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 12, 1997
GOLF VENTURES, INC
(Exact name of registrant as specified in its charter)
UTAH
(State or other jurisdiction of
incorporation or Organization)
0-21137 87-0403864
Commission file number (I.R.S. Employer
Identification No.)
102 West 500 South, Suite 400
Salt Lake City, Utah 84101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (801) 363-8961
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Item 1. Changes in Control of Registrant
Not applicable.
Item 2. Acquisition or Disposition of Assets
Not applicable.
Item 3. Bankruptcy or Receivership
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant
Not applicable.
Item 5. Other Events
The following press release was issued to the public by the
registrant on August 12, 1997:
FOR IMMEDIATE RELEASE FROM...
GOLF VENTURES, INC. (GVIM)
SALT LAKE CITY, UTAH- August 12,1997--On October 18, 1996, Golf Ventures, Inc.
("Golf Ventures") issued a Memorandum to its Shareholders stating, in part,
that:
"In response to recent news articles and to charges filed on Thursday,
October 10th, 1996 in the United States District Court against George
Badger: The Company, Golf Ventures (NASDAQ BB: GVIM) is hereby advising
its shareholders, that it was erroneously reported that Mr. Badger was
the Chairman of the Board of Golf Ventures. He has never been an
officer or director of Golf Ventures. Mr. Badger is the President of
Leasing Technology, a principal stockholder of Golf Ventures. Our Board
of Directors is presently conducting an investigation of the facts and
circumstances surrounding this matter."
The Memorandum was released in response to the criminal complaint filed in
Southern District of New York on or about October 10, 1996, charging Mr. Badger
with conspiracy to violate Federal Securities Laws and contempt. It is the
Company's understanding that the Securities and Exchange Commission is now
conducting an investigation into the activities of Mr. Badger relating to the
Company's compliance with Federal Securities Laws and certain trading activities
related to the Company's common stock.
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The Company is cooperating with this investigation and, although Company
management believes that the investigation will not adversely impact its
operations, there can be no assurance that the Commission will not adversely
impact its operations, there can be no assurance that the Commission will not
seek to impose sanctions against the Company.
Golf Ventures wishes to correct any impression that may have been conveyed from
the October 18, 1996 Memorandum to the effect that Mr. George Badger had no
affiliation with golf Ventures. Mr. Badger did not hold the title of an Officer
or Director of the Company. However, Mr. Badger has, in fact, acted in the
capacity of a control person of Golf Ventures.
Golf Ventures also wishes to correct the impression that a full investigation of
the charges against Mr. Badger would be conducted by the Company or that the
investigation on would be of an independent nature. To date, only a minimal
investigation of the charges against Mr. Badger has been conducted and the
Company has received no information which would allow it to either confirm or
refute the charges that have been filed.
Item 6. Resignation of Registrant's Directors
Not applicable.
Item 7. Financial Statements, Pro forma Financial Information
and Exhibits
Not applicable.
Item 8. Changes in Fiscal Year
Not applicable.
Item 9. Sales of equity securities pursuant to Regulation S
Not applicable.
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.
GOLF VENTURES, INC.
Date: August 12, 1997 By: /s/ Duane H. Marchant
-------------------------
Duane H. Marchant, President
