SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) June 15, 1998
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Diamond Equities, Inc.
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(Exact Name of Registrant as Specified in Charter)
Nevada 0-24138 88-0232816
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
2010 E. University Drive, Ste. 3, Tempe Arizona 85281
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (602) 921-2760
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N/A
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(Former Name or Former Address, if Changed Since Last Report)
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Item 2. Acquisition of Assets.
On June 15, 1998, Diamond Equities, Inc. ("Registrant") and its newly
formed subsidiary, Precision Plastics Molding, Inc. ("Subsidiary") closed the
transaction involving the purchase of substantially all the assets of Premier
Plastics Corporation ("Premier") a Tempe, Arizona private company engaged in the
plastic injection molding business. The assets purchased included equipment,
inventories, contract rights, customer lists, know-how, drawings, specifications
and intellectual property. The sole shareholder of Premier, John O. Hoffman, has
been engaged to manage the business formerly conducted by Premier and the
business of Premier will be continued under the name of the Subsidiary.
Consideration of $75,000 in cash was paid along with the assumption of
various notes and payables in the amount of approximately $40,000. In addition,
the selling shareholder of Premier will receive 300,000 shares of common stock
of the Subsidiary valued at $0.25 per share. Prior to this acquisition, the
Subsidiary had no assets. The purchase price paid by the Registrant was
determined by negotiations between the parties. The cash paid was from the
Registrant's own funds. There was and is no relationship between Premier and its
sole shareholder and the officers and directors of the Registrant or its
Subsidiary.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Financial Statements of Business Acquired.
This acquisition may not meet the "significant subsidiary" test of Form
8-K, in that the assets of the Subsidiary do not exceed ten percent (10%) of the
Registrant's assets, nor has the Subsidiary had income exceeding ten percent
(10%) of the consolidated income.
On the date of this filing, it is impractical for the Registrant to
file the audited financial statements required by Item 7(a) since the Subsidiary
had no such audited financial statements. In accordance with Item 7(a)(4) of
Form 8-K the required financial statements will be filed with an Amendment to
this Form 8-K no later than 60 days after June 8, 1998.
(b) Pro Forma Financial Information.
As of the date of this filing, it is impractical for the Registrant to
provide the pro forma financial information required by Item 7(b). In accordance
with Item 7(b), such financial statements shall be provided as an Amendment to
this Form 8-K no later than 60 days from June 8, 1998.
(c) Exhibits.
None.
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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 hereunto duly authorized.
DIAMOND EQUITIES, INC.
Date: July 17, 1998 By: /s/ David D. Westfere
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David D. Westfere, President
