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): September 1,
1998
GLENGATE APPAREL, INC.
(Exact name of registrant as specified in its charter)
New Jersey 33-72880 22-3266971
______________________ __________________ _________________
(State or other juris- (Commission File (I.R.S. Employer
diction of incorporation) Number) Indentification
No.)
Registrant's telephone number, including area code: (908) 653-9100
ITEM 1 TO ITEM 4:
None.
ITEM 5:
On September 1, 1998, GlenGate Apparel, Inc. (the "Company"),
a New Jersey Corporation, received notice that Sun Ice Limited and
Sun Ice USA, Inc. had terminated the Trademark License Agreement
and Consignment Agreement, each dated February 14, 1997 between
GlenGate and Sun Ice. A copy of the notice of termination is
attached hereto as Exhibit 99.1.
ITEM 6:
None.
ITEM 7:
Exhibits
99.1 - Letter from Sun Ice Limited and Sun Ice USA, Inc.
dated September 1, 1998.
99.2 - Press Release dated September 3, 1998.
ITEM 8:
None.
ITEM 9:
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this Current Report to
be signed on its behalf by the undersigned hereunto duly
authorized.
GLENGATE APPAREL, INC.
September 4, 1998 By: /s/ Michael F. Albanese
----------------------------------
Chief Financial Officer
SUN ICE LIMITED
SUN ICE USA, INC.
121 10th Ave., S.E.
Calgary, Alberta, Canada T2G-OV8
403-261-4780
Fax 403-266-7494
September 1, 1998
GlenGate Apparel, Inc. By Facsimile & Confirming Mail
75 Rod Smith Place
Cranford, N.J. 07016
Gentlemen:
We hereby give you notice, pursuant to Section 9.1(a) of the
Trademark License Agreement between you and the undersigned dated
February 14, 1997, to terminate both said Agreement and the
Consignment Agreement between us also dated February 14, 1997,
effective immediately.
So that we may determine whether to exercise our right to purchase
pursuant to Section 9.2(d), please immediately advise us as to the
amount and nature of Licensed Product current inventory, including
Licensed Product which has been produced but not yet received and
may be in the hands of third-parties.
Very truly yours,
Sun Ice USA, Inc.
By /s/ Sylvia Rempel
-------------------------------
Sun Ice Ltd.
By /s/ Sylvia Rempel
--------------------------------
cc: Kenneth W. Vest, Esq.
FOR IMMEDIATE RELEASE September 3, 1998
GlenGate Apparel, Inc.
Cranford, N.J. 07016
GLENGATE APPAREL, INC. (OTC: GLNN) ANNOUNCES TERMINATION OF SUN ICE
LICENSE, NEW OFFICE MOVE AND ORDERLY LIQUIDATION PROCESS.
GlenGate Apparel announced today that Sun Ice Ltd. has elected to
terminate the license and consignment inventory agreement with
GlenGate Apparel, Inc. effective 9/1/98.
GlenGate Apparel, Inc. has also moved its headquarters to 301 16th
Street, Jersey City, N.J.
Also, the Board of Directors have agreed to proceed with an orderly
liquidation of the company.
"Since we could not pay current our obligation with Sun Ice and
assure them future season product funding they chose to terminate
our license. Also, after numerous and vigorous attempts to obtain
additional working capital and financial backing for future
purchase commitments and despite aggressive cost cutting measures,
we were unable to convince anyone that they would receive enough
return on their investment to take the risk" Michael Albanese,
Chief Financial officer, stated.
GlenGate Apparel, Inc. designs and markets classic style golf
apparel, including mens' knit cotton shirts, sweaters, slacks,
shorts, outerwear and rainwear, for sale at public and private golf
course pro shops and resorts. For more information, contact Peter
Culbertson at (908) 653-9100, Extension 7327.
Contact: Peter Culbertson
President & CEO
GlenGate Apparel, Inc.
Phone: (908) 653-9100 (x7327)
