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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
August 28, 1998
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Date of Report (Date of Earliest Event Reported)
Airstar Technologies, Inc..
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(Exact name of Registrant as specified in its charter)
(formerly Xecom Corp.)
Nevada 000-27706 87-0421-1183
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(State or other (Commission (IRS Employer
jurisdiction of file Number) Identification No.)
incorporation or
organization)
111 North Palm Canyon Drive
Suite E
Palm Springs, California 92262
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(Address of principal executive offices)
Registrant's telephone number, including area code: (760) 320-2782
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ITEM 5. OTHER EVENTS
LANZA GROUP LITIGATION. On August 27, 1998, the Company filed suit against
Joseph Lanza ("Lanza"), his wife Jayne Lanza, his son Mario Lanza, IWIC and
several other entities believed to be owned or controlled by Lanza
(collectively, "Defendants" or the "Lanza Group") for breach of contract, unjust
enrichment, fraud, breach of fiduciary duty, negligence and violations of
securities laws. The case is entitled AIRSTAR TECHNOLOGIES, INC. V. JOSEPH
LANZA ET AL. The case is filed in Superior Court for the State of California
(Riverside County), Case No. INC008689. The Company's claims arise from the
actions of the Defendants in connection with the consulting agreement between
IWIC and the Company, the purchase and sale of SelecTel, overbilling and false
billing by IWIC and others, fraudulent concealment by Lanza of his background as
it relates to the securities business, and fraudulent nondisclosure of
information to the Company which had a material adverse effect on the Company's
business. The Company seeks rescission of certain promissory notes which Lanza
forced a director of the Company to sign without proper action by the Board of
Directors of the Company, rescission of the consulting agreement with IWIC,
rescission of issuance of Company securities to all Lanza entities. The
Company has asked for a temporary restraining order and other injunctive relief
barring Defendants from disposing of any of their securities of the Company,
from voting any such securities, and from soliciting proxies from other
shareholders.
Management of the Company believes that the above claims are valid and
intends to prosecute the action vigorously. However, no assurance can be given
that the Company will be successful in this action or that even if it is, that
the Company will be granted relief that will provide a significant benefit to
the Company. Management cannot predict how long this action will continue
before resolution or how much it will cost.
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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 authorized.
AIRSTAR TECHNOLOGIES, INC.
Dated: August 28, 1998 By: /s/ Joseph Vigliarolo
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Joseph Vigliarolo
President
