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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) March 18, 1998
INTERACTIVE GAMING & COMMUNICATIONS CORP.
(Exact name of registrant as specified in its charter)
Delaware 33-7764-C 23-2838676
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Ident. No.)
4070 Butler Pike
Suite 300, Plymouth Meeting, Pennsylvania 19462-1510
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (610) 941-0305
595 Skippack Pike
Suite 100, Blue Bell, Pennsylvania 19422 (215) 540-8185
(Former name or former address, if changed since last report.)
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Item 2. Acquisition or Disposition of Assets.
On March 18, 1998, the Company completed the sale of two of
its subsidiaries: Sports International, Ltd. (Grenada) and
Global Casinos, Ltd. (Grenada). Those subsidiaries were involved
in the Internet and telephonic wagering business from their
offices in Grenada.
The Company sold 100 percent of the stock of those
subsidiaries to International Gaming Corp. ("International"), a
British Columbia, Canada corporation for $5 million, consisting
of $10,000 in cash and the balance in the form of a promissory
note bearing interest at the prime rate and payable over three
years. Further, the Company has entered into a license agreement
whereby the Company will license certain of its gaming software
to International in exchange for a royalty payment.
In determining the amount of the consideration received in
that transaction, the Company evaluated the historical and
projected earnings of the businesses conducted by those
subsidiaries and internally estimated the fair market value of
those businesses.
Item 7. Financial Statements and Exhibits.
(b) Pro Forma Financial Information.
In accordance with the instructions under Item 7(a)(4),
pro forma financial information for the Company which reflects
the transaction discussed in Item 2 will be filed by June 1,
1998.
(c) Exhibits.
The following exhibits will be filed at a later date as
stated in Item 7(b) above:
1. Pro Forma Financial Information.
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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.
INTERACTIVE GAMING & COMMUNICATIONS
CORP.
Dated: March 27, 1998
By/s/ Michael Simone
Michael Simone, President
