SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 22, 1999
BIG SMITH BRANDS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 001-13590 13-3005371
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State or other jurisdiction of (Commission (IRS Employer
incorporation or organization File No.) Identification No.)
7100 West Camino Real, Suite 402, Boca Raton, Florida 33433
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(Address of principal executive offices) (Zip Code)
(561) 367-8283
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(Registrant's telephone number, including area code)
N/A
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(Former name, former address and former fiscal year,
if changed since last report)
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Item 2. Acquisition of Disposition of Assets.
On April 23, 1999 Big Smith Brands, Inc. (the "Company") issued the following
press release:
BIG SMITH BRANDS, INC.
FOR IMMEDIATE RELEASE
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Contact: Peter Lebowitz
Big Smith Brands, Inc.
(561) 367-8283
Peter Cullum/Dan Burris
Donley Communications
(212) 751-6126
BIG SMITH CLOSES WORKWEAR ASSET SALE WITH WALLS INDUSTRIES;
MARKS NEW DIRECTION FOR COMPANY IN SPORTSWEAR, LICENSING
BOCA RATON, APR. 23, 1999-- Big Smith Brands Inc. (OTC:BSBI) announced
today that late yesterday it closed the sale of its workwear manufacturing
machinery along with its entire inventory of workwear products and raw
materials. Big Smith also granted to Walls Industries, Inc. of Cleburne, Texas a
license to manufacture workwear under the Big Smith label. Big Smith will now
focus entirely on the manufacture and sale of sportswear and global licensing of
other products.
Walls has also entered into a lease for Big Smith's facilities in
Carthage, Missouri and has assumed Big Smith's leased facility in Miami,
Oklahoma. Walls paid Big Smith a price equal to the appraised value of the
machinery and equipment plus the book value of all outstanding workwear
inventory and raw materials. These amounts totalled in excess of $2.5 million
dollars.
In addition, in consideration for a ten-year non-compete agreement,
Walls will pay Big Smith $4.6 million over an eight-year period.
The transactions were approved by Big Smith's stockholders at the
company's annual meeting which was held on April 20, 1999 in St. Louis, Missouri
at which the stockholders also elected all nominees to the board of directors
and ratified the appointment of Daszkal, Bolton & Manela, CPAs, as the company's
auditors.
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SIGNATURE
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.
Dated: May 18, 1999
BIG SMITH BRANDS, INC.
By /s/ Susan Leonhardt
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Susan Leonhardt, Director of Administration/
Accounting (Chief Accounting Officer and
Authorized Registrant signer)
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