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): January 3, 2000
HITOX CORPORATION OF AMERICA
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of corporation)
0-17321
(Commission File Number)
74-2081929
(I.R.S. Employer Identification No.)
722 Burleson
Corpus Christi, Texas
(Address of principal executive offices)
78402
(Zip Code)
Registrant's telephone number, including area code: (361) 882-5175
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(Former name or former address, if changed since last report)
Item 5. Other Events
On January 3, 2000, Hitox Corporation of America (the Company) signed
a Memorandum of Understanding (Letter of Intent) with Megamin Ventures Sdn
Bhd to acquire a controlling interest (up to 100% of the shares) in the
Malaysian Titanium Corporation (MTC). Subject to completion of a
satisfactory due diligence review, negotiation and execution of a
definitive acquisition agreement among the parties, receipt of regulatory
approvals and receipt of an appropriate fairness opinion, the parties
anticipate the acquisition to be finalized in the first quarter of 2000.
MTC is the Company's sole supplier of Synthetic Rutile, the raw
material for the Company's proprietary titanium pigment HITOX (Registered
trademark). MTC is also producing and selling HITOX pigment in Asia under
a license from the Company.
MTC was previously a subsidiary of Hitox Corporation and was sold to
Megamin Ventures Sdn Bhd and other investors in 1994. The acquisition
provides the opportunity to control the raw material supply for the
Company's primary product, HITOX pigment, and represents both a low cost
production site for HITOX pigment and marketing opportunities outside the
U.S. market.
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.
Hitox Corporation of America
(Registrant)
Date: January 10, 2000 CRAIG SCHKADE
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Craig Schkade
Chief Financial Officer
and Treasurer
