SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Filed pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report
July 27, 1995
CORCAP, INC.
(Exact name of registrant as specified in its charter)
NEVADA
(State or other jurisdiction of incorporation)
1-09964 06-1237135 (Commission
File Number) (IRS Employer Identification No.)
90 State House Square
Hartford Connecticut 06103-3720
(Address of principal executive office)(Zip Code)
Registrant's telephone number, including area code
(203) 247-7611
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ITEM 5. OTHER EVENTS
On July 14, 1995, Corcap entered into a purchase and sale
agreement with Fabrilock Inc., a newly formed corporation, whereby Fabrilock
purchased the Dayville Property in exchange for 20% of Fabrilock's issued and
outstanding shares and the assumption by Fabrilock of the cost of the
environmental remediation of the property estimated to be between $58 thousand
and $248 thousand. Fabrilock manufactures specialty non-woven textiles. Corcap
recorded an environmental reserve for $248 thousand in the third quarter of
1994. According to the purchase and sale agreement, five years after the sale
of the Dayville Property, Fabrilock would have the right to repurchase 50% of
Corcap's holding of Fabrilock shares for $675 thousand and Corcap would then
have the right to require Fabrilock to purchase the remaining 50% of the
Fabrilock shares for $675 thousand. The purchase price of the shares would be
reduced by the amount of environmental remediation costs incurred by Fabrilock
in excess of $100,000.
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.
Date: July 27, 1995 By:/s/Norman Silberdick
Norman Silberdick
President and Chief Executive Officer
