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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 (Date of Earliest Event Reported): August 19, 1997
DSSI Corporation
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(Exact Name of Registrant as Specified in its Charter)
Pennsylvania 0-17293 22-2795073
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(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction of Identification Number)
Incorporation)
P.O. Box 1570, West Chester, PA 19380
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(Address of Principal Executive Offices Zip Code
Registrant's telephone number, including area code: (610) 696-3479
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Item 5. Other Events
On August 19, 1997, The Registrant announced the execution of an agreement to
sell control of the Company to Michael J. Blumenfeld. Pursuant to the agreement,
Mr. Blumenfeld agreed to purchase 10 million shares of DSSI Corporation's common
stock for $2 million. In addition, investors including current members of the
Board and their affiliates have agreed to purchase 1.5 million shares of DSSI
Corporation's common stock for $300,000. The closing is subject to the Company's
shareholders approval. Simultaneous with the closing, the Company will change
its name to Collegiate Pacific and will trade under a new symbol. At the time of
closing, a new Board of Directors will be designated by Mr. Blumenfeld and will
include one current director.
Mr. Blumenfeld stated that at the inception of business, the financial condition
of Collegiate Pacific will be quite strong with cash of approximately $3 million
and almost no liabilities. For the past several months, Collegiate Pacific has
prepared for its entry into the manufacturing and distribution of sports
equipment on a national basis. The new Company expects to commence taking the
first orders in early September preparing the company for a rapid acceleration
of business in 1998. The operating focus of the Company will be on a very select
group of high margin, fast moving products, which will allow the Company to
maintain a small work force and maximize profitability. Mr. Blumenfeld has prior
sports distribution experience.
DSSI Corporation sold substantially all of its operating assets to Casco
Standards, Inc. in a deal announced March 17, 1997 and closed on June 16, 1997.
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.
Drug Screening Systems, Inc.
/s/ Patrick J. Brennan
Dated: August 20, 1997 ----------------------------
Patrick J. Brennan
Vice President and
Chief Financial Officer
