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 1, 1998
CARLYLE GOLF, INC.
(Exact Name of Registrant as Specified in its Charter)
COLORADO 0-24160 84-1218066
(State of Incorporation) (Commission File (IRS Employer ID
Number) Number)
10550 East 54th Avenue, Unit E
Denver, Colorado 80239
(Address of Principal Executive Offices)
(303) 371-2889
(Registrant's Telephone Number)
Item 2. Acquisition or Disposition of Assets
On February 2, 1998, the Registrant entered into a Liquidation Agreement
(the "Agreement") with its primary lender, Norwest Business Credit, Inc.
("NBCI"). On April 1, 1998, NBCI notified the Registrant that it intended
to exercise its rights under the Credit and Security Agreement dated July
7, 1995 (filed as Exhibit 10.27 to the Registrant's Form 10-KSB for the
period ended October 31, 1995), as amended, between the Registrant and
NBCI, and the Agreement dated February 2, 1998 (filed as Exhibit 10 to the
Registrant's Form 8-K dated February 3, 1998) between the Registrant and
NBCI and the Uniform Commercial Code to take possession of and sell more
than 10% of the Registrant's assets used in connection with the
Registrant's Pro-Line Division. The assets consist of accounts
receivable, inventory and furniture, fixtures and equipment. See the
Notice of Private Foreclosure Sale from NBCI to the Registrant attached
hereto and incorporated by reference to this report.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(a) Financial Statements of Business Acquired
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
Exhibit 10 Notice of Private Foreclosure Sale to the Company by
Norwest Business Credit, Inc. dated March 31, 1998.
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 hereunto duly authorized.
Date: April 1, 1998 CARLYLE GOLF, INC.
By:/s/Jerome M. Hause
Jerome M. Hause
President
EXHIBIT INDEX
No. Description Method of Filing
10 Notice of Private Foreclosure
Sale to the Company by Norwest
Business Credit, Inc.
dated March 31, 1998. Filed herewith electronically
NORWEST BUSINESS CREDIT Norwest Business Credit, Inc.
1740 Broadway
Denver, Colorado 80274-8625
303/863-6593
Fax 303/863-4904
March 31, 1998
Mr. Jerome M. Hause
President, Carlyle Golf, Inc.
10550 East 54th Street, Suite E
Denver, Colorado 80239
Re: NOTICE OF PRIVATE FORECLOSURE SALE
Dear Mr. Hause:
The purpose of this letter is to inform you of Norwest Business
Credit, Inc.'s decision to exercise its rights under the Credit and
Security Agreement dated July 7, 1995, as amended, between Carlyle Golf,
Inc. (the "Borrower") and Norwest Business Credit, Inc. ("NBCI"), the
Agreement dated February 2, 1998, between the Borrower and NBCI and the
Uniform Commercial Code, to take possession of and to sell that portion of
the collateral securing the obligations of the Borrower under the Credit
Agreement used in connection with the Pro-Line Division of Borrower,
including, without limitation, all accounts receivable, inventory,
equipment and general intangibles (the "Pro-Line Collateral"). On or any
time after April 1, 1998, NBCI will sell the Pro-Line Collateral in a
private foreclosure sale.
If the foregoing is acceptable please sign the acknowledgment below.
Sincerely,
NORWEST BUSINESS CREDIT, INC.
By:/s/Brenda Swedlund
Its: Commercial Banking Officer
I acknowledge receipt of this letter and agree that the Notice of
Private Foreclosure Sale contained herein under the circumstances is
adequate and sufficient notice under the Uniform Commercial Code or other
applicable law.
/s/Jerome M. Hause
Jerome M. Hause
President, Carlyle Golf, Inc.
