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S E C U R I T I E S A N D E X C H A N G E C O M M I S S I O N
WASHINGTON, D.C. 20549
FORM 8 - K
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NO. 0-18866 DATE OF REPORT: MARCH 10, 1998
(Date of earliest reported event)
FIRST NATIONAL ENTERTAINMENT CORP.
(EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)
COLORADO 93-1004651
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(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
600 ENTERPRISE DRIVE, SUITE 109, OAK BROOK, ILLINOIS 60523
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(630) 573-8209
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(REGISTRANT'S TELEPHONE NUMBER)
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Item 2. Acquisition or Disposition of Assets
The Company at its March 6, 1998 Board of Directors meeting invalidated the
offer to transfer its First National Environmental Technologies, Inc. (FNET)
subsidiary to a group of European investors headed by Mr. Jurg Mullhaupt. The
Europartners have failed to meet the conditions of the agreement.
FNET will continue as the 100% owned subsidiary along with its wholly owned
subsidiary in Switzerland and will be consolidated in the 12/31/97 year end
financial statements.
FNET is in the business of furnishing trenchless pipe repair equipment to
franchisees for a monthly fee. Additional revenue is generated through an
exclusive arrangement providing liner material used in the repairs and
marketing services. Initial sales are targeted for northern Europe and the
USA.
Item 5 - Other Events
First National Entertainment Corp. has tendered an undisclosed bid to acquire
the assets of Windy City Video. The offer has been accepted and the due
diligence investigation is to begin immediately. Windy City Video operates
seven video stores in the Chicagoland area.
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.
First National Entertainment Corp.
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Registrant
March 11, 1998 _____________________________________
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Charles E. Nootens
Chairman
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly cause this report to be signed on its behalf by the
undersigned hereunto duly authorized.
First National Entertainment Corp.
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Registrant
March 11, 1998 /s/ Charles E. Nootens
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Date Signature
Charles E. Nootens
Chairman
