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) May 21, 1997
SK TECHNOLOGIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-18184 52-1507455
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
No.)
500 Fairway Drive, Suite 104, Deerfield Beach, FL 33441
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (954) 418-0101
Not Applicable
(Former name or former address, if changed since last report)
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Item 1. Change in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
On May 21, 1997 the Company entered into an Asset
Purchase Agreement with an unrelated party (the "Buyer"),
whereby the Buyer acquired from the Company, the
StoreKare Software for Subway (including the software
source code) and certain other related assets.
The purchase price of the assets is the sum of the
following:
(a) $55,000 was paid to the Company on May 21, 1997 upon
signing the agreement,
(b) the greater of either $5,000 per month for 24 months
after the date of agreement or 10% of gross sales, of any
software that is an associative or derivative of the
Software for Subway, during the first 24 months after the
date of the agreement,
(c) quarterly payments of 10% of gross sales, of any
software that is an associative or derivative of the
Software for Subway, for the 25th through 60th month
after the date of the agreement, and
(d) if the Buyer introduces a new system to Subway, the
buyer shall pay the Company on a quarterly basis, for a
period of five years after the date of this agreement,
10% of the gross margins on hardware and software sales
of such product to Subway (exclusive of any software or
hardware developed exclusively by the Buyer).
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
Not Applicable
Item 6. Resignation of Registrant's Directors.
Not Applicable.
Item 7. Financial Statement and Exhibits.
Not Applicable.
Item 8. Change in Fiscal Year.
Not Applicable.
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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.
SK TECHNOLOGIES CORPORATION
By: /s/ Calvin S. Shoemaker
Calvin S. Shoemaker, President
DATED: June 4, 1997
