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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20509
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
July 1, 1998
Date of Report
(Date of Earliest Event Reported)
INTERNATIONAL HERITAGE, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
Nevada 002-97690-D 87-0421191
(State or other juris- (Commission File No.) (IRS Employer
diction of incorporation) I.D. No.)
Carolina Place
2626 Glenwood Avenue, Suite 200
Raleigh, North Carolina 27608
(Address of Principal Executive Offices)
(919)571-4646
Registrant's Telephone Number
Item 1. Changes in Control of Registrant.
None; not applicable.
Item 2. Acquisition or Disposition of Assets.
None; not applicable.
Item 3. Bankruptcy or Receivership.
None; not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
None; not applicable.
Item 5. Other Events.
On July 1, 1998, a class action complaint was filed in the Circuit
Court for Talladega County, Alabama, L.C. Gilbert, on behalf of himself and
all others similarly situated v. International Heritage, Incorporated, a
corporation; Dennis Caulder, et. al., civil action no. CV 98 277. Plaintiff
brings this action on behalf of himself and all individuals who have
participated in the International Heritage, Incorporated network marketing
program in the State of Alabama, and who, during the course of participating
in the program, have purchased or been charged for a security in the form of
an investment contract by the defendant, International Heritage, Incorporated.
The plaintiff alleges that the defendants sold investment contracts to the
plaintiff class in violation of Alabama Code Section 8-6-17 by making
misrepresentations or omissions regarding material information related to the
sale of securities and at the time the securities were sold, the defendants,
by and through their agents who represented and sold the securities were
guilty of fraud, fraudulent suppression and deceit in the sale of securities.
The plaintiffs request relief as follows: declaratory judgment be
entered that the International Heritage Network Marketing Program was an
investment contract for the sale of a security, with an expected return on any
monies invested by the plaintiff class, and the misrepresentations made by the
defendants in the course of the sale of the securities was a violation of
Alabama Code Sections 8-6-17, 8-6-19; injunction be issued permanently enjoining
the defendants from selling investment contracts in the State of Alabama;
equitable restitution, with interest; compensatory damages, with interest;
and, attorneys fees and expenses as the court deems just.
The defendant, International Heritage, Incorporated intends to
vigorously defend this action.
Item 6. Resignations of Registrant's Directors.
None; not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
None; not applicable.
Item 8. Change in Fiscal Year.
None; not applicable.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned hereunto duly authorized.
INTERNATIONAL HERITAGE, INCORPORATED
Date: 07/15/98. By /s/ Stanley H. Van Etten
_______________________________________
President, CEO and Chairman of the Board
