SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTIONS 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 6, 1998
IL INTERNATIONAL INC.
(Exact name of registrant as specified in charter)
Commission File number 0-14575
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Delaware 06-1331343
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(State or other jurisdiction (IRS Employer
of incorporation) Identification No.)
400 Long Beach Boulevard,
Stratford, Connecticut 06497
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 378-4000
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(Former name or former address, if changed since last report.)
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IL INTERNATIONAL INC.
Item 5. Other Events.
On March 6, 1998, IL International Inc. issued the press release attached
to this current report as Exhibit 99
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
99 Press Release of IL International Inc. dated March 6, 1998
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IL INTERNATIONAL INC.
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.
IL INTERNATIONAL INC.
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(Registrant)
Date: March 6, 1998 By: /s/ Keith G. Frey
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Vice President, Finance and
Administration and Chief
Financial Officer
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EXHIBIT 99
News Release
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FOR IMMEDIATE RELEASE
IL INTERNATIONAL ANNOUNCES ASSET SALE
Stratford, CT - March 6, 1998
IL International Inc. (OTC Bulletin Board Symbol ILIL) announced today
that it has entered into an agreement to sell substantially all of its assets to
Nemo S.r.l. Nemo, with facilities located near Milan, Italy, designs and markets
its own line of contemporary design lighting fixtures.
The sale has been approved by the Board of Directors of IL International
and holders of a majority of its common stock. It is currently anticipated that
the sale proceeds, net of debt repayment, taxes and liquidation and other
expenses, will be approximately $0.04 per share of common stock, a substantial
premium over recent price levels. The proceeds will be distributed to the
stockholders in two installments via liquidating dividends. The Company expects
to pay the first installment by the end of June 1998. Since a majority of the
sale proceeds is denominated in Italian lire, the net realized value available
to stockholders will not be known until all funds have been converted into U.S.
dollars.
Details will be provided to stockholders in an information statement which
will be mailed after filing with the Securities and Exchange Commission. The
transaction is subject to clearance by the SEC and completion of certain other
formalities.
Keith Frey, IL International Vice President of Finance and President of IL
USA, Inc. a subsidiary of IL International, said "Nemo plans to maintain the
names Italiana Luce and IL USA. In the United States there will be no change in
the personnel or the business except that besides continuing to distribute the
Italiana Luce, Foscarini and Tre Ci Luce lines, IL USA will now also distribute
the Nemo line. I am excited to be joining Nemo, a small but rapidly growing
company with ambitious plans. The substantial resources available to Nemo should
enable us to prosper in the contemporary lighting market."
Contact: Keith G. Frey (203) 378-4000
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