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
March 14, 2000
Date of Report
(Date of Earliest Event Reported)
GRAYSTONE WORLD WIDE, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 0-23498 33-0601487
(State or other Jurisdiction)(Commission File No.)(IRS Employer I.D. No.)
2506 Regency Lake Drive
Marietta, Georgia 30062
(Address of Principal Executive Offices)
Registrant's Telephone Number
(770) 973-0673
68 South Main Street, Suite 600
Salt Lake City, Utah 84111
(Former Name or Former Address if changed Since Last Report)
Item 1. Changes in Control of Registrant.
None, not applicable.
Item 2. Acquisition or Disposition of Assets.
None, not applicable.
Item 3. Bankruptcy or Receivership.
None; not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
None, not applicable.
Item 5. Other Events.
A special meeting of Stockholders was convened in accordance with the
Corporate By-Laws, Article I, Section 3 by the holders of at least twenty
percent of the shares entitled to vote at the meeting. The meeting was
held at 2506 Regency Lake Dr., Marietta Georgia. A quorum of more than 50
percent of voting shares of Graystone World Wide, Inc. via presence at the
meeting or via proxy was demonstrated.
Mr. Norman J. McCallum was nominated and elected by the majority of
votes cast to act as secretary for this meeting and follow on meetings until
a permanent secretary can be appointed by the new Board of Directors.
The following proposal's were properly introduced for discussion and
consideration and voted upon by the stockholders present and all valid
proxies received prior to the start of the meeting:
Proposal 1 - Election of a new Board of Directors:
The resignation of Mr. Todd Kinney, as a member of the Board of
Directors was accepted by the stock holders of the company.
The following people were nominated and elected by the majority of
votes cast as the members of the new Board of Directors to serve for a
period of 5 months until the next Annual Stockholder's Meeting or until
their respective successors are elected and have been qualified:
Mr. Donald J. Hallisy - Director
Mr. Norman J. McCallum - Director
Mr. David Nelson - Director
Proposal 2 - Authority for the Board of Directors:
The new Board of Directors were given the authority and
responsibility by the majority of votes cast to proceed with the following
actions:
1. To remove formally any remaining consultants, promotional people,
etc. and install a new,competent promotional team which will be closely
supervised by the Board of Directors.
2. Assure that management maintains proper accounting and financial
reporting controls and procedures and that accurate financial reports are
generated. Bring all required filings current.
3. Retain services of appropriate professionals such as accountants
and attorneys, that are Atlanta area based, for the following purposes:
A. Approve any new leases.
B. Review from the financial and legal aspect, any possible
acquisitions or mergers.
C. Review and prepare any stock subscription agreements.
D. Review and advise on the possibility of any reverse or forward
stock splits.
E. Review and advise on any loan agreements.
F. Prepare in a timely manner, all S.E.C. required filings.
4. To develop a business plan for presentation to Stockholders which
may include development of new business, soliciting merger or
acquisition proposals from other firms.
Proposal 3 - Short Term Funding:
The new Board of Directors were given authority and responsibility
by the majority of votes cast to resolve the working capital problem
of the company. They were given specific authority to:
1. Acquire short term loans of up to one-year to produce working
capital.
2. Solicit such loans from Directors themselves, from Stockholders,
and from traditional lending sources. Such loans shall be
secured, shall bear a reasonable rate of interest, and shall be
evidenced by an ordinary, standardized promissory note.
Other Maters of Business:
The following matters were considered and approved by the majority
of votes cast:
1. The mailing address for Graystone World Wide, Inc. is now
established as 2506 Regency Lake Drive, Marietta Georgia 30062.
2. The telephone number for Graystone World Wide, Inc. is now
(770)-973-0673.
3. Shareholder proposals for the next Annual Meeting of Shareholders
of the Company must be received by the Secretary of the Company,
Graystone World Wide, Inc., 2506 Regency Lake Drive, Marietta
Georgia 30062 by May 1, 2000 in order to be eligible to be
included in the Proxy Statement of the Company for that meeting.
The Board of Directors will set the date, time, and place of the
next Annual Meeting of Shareholders and notify all shareholders
in advance of the meeting.
Item 6. Resignations of Directors and Executive Officers.
The resignation of Mr. Todd Kinney, as a member of the Board of
Directors was accepted by the stock holders of the company.
Item 7. Financial Statements and Exhibits.
None; not applicable.
Item 8. Change in Fiscal Year.
None; not applicable.
Item 9. Sales of Equity Securities Pursuant to Regulation S.
None; not applicable.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned hereunto duly authorized.
GRAYSTONE WORLD WIDE, INC.
Date: 3/14/00 ________________________
By /s/ Donald J. Hallisy
President and Director
