SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: April 18, 1997
AMERECO, INC.
(Exact name of registrant as specified in its charter)
Commission File No. 0-14609
Utah 84-09060456
(State or other jurisdiction (IRS Employer Identification
of incorporation) Number)
680 Atchison Way, Suite 800 Castle Rock, Colorado 80104
(Address of principal executive offices, including Zip Code)
Registrant's telephone number, including area code: (303)688-5160
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 1. Changes in Control of Registrant: None
ITEM 2. Acquisition or Disposition of Assets: None
ITEM 3. Bankruptcy or Receivership: None
ITEM 4. Changes in Registrant's Certifying Accountant: None
ITEM 5. Other Events: On April 18, 1997 Omnivest Resources, Inc., a wholly
owned subsidiary of the Registrant closed a $5,000,000 term loan with First
Federal Savings Bank of Southwest Georgia. The loan is payable monthly in 180
equal monthly installments (15 years) for principal and interest but may be
adjusted quarterly based on the variable interest rate adjustment. The
interest rate adjustment is based on the weighted average change in the 13 week
U.S. Treasury Bond equivalent rate. The effective interest rate on April 18,
1997 was 10.32%. Omnivest Resources, Inc. granted the lender a continuing
security interest in property, equipment, fixtures and a certificate of deposit.
The loan is guaranteed by the Registrant. Omnivest Resources, Inc. will use
the proceeds to retire an existing term loan obligation to Congress Financial
Corporation, acquisition of equipment and related spare parts inventory,
facility improvements and working capital.
Omnivest Resources, Inc. revolving line of credit with Congress Financial
Corporation will continue with a maximum availability of $1.1 million secured
by a Letter of Credit accommodation provided by the majority shareholder of
the Registrant. The revolving loan under its current terms will become due
and payable on June 15, 1997.
ITEM 6. Resignations of Registrant's Directors. None
ITEM 7. Financial Statements and Exhibits: There are no financial statements
included with this report.
ITEM 8. Changes in Fiscal Year: None
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.
AMERECO, INC.
By: ______________________________________
Kenneth W. Tribbey, Vice President and
Chief Financial Officer
Date: April 28, 1997