SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 12(g) and Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 26, 1999
TECH ELECTRO INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Texas 0-27210 75-2408297
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(State or other (Commission File No.) (IRS Employer ID No.)
jurisdiction of incorporation)
2941 Main Street, Suite 300-B, Santa Monica, California 90405
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (310) 396-1782
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Item 5. Other Events
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As previously reported on December 23, 1998, Tech Electro
Industries, Inc. ("TEI" of the "Company") entered into an agreement pursuant to
which a foreign purchaser had agreed to acquire from TEI approximately 10% of
issued and outstanding equity of US Computer Group. Following such agreement,
the purchaser advised the Company that it had decided not to conclude this
transaction and the transaction was, at the mutual agreement of TEI and the
purchaser, terminated.
On February 25, 1999, US Computer Group agreed to sell to Telstar
Holdings, a shareholder of US Computer Group, additional shares of its common
stock. The acquisition was consummated on March 12, 1999. As a result of such
purchase, TEI is no longer the majority shareholder of the Company and will be
obligated to deconsolidate its financial statements.
On March 15, 1999, Mr. Ian Edmonds, a director of the Company, was
appointed Vice President of the Company and concurrently resigned as a member
of the Company's Audit Committee of the Board.
Mr. Sadasuke Gomi, a director of the Company, was then appointed to
serve on the Company's Audit Committee.
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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.
TECH ELECTRO INDUSTRIES, INC.
Date: March 26, 1999 /s/ Ian Edmonds
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Ian Edmonds
Vice President
