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: September 12, 1997
DBS INDUSTRIES, INC.
DELAWARE 0-28348 84-1124675
(State or other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
100 SHORELINE HIGHWAY, SUITE 100, MILL VALLEY, CA 94946
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (415) 380-8055
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Item 2. Acquisition or Disposition of Assets.
On August 29, 1997 the Company completed an agreement with EchoStar
Communications Corporation ("EchoStar") to retire three convertible
debentures, Series A, Series B and Series C (collectively, the "Debentures"),
previously issued to EchoStar, in the aggregate principle amount of $4,640,000
together with accrued interest of $722,810.69 and certain legal fees and other
expenses related to the transaction. In exchange for EchoStar's retirement of
the debt, as evidenced by the Debentures, the Company transferred back to
EchoStar 270,414 shares of EchoStar Class A common stock (the "EchoStar
Shares") and approximately $936,000 from the proceeds of its settlement with
Loral Aerospace Holdings, Inc. (see the Company's 10-QSB for the quarter ended
June 30, 1997). The value of the EchoStar shares was based on a per share
price of $16.57 which represents the closing bid price on August 27, 1997, the
date the parties initially agreed to the terms of the transaction.
The EchoStar Shares were being held as security for the Debentures and
were received as a result of the merger of Direct Broadcasting Satellite
Corporation ("DBSC") and EchoStar, which was completed on January 8, 1997.
The Company received the EchoStar Shares in exchange for its ownership
interest in DBSC. (see the Company's 8-K dated January 10, 1997).
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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.
DBS Industries, Inc.
Dated: September 12, 1997 FRED W. THOMPSON
Fred W. Thompson, President & CEO
