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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
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Pursuant to Section 13 or 15(d)
of the Securities Act of 1934
Date of Report (Date of earliest event reported) March 23, 1998
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AMERICAN ENTERTAINMENT GROUP, INC.
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(Exact Name of Registrant as Specified in its Charter)
COLORADO 0-22174 83-0277375
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(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation
or Organization)
160 Bedford Road, Suite 306
Toronto, Ontario, Canada M5R 2K9
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(Address of Principal Executive Offices, Zip Code)
(416) 920-1919
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(Registrant's telephone number, including area code)
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Act of 1934
Item 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable
Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not Applicable
Item 3. BANKRUPTCY OR RECEIVERSHIP.
Not Applicable
Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not Applicable
Item 5. OTHER EVENTS
On March 17, 1998, the Registrant, through a subsidiary corporation
called Scene & Heard Entertainment, Inc., entered into a definitive
Agreement with Audio Book Club, a Florida corporation (Audio) whereby
the Registrant would license to Audio the sole and exclusive worldwide
distribution rights in and to a group of thirteen classic movies for
the purpose of duplicating the sound track, with added narrative, for
audio cassettes, compact discs, interactive discs, or any other audio
technology now known or hereafter developed. The term of this license
is for five years, with further rights of renewal for consecutive five
year terms. The Registrant's subsidiary will receive royalties of ten
percent of the wholesale price on all sales by Audio of the group of
thirteen classic movies until Registrant's subsidiary has received
$12,500. At such time, the royalty will become seven and one-half
percent of the wholesale price on all sales by Audio of the group of
thirteen classic movies. This agreement replaces and supersedes a
similar agreement which the Registrant's subsidiary entered into on
July 18, 1997.
Item 6. RESIGNATION OF REGISTRANT'S DIRECTORS.
Not Applicable
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND 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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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.
AMERICAN ENTERTAINMENT GROUP, INC.
By: /s/ Joel Wagman
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Joel Wagman
Chairman
Dated: March 23, 1998
