SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT DATED MAY 10, 1997
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
FINANCIAL FREEDOM ENTERPRISES, INC.
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(Exact name of registrant as specified in its charter)
Colorado 33-24387- 84-1092599
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(State of Incorporation) (Commission File Number (I.R.S. employer
identification number)
180 N. Woodruff, Idaho Falls, Idaho 83401
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(Address of Principal Executive Offices)
Registrant's telephone and facsimile number,
including area code (208) 529-2111; Fax (208) 529-0680
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IMPACT INCOME INVESTMENTS, INC.
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(Former Name)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 1. Changes in Control of Registrant
A. Financial Freedom Enterprises, Inc. ("FFE") filed a Form 8-K on
September 12, 1996 announcing (i) its acquisition by the then Registrant IMPACT
Income Investments, Inc.; (ii) the names and resumes of Financial Freedom's
Board of Directors; (iii) controlling shareholders, and (iv) detailed
information about Financial Freedom's business.
B. Thereafter on February 22, 1997, Financial Freedom reported on Form 8-K
that it was in the process of developing documentation to Rescind, Terminate and
Declare Null and Void the previously reported Acquisition. As stated in that
February 22, 1997 report, the reasons were complex, including none of the
parties to the purported acquisition had legal counsel and Financial Freedom had
discovered various legal problems with the necessary documentation; and Robert
Ground, the long-time President and CEO of IMPACT Investments had advised
Financial Freedom in writing that he concurs in a rescission of the June 1996
consolidation.
C. The various parties to the above-referred to transaction have now
entered into a "Settlement Agreement" dated March 6, 1997 for the purpose of
resolving the matters that had arisen between the parties and for the purpose of
restoring IMPACT Income Investments, Inc. to the position it was prior to its
June 1996 Shareholders' Meeting to approve the Financial Freedom
merger/acquisition, including the resignation of the Board of Directors of
Financial Freedom, so that the IMPACT Investment Shareholders may elect their
Board of Directors and proceed with their own business plan.
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:
Date: May 10, 1997
FINANCIAL FREEDOM ENTERPRISES, INC.
/s/ Rodney Allen
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Rodney Allen, President and Secretary
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