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: September 24, 1997
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
Item 5. Other Events
Effective September 8, 1997, Mr. Henry N. Seror resigned as President and a
Director of the Company and of Actrade International, Corp., the Company's
international trading subsidiary. Mr. Seror cited personal reasons for his
resignation. Also effective September 8, 1997, Mr. Amos Aharoni, Chief
Executive Officer of the Company, assumed Mr. Seror's duties as President
and Mr. John Woerner was appointed as President of Actrade International,
Corp. Mr. Woerner will also continue as a Director of the Company. The
vacancy on the Company's Board of Directors created by the resignation of
Mr. Seror will not be filled until the Annual meeting of Shareholders which
is currently scheduled for November 10, 1997, at which time the entire
Board of Directors will come up for election by the Shareholders.
Additionally, effective July 18, 1997, the Company hired Mr. Alexander C.
Stonkus as Chief Operating Officer and, effective September 3, 1997, the
Company hired Mr. Elliott S. Eisenberg as Executive Vice President for
Actrade Capital, Inc. and Actrade International, Ltd.
Following is a brief biography for each of these new Officers:
ALEXANDER C. STONKUS currently serves as Chief Operating Officer for the Company
and Actrade Capital, Inc., a wholly owned subsidiary. Prior to joining Actrade,
Mr. Stonkus served in various senior management positions with Elco Freight
International, Inc., full service shipping, customs broker, warehousing and
distribution company with annual sales of $80 Million. During his eight-year
tenure with Elco, Mr. Stonkus served as Elco's General Manager for four years
being promoted to Vice President and Chief Operating Officer in 1991. As COO of
Elco, Mr. Stonkus was primarily responsible for strategic planning, budgetary
and operating accountability and overall operations for 17 offices, of which 12
were added during his tenure as COO, and 250 employees. In 1995 Mr. Stonkus was
further promoted to Senior Vice President and COO of Elco. In this position he
assisted in the sale of Elco and several affiliated companies, certain of which
he was instrumental in establishing while with Elco, to The Concord Group. Prior
to joining Elco, from 1983 to 1987, Mr. Stonkus was employed as a Converter for
Fabriyaz, a privately held textile conversion company for home furnishings,
where he was principally responsible for purchasing, production, transportation
and inventory control. Mr. Stonkus was also responsible for designing the
computerization system for what had previously been a manually operated company,
resulting in improved control and cost of inventory, accounting, customer
services and sales. Mr. Stonkus has also served on the Board of Directors of
various companies during his professional career. Mr. Stonkus graduated from The
Pennsylvania State University in 1982 receiving a Bachelor of Science Degree in
Finance.
ELLIOTT S. EISENBERG currently serves as Executive Vice President of the Company
and Actrade Capital, Inc., a wholly owned subsidiary. From 1996 until January
1997, Mr. Eisenberg served as Chief Operating Officer and as a Member of The
Office of The President of Bureau of Electronic Publishing, Inc., a publicly
held multimedia CD-ROM publisher, where his responsibilities included
development of a new business model, strategic planning for the company and
securing financing, heading operations, marketing and sales. Prior thereto, from
1991 to 1996, Mr. Eisenberg served as Vice President of ODE Equity Corporation,
a privately held financial information services and management consulting
company. From 1988 until 1991, Mr. Eisenberg was engaged as a Business
Development/Acquisitions Officer for Bell Canada Enterprises Inc., a New York
Stock Exchange listed company engaged in telecommunications, international
publishing, information services and communications. Prior thereto (1986 to
1988) Mr. Eisenberg was employed as Executive Vice President and Chief Operating
Officer for Kirsner, Stern & Slavutin, Inc., a privately held financial service,
insurance and pension company. During his tenure Mr. Eisenberg reversed a $1
Million loss into a $600,000 profit and doubled gross revenues. From 1984 to
1986, Mr. Eisenberg served as Vice President, Chief Financial Officer, Treasurer
and a Director of The Union Corporation/Capital Credit Corporation, also a New
York Stock Exchange listed company engaged in financial services and credit card
collections. While in this position, Mr. Eisenberg developed and implemented a
three-year turnaround plan for the company which resulted in increased
productivity and allowed that company to show its first profit in five years.
Mr. Eisenberg is a graduate of Queens College, where he received his Bachelor of
Arts Degree in Biology and Chemistry in 1968, and of the New York University
School of Business, where he received his Masters of Business Administration in
Finance in 1973 and a Masters in Business Administration in Accounting in 1979.
Mr. Eisenberg currently serves as Vice Chairman of the Site Planning Review
Board and is a member of the Planning Board for the West Windsor Township, New
Jersey. He formerly served as the Development Commissioner and as a member of
the Zoning Board of Adjustment for West Windsor Township, New Jersey.
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: September 24, 1997 ACTRADE INTERNATIONAL, LTD.
BY:__/s/Amos Aharoni________________
Amos Aharoni, Chief Executive Officer
