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) April 29, 1996
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CENTURY TECHNOLOGIES, INC.
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(Exact name of registrant as specified in its charter)
Colorado 0-20236 65-0395828
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(State or other jurisdiction (Commission File (IRS Employer
or incorporation) Number) Identification No.)
201 North Robertson Boulevard, Beverly Hills, California 90211
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (310) 275-9063
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N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
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On April 29, 1996, the Company announced that it had settled that
certain litigation styled FERATON ANSTALT V. CENTURY TECHNOLOGIES, INC. (Case
No. 95-6216) which had been filed against the Company in the U.S. District
Court, Southern District of Florida, in which the Plaintiff alleged that the
Company owed the Plaintiff $1,000,000 together with interest on a Promissory
Note that it had issued. In connection with that settlement, the Company issued
356,667 shares of its restricted Common Stock in exchange for the dismissal of
the suit. The Company's press release dated April 29, 1996 was issued previously
describing the settlement.
The Company has also announced that it intends to rescind or cancel all
agreements entered into by previous management of the Company and Krypton
International, Video Licensing Group and Elvin Feltner, all of which parties are
related. The transaction had included certain rights in a Spanish language film
library and two lists of primarily public domain films and broadcast air rights.
The Company has announced this action based on the failure to receive from any
such parties documentation or substantiation concerning chain of title for any
of the films involved. The rescissions and cancellations will result in the
reduction in carrying value of approximately $6 million of the Company's assets
while eliminating more than $1,800,000 in debt as well as 1,000,000 shares of
the Company's preferred stock, thereby necessitating a restatement of the
Company's financial statements. A description of the action undertaken by the
Company was previously the subject of a press release issued April 29, 1996.
ITEM 7. EXHIBITS
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(1) Press Release dated April 29, 1996.
1
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Amendment to Report on Form 8-K to be signed
on its behalf by the undersigned hereunto duly authorized.
CENTURY TECHNOLOGIES, INC.
By: /s/ Peter Newgard
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Peter Newgard, President
DATED: June 6, 1996
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News Release
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Century Technology, Inc.
201 N. Robertson Avenue
Beverly Hills, CA 9021 1
(310) 275-9063
FOR IMMEDIATE RELEASE: APRIL 29, 1996
CENTURY TECHNOLOGIES SETTLES LAWSUIT
Beverly Hills. CA - Century Technologies, Inc. (BB: "CNTK") today announced that
it had settled the lawsuit that was filed in the United States District Court,
Southern District of Florida in which the plaintiff alleged that Century owed
the plaintiff $1,000,000 plus interest on a promissory note that it had issued.
The Company issued 356,000 shares of its restricted common stock in exchange for
the dismissal of the suit. "We believe that we would have prevailed on its
merits." stated Peter Newgard, President of Century, "but it was definitely in
the Company's best interests to put this matter behind them and get on with
business".
In other Company news, Century announced that it will rescind or cancel all
agreements entered into by previous management with Krypton International, Video
Licensing Group and Elvin Feltner, related parties. These transactions include
certain rights in a Spanish language film library and two lists of primarily
public domain films and broadcast rights. "After numerous requests, the Company
has yet to receive any documentation or substantiation concerning chain of title
for any of the films, " stated Peter Newgard. These rescissions or cancellations
will result in the reduction in carrying value of approximately $6,000,000 of
the Company's assets while eliminating more than $1.8 million in debt and
1,000,000 shares of preferred stock.
Century Technologies. Inc. is in the business of co-producing original product
and distribution of features and television programming to all media worldwide
including network and cable television in the U.S. marketplace. Century
Technologies attends all the important programming conventions, including NATPE,
AFM, MIP, MIPCOM, MIFED and MIP - Asia.
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For additional information contact: Peter Newgard, Century Technologies, Inc. at
(310) 275-9063.
