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) August 23, 1996
ENROTEK CORPORATION
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction of incorporation)
0-20934 88-0224414
(Commission File Number) (IRS Employer Identification No.)
1557 Bloor Street W., Toronto, Ontario, Canada M6P 1A5
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (416) 516-3720
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860 6th Avenue S.W., Suite 300, Calgary, Alberta (Canada) T2P 3E5
(Former Address)
Item 1. Change in Control of Registrant.
On August 23, 1996, the Company issued 6,856,387 shares of common stock
to Omar Silva Karim in conversion of 714, 207 shares of Series A Preferred
Stock. The 9.5% cumulative dividend owed on the Preferred Stock was waived by
Dr. Karim. For purposes of the conversion, the common stock was valued at $.50
per share. In addition, Dr. Karim retains the right to received up to an
additional 2,000,000 shares of Preferred Stock on the following basis:
o four shares of preferred stock for each square foot of
buildings completed and
leased or sold on or before January 31, 1997;
o the terms of any lease must provide for $28 revenue per square foot,
triple net; o the terms of sale must provide for a gross selling price
of no less than $150 per
square foot with a gross profit equal to or greater than $50
per square foot; and o should the sales or lease not provide the
required monetary rate of return, the sale
or lease will not be taken into account in the issuance of
preferred stock.
As a result of the conversion Dr. Karim owns 7,446,742 shares of common stock,
or 61.1% of
the 12,882,603 outstanding shares. Dr. Karim is also a director of the Company.
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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.
Dated: August 23, 1996 ENROTEK CORPORATION
By: /s/ Jaroslaw Shudrack
Name: Jaroslaw Shudrack
President
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