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: January 25, 1999
IMSCO Technologies, Inc.
(Exact Name of Registrant as specified in its Charter)
Delaware 0-24520 04-3021770
(State or other jurisdiction (Commission File No.) (I.R.S. Employer
or corporation) Identification No.)
40 Bayfield Drive
North Andover 01845
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (978) 689-2080
N/A
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
On January 19, 1999 IMSCO Technologies, Inc.(the "Company") received a
Complaint from BPV Enterprises, Inc. d/b/a Universal sales ("Universal")filed in
New York State court asserting that the Company was in breach of contract under
Universal's Sales Administration and Servicing Agreement dated August 20, 1996
(the "Universal Agreement"). As previously reported by the Company, the Company
terminated the Universal Agreement in April 1997 for cause. Universal is
alleging that the Universal Agreement was wrongfully terminated without cause or
justification and is seeking anticipatory damages based on its potential future
compensation under the Universal Agreement which is asserted to be 2.5% of the
sales of the Company for certain specified services to be provided by Universal,
provided that no compensation shall be payable if sales are less than $5 million
in any year, and a potential sales commission of 2.5% over the term of the
agreement. While there can be no assurances as to the outcome of any litigation,
the Company believes that the claims of Universal are without merit and intends
to vigorously defend the claim.
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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.
IMSCO TECHNOLOGIES, INC.
Date: January 25, 1999 By: /s/ Scott Singer
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Scott Singer, Assistant Secretary and
Director
