SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): November 30, 2000
QUADRAX CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-16052 05-0420158
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File No.) Identification No.)
618 Main Street, P.O. Box 1001, West Warwick, Rhode Island 02893-0909
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (401) 821-1700
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On October 20, 2000, Quadrax Corporation (the "Company") ceased
operations in its West Warwick, R.I. manufacturing facility and sold certain of
its manufacturing equipment previously employed at that facility to ColeVic LLC
("ColeVic"), a privately held company owned by shareholders who are also 49%
shareholders and directors of the Company. The sale price of the equipment was
approximately $500,000 in cash, plus a right to receive contingent payments from
future sales made by ColeVic to the Company's customers. The Company has applied
all the proceeds from the sale of the equipment to the reduction of its debt to
its secured lender. The sale price for the equipment was in excess of the
appraised value by an independent appraiser established by the Company's secured
lender.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: November 30, 2000
QUADRAX CORPORATION
By: /s/ Thomas V. Desmond
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Name: Thomas V. Desmond
Title: Chief Executive Officer
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