SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
OCTOBER 15, 1997 ( September 30, 1997 )
DATE OF REPORT (Date of earliest event reported)
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EIF HOLDINGS, INC.
(Exact name of registrant as specified in its Charter)
Commission File Number 0-22388
HAWAII 99-0273889
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No)
15201 Pipeline Lane, Ste. B
Huntington Beach, CA 92649
(Address of principal executive offices)
(714) 897-9000
(Issuer's telephone number)
475 N. Muller Street, Anaheim, CA 92801
(Former name,former address and former fiscal year if changed since last report)
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Item 5. Other Items
On September 30, 1997, the registrant, EIF Holdings, Inc. (the "Company"),
entered into a definitive agreement to acquire all of the oustanding shares of
common stock of JL Manta, Inc., a multi-state maintenance services company
specializing in painting, fireproofing, hydroblasting and vacuum services. Under
the terms of the proposed transaction, the purchase price is $8.5 million
comprised of $6 million in cash and $2.5 million in sellers' notes with
maturities ranging over a three year period. The transation is subject to
customary closing conditions. A copy of the news release is filed herewith as
an exhibit and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
There are no financial statements or pro forma financial information
required to be filed as part of this report. The exhibit filed as part of this
report is listed in the Exhibit Index hereto.
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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 thereunto duly authorized.
EIF HOLDINGS, INC.
By: /s/ J. Drennan Lowell
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J. Drennan Lowell
Vice President, Chief Financial Officer,
Treasurer and Secretary.
Dated: October 15, 1997
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EIF HOLDINGS, INC.
EXHIBIT INDEX
99.1 News release issued by the Registrant on October 1, 1997,
announcing the signing of a Definitive Agreement to acquire JL Manta.
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Exhibit 99.1
[EIF HOLDING INC. LETTERHEAD]
NEWS RELEASE
EIF HOLDINGS SIGNS DEFINITIVE AGREEMENT TO
ACQUIRE J L MANTA
ANAHEIM, California- Wednesday October 1, 1997, EIF Holdings [OTCBB:EIFH]
announced that JL Manta has signed a definitive agreement to be acquired for
$8.5 million. JL Manta, which generates over $40 million per year in revenues,
will receive $6 million in cash and $2.5 million in a seller note. The
transaction is scheduled to close by October 31, 1997.
Commenting on the acquisition, Frank Fradella, President and CEO, stated, "The
acquisition of JL Manta represents the beginning of a new strategic direction
for EIF. With Manta's low-risk revenue base and with the discontinuation of
unprofitable segments of EIF's previous business, EIF is now effectively
positioned to increase shareholder value. The management of EIF will continue to
focus on the specialized maintenance services market and search for acquisitions
to compliment its current business."
John Manta, President of JL Manta, stated, "Our management team is proud to
become an integral part of the EIF family. We will continue our commitment of
quality service to our customers and look to surpass their expectations by
offering additional maintenance services."
EIF Holdings provides specialized maintenance services for clients in the
industrial, low-level nuclear and environmental sectors. The company offers a
full range of services to its clients located throughout the United States.
For further information, call:
Andrew White
(281) 537-9660
[EIF HOLDINGS, INC.. LETTERFOOT]
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