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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDED REPORT
ON
FORM 8-K/A
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: NOVEMBER 20, 1997
AMERIQUEST TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State of other jurisdiction of incorporation or organization)
1-10397 33-0244136
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(Commission File Number) (I.R.S. Employer Identification No.)
425 PRIVET ROAD, HORSHAM, PA 19044
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(Address of principal executive office) (Zip Code)
(215) 675-9300
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Registrant's telephone number, including area code
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AMERIQUEST TECHNOLOGIES, INC.
FORM 8-K/A
Item 7. Financial Statements and Exhibits
(a) Pro forma financial information required to be filed pursuant to
Item 7(b) of Form 8-K and Rule 601 of Regulation S-K is filed by
amendment hereto following the effective date of the sale of
Kenfil Distribution (Far East) Limited, a Hong Kong corporation
and Kenfil Distribution (M) Sdn. Bhd., a Malaysian corporation,
formerly wholly-owned subsidiaries of the Registrant's
wholly-owned subsidiary, AmeriQuest/Kenfil Inc., which occurred on
November 20, 1997.
The pro forma adjustment column reflects the amounts due to
the parent company and reflected in the financial statments of
of Kenfil Distribution (Far East) Limited that have been
eliminated in preparation of the consolidated financial
statements of AmeriQuest Technologies, Inc..
2
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AMERIQUEST TECHNOLOGIES, INC.
FORM 8-K/A
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 thereunto duly authorized.
AmeriQuest Technologies, Inc.
February 2, 1998
/s/ ALEXANDER C. KRAMER
Alexander C. Kramer
Chief Executive Officer
February 2, 1998
/s/ JON JENSEN
Jon Jensen
Chief Operating Officer and
Chief Financial Officer
3
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AmeriQuest Technologies, Inc.
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1997
(DOLLARS IN THOUSANDS, EXCEPT SHARES)
<TABLE>
<CAPTION>
AmeriQuest Asia
Technologies Subsidiary
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<S> <C> <C>
ASSETS
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Current Assets:
Cash and cash equivalents........................................ $7,680 ($2,033)
Accounts receivable, less allowance for doubtful accounts......... 9,006 (3,193)
Inventories, net of valuation allowance........................... 7,066 (425)
Prepaid and other current assets.................................. 935 (148)
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Total current assets ....................................... 24,687 (5,799)
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Property and equipment, net.......................................... 1,272 (478)
Intangible assets, net of accumulated amortization.................. 0 0
Other assets......................................................... 120 (3)
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Total assets................................................... $26,079 ($6,280)
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LIABILITIES AND STOCKHOLDERS' DEFICIT
-------------------------------------
Current liabilities:
Accounts payable.................................................. 9,492 (5,612)
Due to Computer 2000.............................................. 27,664
Line of credit.................................................... 3,064
Other current liabilities......................................... 9,251 (567)
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Total current liabilities...................................... 49,471 (6,179)
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Long term obligations................................................ 0
-
Total liabilities.............................................. 49,471 (6,179)
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Stockholders' Deficit
Preferred stock, $.01 par value, 7% cumulative dividend, convertible
into common, 300,000 shares authorized and outstanding;
entitled to $30,000,000 in involuntary liquidation................ 30,000
Common stock, $.01 par value; authorized 200,000,000 shares;
issued and outstanding 66,881,906 as of September 30, 1997........ 669 (4)
Additional paid-in capital........................................... 111,145
Accumulated deficit.................................................. (165,206) (97)
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Total stockholders' deficit.................................... (23,392) (101)
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Total liabilities and stockholders' deficit.................... $26,079 ($6,280)
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<CAPTION>
Pro Forma
Adjustments Pro Forma
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<S> <C> <C>
ASSETS
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Current Assets:
Cash and cash equivalents........................................ $5,647
Accounts receivable, less allowance for doubtful accounts......... $5,813
Inventories, net of valuation allowance........................... $6,641
Prepaid and other current assets.................................. 772 $1,559
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Total current assets ....................................... 772 19,660
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Property and equipment, net.......................................... $794
Intangible assets, net of accumulated amortization.................. $0
Other assets......................................................... 1,831 $1,948
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Total assets................................................... $2,603 $22,402
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LIABILITIES AND STOCKHOLDERS' DEFICIT
-------------------------------------
Current liabilities:
Accounts payable.................................................. 2,502 $6,382
Due to Computer 2000.............................................. $27,664
Line of credit.................................................... $3,064
Other current liabilities......................................... 0 $8,684
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Total current liabilities...................................... 2,502 45,794
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Long term obligations................................................ $0
Total liabilities.............................................. 2,502 45,794
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Stockholders' Deficit
Preferred stock, $.01 par value, 7% cumulative dividend, convertible
into common, 300,000 shares authorized and outstanding;
entitled to $30,000,000 in involuntary liquidation................ $30,000
Common stock, $.01 par value; authorized 200,000,000 shares;
issued and outstanding 66,881,906 as of September 30, 1997........ 4 $669
Additional paid-in capital........................................... $111,145
Accumulated deficit.................................................. 97 ($165,206)
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Total stockholders' deficit.................................... 101 (23,392)
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Total liabilities and stockholders' deficit.................... $2,603 $22,402
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</TABLE>
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AmeriQuest Technologies, Inc.
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
(DOLLARS IN THOUSANDS, EXCEPT SHARES)
<TABLE>
<CAPTION>
AmeriQuest Asia Pro Forma
Technologies Subsidiary Adjustments Pro Forma
------------ ---------- ----------- ---------
<S> <C> <C> <C> <C>
Net sales..................................... $218,877 ($24,535) 194,342
Cost of sales................................. 203,199 (20,593) 182,606
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Gross profit.............................. 15,678 (3,942) 0 11,736
Operating Expenses:
Selling, general and administrative........ 35,160 (3,911) 31,249
Intangible Writeoff........................ 9,036 0 9,036
Restructuring, asset impairment
and relocation costs.................... 9,338 0 9,338
----- - -----
Loss from operations..................... (37,856) (31) 0 (37,887)
Interest expense ............................. 3,455 0 3,455
----- - -----
Net loss................................. ($41,311) ($31) $0 ($41,342)
========= ===== == =========
Net loss per common share and
common stock equivalent.................. ($0.63) $0.00 $0.00 ($0.63)
======= ===== ===== =======
Common and common equivalent
shares outstanding:
Weighted average shares outstanding...... 66,881,906 66,881,906
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</TABLE>