UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities and Exchange Commission
Date of report: May 5, 1999
ELECTRIC & GAS TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
TEXAS 0-14754 75-0259192
(State or other juris- (Commission file) I.R.S. Employer Identif-
dicition of incorporation ication No.)
or organization)
13636 Neutron Road, Dallas, Texas 75244-4410
(Address of principal executive offices, including zip code)
Registrant telephone number (including area code) (972) 934-8797
___________________________________________________________________
Current report on Form 8-K
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FORM 8-K
ELECTRIC & GAS TECHNOLOGY, INC.
Item 5. Other Events.
Allied Products Corp., a Delaware Corporation ("ALLIED") Vs.
Electric & Gas Technology, Inc., a Texas Corporation ("the
Company"); Cause No. 97C5256: United States District of Northern
District of Illinois. The pending lawsuit between Allied and the
Company has now been settled and dismissed. The settlement
required the repurchase by the Company of the 90,000 shares of
preferred stock for $1.1 million which would satisfy a judgement
by the Court requiring such a purchase. An affiliate acquired
said 90,000 shares and the judgement. The transaction was
completed by the affiliate with $1.2 million of collateral
supplied by the Company. The affiliate is pursing the sale of
the preferred stock, which if unsuccessful the Company will
repurchase the preferred stock and retire same.
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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.
ELECTRIC & GAS TECHNOLOGY, INC.
By: /s/ Edmund W. Bailey
Edmund W. Bailey
Vice President and CFO
Date: May 5, 1999
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