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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) March 28, 1997
Master Glazier's Karate International, Inc.,
(Exact name of registrant as specified in its charter)
Delaware 0-23236-NY 22-3234110
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
Formation)
377 Hoes Lane, Piscataway, New Jersey 08854
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (908) 981-0077
_____________________________________________________________
(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets.
On March 28, 1997, Master Glazier's Karate International, Inc. (the
"Company") completed the sale of substantially all of the assets (the "Assets")
of five (5) of its wholly owned subsidiaries (the "Subsidiaries") to affiliates
of UAK Management, Inc.(the "Purchasers"). The Assets were used by the
Subsidiaries to operate five (5) karate centers in New York and New Jersey (the
"Karate Centers").
In consideration for the purchase of the assets of the Subsidiaries, the
Purchasers paid to the Company an aggregate of $505,000, consisting of $225,000
in cash (the "Cash") and an aggregate of $280,000 in two promissory notes (the
"Notes") (the Cash and Notes are hereinafter referred to collectively as the
"Purchase Price"), and will assume certain liabilities of the Subsidiaries. The
Purchase Price was determined by negotiation between the Company and the
Purchasers.
The Notes are to be repaid in equal monthly installments over a thirty (30)
month period. The Company and the Subsidiaries will receive a security interest
in the Assets as collateral for Purchaser's obligations under the Notes. In
addition, the Purchaser's obligations under the Notes are personally guaranteed
by Daniel Schulmann, President of UAK Management, Inc.
Item 7. Financial Statements and Exhibits.
b) Pro Forma Financial Statements - to be filed by amendment within 60 days in
accordance with Item 7(b)(2).
c) Exhibits - incorporated by reference to the Company's Current Report on Form
8K dated December 17, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly authorized and caused the undersigned to sign this Report on
the Registrant's behalf.
MASTER GLAZIER'S KARATE INTERNATIONAL, INC.
By: /s/ Mark Glazier
Mark Glazier
President
Dated: April 5, 1997
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