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 (Date of earliest event reported): May 24, 1999
WASTEMASTERS, INC.
(Exact name of registrant as specified in its charter)
Maryland 0-12914 52-1507818
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
205 South Bickford
El Reno, Oklahoma 73036
(Address of principal executive offices) (Zip Code)
(405) 262-0800
(Registrant's telephone number, including area code)
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Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
On March 5, 1999, Sales Equipment Co., Inc., Inc., a wholly-owned
subsidiary of the Registrant, filed a Chapter 11 petition in the United
States Bankruptcy Court for the Northern District of Georgia, Atlanta
Division. Venue for the case was subsequently transferred to Oklahoma City,
Oklahoma. At a hearing on May 24, 1999, the bankruptcy court denied the
subsdiary the right to utilize the cash collateral of its principle lender
to continue operations. As a result, the bankruptcy court appointed a
trustee for the subsidiary. The trustee has negotiated an agreement with
the lender to utilize cash collateral to resume operations, and has
indicated that he intends to sell the assets of the subsidiary to a buyer
located by the lender. The Registrant does not expect to realize any
proceeds from the disposition of the assets of the subsidiary by its
trustee.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
On June 8, 1999, the Board of Directors of the Registrant appointed
Douglas Holsted as president. Dennis O'Neill was appointed acting Chief
Financial Officer.
In addition, the Registrant has moved its corporate headquarters to
205 South Bickford, El Reno, Oklahoma 73036, telephone (405) 262-0800.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Financial Statements of Businesses Acquired: Not
applicable.
(b) Pro Forma Financial Information: Not applicable.
(c) Exhibits: Not applicable.
Item 8. Change in Fiscal Year.
Not Applicable.
Item 9. Sales of Equity Securities Pursuant to Regulation S
Not Applicable.
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SIGNATURE
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 thereunto duly authorized.
WASTEMASTERS, INC.
Date: June 9, 1999 By: /s/ Douglas Holsted
Douglas Holsted,
President
