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: August 26, 1996
ACTRADE INTERNATIONAL, LTD.
(Exact name of registrant as specified by its charter)
Delaware 0-18711 13-3437739
(State or other jurisdic- (Commission File (IRS Employer
tion of incorporation) Number) Identification
Number)
7 Penn Plaza, Suite 422, New York, NY 10001
(Address of principal executive offices)
Registrant's Telephone Number: (212) 563-1036
Former Name or Former Address If Changed Since Last Report
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Item 5. Other Events
On August 22, 1996, at a Special Meeting of the Board of Directors of
Registrant, by the unanimous vote of all the Directors of Registrant, two
additional persons were appointed to fill two existing vacancies on the Board of
Directors. These person will serve until the next annual meeting of shareholders
at which time the entire Board of Directors will come up for election by the
Shareholders of the Registrant.
Following is a brief biography for each of the new Directors, neither of whom is
otherwise affiliated with Registrant:
ROBERT E. FURSTNER, age 64, has been a senior level banking officer for over 25
years, having begun his banking career in 1968 as a Territory Assistant for the
International Banking Division of Morgan Guaranty Trust Company in New York
City. During his 5-year tenure at Morgan Guaranty Trust Co., Mr. Furstner was
responsible for the administrative duties regarding the Bank's corporate and
correspondent bank relationships in Germany, Switzerland, The Netherlands and
Eastern Europe. Following his employment with Morgan Guaranty Trust Co., Mr.
Furstner served a brief tenure (1973 - 1974) with Franklin National Bank in New
York City where he continued in a similar capacity with Franklin's International
Banking Department with his primary area of responsibility including Germany,
Switzerland, Austria and the Benlux Countries. In 1974 Mr. Furstner joined
European American Bank in New York City as Assistant Treasurer/Assistant Vice
President (from 1974 - 1979) rising to the position of Vice President/Group Head
which he held from 1979 until leaving European American Bank in 1987. His duties
at European American Bank primarily involved international credit and bank
operations. During his tenure Mr. Furstner was charged with the management of a
geographical area comprising of the Great Britain, The Netherlands, the Nordic
Countries, Eastern Europe, Yugoslavia and Israel. He was directly involved in
export and project financing, both with and without Eximbank (the Export-Import
Bank of The United States) participation and was actively involved in the
implementation of the bank's lending strategies in order to reduce exposure in
high risk countries. Mr. Furstner was also a participant in the re-scheduling of
Polish, Romanian and Yugoslavian international debt. After 1987, until his
retirement in late 1995, Mr. Furstner served with Banco Portugues do Atlantico,
New York City Branch, where he was charged with implementing the bank's lending
strategies for trade financing with special emphasis on promoting and selling
EXIMBANK's CGF program in the Southern Hemisphere. Mr. Furstner was educated in
The Netherlands and holds a European degree equivalent to a bachelors degree in
business administration and foreign languages.
HARRY FRIEDMAN, age 69, is presently a management consultant and investment
advisor for emerging companies seeking growth through venture capital financing
and/or acquisitions. Mr. Freidman has also served on the board of directors for
diverse companies over the years, including having been an advisor to the board
of directors of Tofutti, Inc. a publicly held food company. Currently he holds a
position as a Director of Princeton Capital, Inc., a publicly held investment
banking firm which is a member of the National Association of Securities
Dealers, Inc. Mr. Friedman teaches various courses at New York University on
"Venture Capital," "Going Public"
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and "Mergers and Acquisitions." He has also taught at a number of universities
both in the United States and abroad (including Iran and Japan), has lectured on
small business and innovative entrepreneurship under the USIA auspices in
Tanzania and Zimbabwe, and has made exploratory trips to China and over 100
other countries as part of his missionary efforts to promote the value of
emerging company concepts. His education at the University of California, Los
Angeles; the University of Chicago; the University of Wisconsin; and New York
University has ranged from economics to mathematics to finance. Mr. Friedman has
also authored a Working Paper on "Mergers and Acquisitions - Offensive and
Defensive Strategies" which now appears as a chapter in the "Handbook for
Corporate Controllers." Mr. Friedman has also served as president of an
investment advisory firm and has appeared as a guest panelist on various
financial television programs.
Both Mr. Friedman and Mr. Furstner serve on the Company's Audit Committee.
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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.
Dated: August 26, 1996 ACTRADE INTERNATIONAL, LTD.
BY:__/s/Amos Aharoni________________
Amos Aharoni, Chief Executive Officer
