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: June 25, 1997
Foxmoor Industries, Ltd.
(Exact Name of Registrant as specified in its charter)
Colorado
000-11333 84-0862501
Commission File Number IRS Identification No.
3801 E. Florida Avenue, Suite 105, Denver, Colorado 80210
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Address of Principal Executive Office Postal Code
303-759-4626
Registrant's telephone number including area code
Item 7. Financial Statements and Exhibits
(c) 1. Press Release dated June 25, 1997.
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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.
FOXMOOR INDUSTRIES, INC.
Date: June 25, 1997 By: /s/ Paul H. Eagland
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Paul H. Eagland
Chairman and Chief Executive Officer
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Foxmoor Industries, Ltd. (NASDAQ: FOXI) announced today the preliminary
results of new management's review of the Company's financial position. The
Company's current cash position, which at March 31, 1997 was reported to be
$1,112,000, is less than $20,000. Management believes that the collection of a
substantial portion of the Company's accounts receivable, assignments receivable
and advances to contractors, which at March 31, 1997 were reported to be
$1,981,000 in the aggregate, appears to be doubtful. Management believes the
liabilities of the Company to be approximately $771,000. Based on its
preliminary review, management believes that the former President of the
Company, Mr. Ross Corace, has financial obligations to the Company in excess of
$1,250,000. Management continues to evaluate the collectability of receivables
from all parties and the actual value of other assets of the Company. In order
to prevent further decline in the Company's financial position, the Company is
in the process of closing the Company's warehouse in Denver and winding down
other operations. The Company is considering all options for preservation of the
Company's assets, including the possibility of a reorganization under the
bankruptcy laws.
Based on its preliminary evaluation of the financial position of the
Company, management believes that the Company's quarterly reports for the
quarters ended December 31, 1996 and March 31, 1997 may have overstated the
Company's earnings and inaccurately reported the Company's cash position. The
Company intends to retain a new accounting firm to review the Company's accounts
and to assist the Company in determining the accuracy of the Company's prior
financial statements.
The Company also announced that Ross Corace resigned as President of
the Company. Paul Eagland, Chairman and Chief Executive Officer of the Company,
was named President.
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