SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT DATED FEBRUARY 22, 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) 529-0690
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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. filed a Form 8-K on September 12,
1996 announcing its acquisition by the then Registrant IMPACT Income
Investments, Inc., together with FFE's Board of Directors controlling
shareholders, and detailed information about FFE's business.
B. This Report is to state that Financial Freedom is in the process of
developing the necessary legal documentation to Rescind, Terminate and Declare
Null and Void the previously reported Acquisition. The reasons are complex but
none of the parties to the purported acquisition had legal counsel and FFE had
discovered various legal problems with the necessary documentation; and Robert
Ground, the long-time President and CEO of IMPACT Investments has recently
advised in writing that he concurs in a rescission of the June 1995
consolidation; and followed immediately with negotiations for corporate
re-structuring and a statutory tax-free Plan of Reorganization and Merger.
Item 5. Other Events
Although a member firm of the National Association of Securities Dealers,
Inc. had submitted the documents to the NASD for trading (that had been
discontinued for several years) the NASD never authorized trading and FFE does
not know of any trading. However, Registrant's examination of shareholders'
lists from the Stock Transfer Agents, American Securities Transfer & Trust,
Inc., as of the dates of the April 1996 (date of the initial agreement to the
consolidation), the June 24, 1996 date of the IMPACT shareholders meetings, and
December 31, 1996 indicates that there were transfers among existing
shareholders, and restricted shares issued to the consultant to the
transactions. Management of FFE proposes to notify the Division of Corporation
Finance at the Securities and Exchange Commission immediately upon the execution
of the required legal documents.
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: February 22, 1997
FINANCIAL FREEDOM ENTERPRISES, INC.
ATTEST:
/S/ RODNEY ALLEN /S/ CAROL WALKER
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Rodney Allen, President and Secretary Carol Walker, Chairman and CEO
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