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
Date of Report (Date of earliest event reported) September 25, 1998
Citadel Environmental Group, Inc.
(Exact name of registrant as specified in its charter)
Colorado 0-16423 84-0907969
(State of incorporation) (Commission File Number) (IRS Employer ID number)
3617 East Thousand Oaks Boulevard, Suite 116
Thousand Oaks, CA 91362
(Address of Principal Executive Offices) (Zip Code)
Telephone Number: (805) 777-3450
(Registrant's telephone number, including area code)
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Item 1. Changes in Control of Registrant.
Not Applicable
Item 2. Acquisition or Disposition of Assets.
See Below
Item 3. Bankruptcy or Receivership.
Not Applicable
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable
Item 5. Other Events.
On September 25, 1998, the Board of Directors of the Company voted to rescind
the stock dividend of convertible preferred shares of Alliance Medical
Corporation to Citadel common shareholders of record of July 17, 1998.
(See Citadel's Form 8-K dated June 29, 1998).
Citadel Environmental Group, Inc. ("Citadel"), owns approximately 20% of the
issued and outstanding common stock of Alliance Medical Corporation
("Alliance"), a private medical instrument reprocessing company based in
Phoenix, Arizona. On September 23, 1998, the Company received notice from
Alliance that Alliance's plans to go public in 1998 would be postponed
indefinitely and that important financing agreements between Alliance and
third parties had necessitated the cancellation of Alliance preferred share
and a re-configuration of the capital structure of Alliance. The Board of
Directors of Citadel recognize the importance of such financing agreements
for the future growth of Alliancptember 25, the Company voted to rescind the
dividend in order to optimize the business of Alliance and to maximize
shareholder value for all Citadel
common shareholders.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 on
this 25th day of September, 1998.
Georgette Pagano
By: s/s ________________________
Georgette Pagano
Secretary and Treasurer
Dated: September 25, 1998
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