SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
File Pursuant to Section 13, or 15(d) of
THE SECURITIES EXCHANGE AT OF 1934
December 20, 1996
EXTEN INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-16354 52-1412493
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
Incorporation)
9625 Black Mountain Road, Suite 218, San Diego, CA 92126
(Address of principal executive offices)
(619) 578-9784
(Registrant's telephone number, including area code)
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.
Date: December 20, 1996 EXTEN INDUSTRIES, INC.
W. Gerald Newmin
Chairman, Chief Executive Officer
and President
(Signature)
Item 5. Discussion.
(1) Exten Industries, Inc. has announced that it had settled its
lawsuit with the Company's former CEO, Mr. Robert H. Goldsmith.
Terms of the settlement agreement were not disclosed. The
lawsuit involved issues related to Mr. Goldsmith's employment
agreement and its termination, and certain loans made to the
Company in 1994.
(2) Exten Industries has also announced that Mr. Robert L.
Cashman has joined its Board of Directors. Mr. Cashman is
Chairman of the Orange County Airport Commission, is founder,
owner and President of Pacific Envelope Company and President of
Crown National Corporation. Both companies are located in Orange
County, California. Mr. Cashman has owned and operated City
Communication Corporation which was sold to the Los Angeles
Times, he served on the Board of Directors of Pacific Inland Bank
and owned and operated Cashman Insurance Counselors which he sold
to International Telephone and Telegraph.
Item 9. Discussion
(1) Pursuant to terms of the settlement with Robert H. Goldsmith described in
Item 5 (1) above, the Company has issued 1,000,000 shares of restricted common
stock registered in the name of Robert H. Goldsmith. The value of these shares
is $50,000.
(2) The Company has completed a transaction subject to Regulation S, wherein
1,000,000 shares of Common Stock of the Company were issued to Ligntning
Imports, Inc., a Bahamian International Business Company. The value of these
shares was $50,000.
