SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
September 16, 1998
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Date of Report
(Date of earliest event reported)
POWERCOLD CORPORATION
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(Exact name of registrant as specified in its charter)
Nevada 33-19584 23-2582701
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(State of Incorporation) (Commission File No.) (IRS Employer Ident. No.)
103 GUADALUPE DRIVE
CIBOLO, TEXAS 78108
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(Address of principal executive offices)
210-659-8450
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(Registrant's telephone number)
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ITEM 1 - CHANGES IN CONTROL OF REGISTRANT
None
ITEM 2 - ACQUISITION OR DISPOSITION OF ASSETS
None
ITEM 3 - BANKRUPTCY OR RECEIVERSHIP
None
ITEM 4 - CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
None
ITEM 5 - OTHER EVENTS
On September 16,1998, the Company and Intermagnetics General Corporation
(AMEX: IMG) entered into an Agreement, whereby Intermagnetics General
Corporation purchased for $1,000,000 an aggregate of 1,250,000 shares of
the Company's Series A Preferred Stock, par value $0.001 per share; and
the Company granted Intermagnetics General Corporation an option to
acquire up to 50% of the fully diluted equity of the Company. Various
restrictions are also imposed on certain Shareholders' ability to transfer
or dispose of their stock as well as allowing Intermagnetics General
Corporation to nominate individuals as directors of the Company. Copies
of all definitive Agreements referencing the above will be filed as soon
as available.
ITEM 6 - RESIGNATIONS OF REGISTRANT'S DIRECTORS
None
ITEM 7 - FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
None
ITEM 8 - CHANGE IN FISCAL YEAR
None
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: SEPTEMBER 16, 1998
POWERCOLD CORPORATION
/s/Francis L. Simola
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FRANCIS L. SIMOLA
PRESIDENT/CEO
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