, Melrose Park, Illinois 60160
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(Address of principal executive offices)
(708) 681-3660
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Registrant's telephone number, including area code
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ITEM 2. Disposition of Assets
Prior to October 15, 1996, Tone Products, Inc. (the "Company") was known
as Minute Man of America, Inc. On October 15, 1996, Minute Man of America,
Inc. was acquired in a reverse acquisition by, and changed its name to, Tone
Products, Inc.
On December 5, 1996, the Company, in a non-monetary transaction, disposed
of all of the common stock of Gibson Specialty Corp. ("Gibson"), an Illinois
Corporation, located in Des Plaines, Illinois, in exchange for 75,000 shares
of its Convertible Series A preferred stock having a par value of $10 per share.
Prior to the October 15, 1996, discussed above, Gibson was the sole operating
segment in the Company. Gibson is a manufacturer of specialized products sold
primarily to distributors in the gaming industry. Jerry Evon, the President of
Gibson, was the holder of all of the preferred stock and was a member of the
Board of Directors of the Company. With the completion of this transaction,
Mr. Evon resigned from the Board of Directors of the Company.
The disposal price of Gibson consisted of the following:
Net book value of Gibson Specialty $364,614
The business disposed was valued at book value.
ITEM 7. Financial Statements, Pro Forma Financial Information, and
Exhibits
(a) Financial Statements - none
(b) Pro forma financial information
It is impractical at this time to provide the pro forma financial information
required. The required pro form financial information will be filed no later
than March 19, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: DECEMBER 20, 1996 TONE PRODUCTS, INC.
By: /s/ Timothy Evon
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Name: Timothy Evon
Title: Director and President
