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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) February 5, 1996
WAVETECH, INC.
(Exact name of registrant as specified in its charter)
New Jersey 0-15482 22-2726569
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
5210 E. Williams Circle, Suite 200, Tucson, Arizona 85711
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (520) 750-9093
Not applicable
(Former name or former address, if changed since last report.)
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Item 2. Acquisition or Disposition of Assets.
On February 5, 1996, Wavetech, Inc. ("Wavetech" or the "Company")
determined that real property believed to be owned by its subsidiary,
International Environmental Services Corporation, reflected in the Company's
audited financial statements for the fiscal year ended August 31, 1995 at a
book value of $2,000,000, was sold in April 1994 in a delinquent tax sale.
The property was not used in Wavetech's operations, and its loss will not
adversely impact ongoing operations. Wavetech's audited financial statements
for fiscal years ended August 31, 1995 and 1994 will be restated to reflect the
loss of such property, and such restatement will reduce the Company's assets
below the level required for maintenance of its Nasdaq listing. The Company
is in negotiations with equity funding sources and is pursuing other
alternatives which could allow it to meet such Nasdaq listing requirements,
including seeking redress for the loss of the real property asset from certain
responsible parties.
Item 5. Other Matters.
Effective February 12, 1996, Terrence E. Belsham retired and resigned
as President and Chief Executive Officer of Wavetech, Inc. Mr. Belsham will
continue to serve as a member of the Company's Board of Directors. Mr. Stephen
A. Ezell, Executive Vice-President and Chief Financial Officer of the Company
will assume the responsibilities of the President until a new President is
appointed.
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SIGNATURE
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.
Dated: February 14, 1996
WAVETECH, INC.
By: /s/ Stephen A. Ezell
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Stephen A. Ezell
Executive Vice-President and
Chief Financial Officer
