-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LJ+EuIeCDTJvinZrnH3q4yOQBFXXF7noV16lKeV9kkigM+Ce6wZgRO78uV2BvvtG IZptjz6Sm2PNFGbWSzEuVQ== 0001071944-98-000007.txt : 19981029 0001071944-98-000007.hdr.sgml : 19981029 ACCESSION NUMBER: 0001071944-98-000007 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19981028 SROS: NASD GROUP MEMBERS: EVERT I. SCHLINGER GROUP MEMBERS: SCHLINGER FOUNDATION SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: KARTS INTERNATIONAL INC CENTRAL INDEX KEY: 0001010077 STANDARD INDUSTRIAL CLASSIFICATION: GAMES, TOYS & CHILDREN'S VEHICLES (NO DOLLS & BICYCLES) [3944] IRS NUMBER: 752639196 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: SEC FILE NUMBER: 005-54759 FILM NUMBER: 98731979 BUSINESS ADDRESS: STREET 1: 109 NORTHPARK BLVD STREET 2: STE 210 CITY: COVINGTON STATE: LA ZIP: 70433 BUSINESS PHONE: 5048757350 MAIL ADDRESS: STREET 1: 109 NORTHPARK BOULEVARD STREET 2: SUITE 210 CITY: COVINGTON STATE: LA ZIP: 70433 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SCHLINGER FOUNDATION CENTRAL INDEX KEY: 0001071944 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 944065303 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 1944 EDISON ST CITY: SANTA YNEZ STATE: CA ZIP: 93460 BUSINESS PHONE: 8056861618 MAIL ADDRESS: STREET 1: 1944 EDISON ST CITY: SANTA YNEZ STATE: CA ZIP: 93460 SC 13G 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------------------------------- SCHEDULE 13G (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b) and (c) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(b) Karts International Inc ----------------------------------------------------- (Name of Issuer) Common Stock, $0.001 par value ----------------------------------------------------- (Title of Class of Securities) 485766208 ----------------------------------------------------- (CUSIP Number) - ----------- *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 6 Pages CUSIP No. 485766208 13G - ------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON(S) I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S) (Entities only) The Schlinger Foundation: 94-4065303 Evert I. Schlinger, individually and as trustee of the Brian Schlinger Trust - ------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ X ] (b) [ ] This is a joint filing under Rule 13d-1(f)(1), on behalf of each of the above named persons - ------------------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION Schlinger Foundation - California non-profit corporation Evert I. Schlinger - United States - ------------------------------------------------------------------------------- NUMBER OF 5. SOLE VOTING POWER SHARES -0- BENEFICIALLY ------------------------------------------------------- OWNED BY 6. SHARED VOTING POWER EACH 668,708 REPORTING ------------------------------------------------------- PERSON 7. SOLE DISPOSITIVE POWER WITH -0- ------------------------------------------------------- 8. SHARED DISPOSITIVE POWER 668,708 - ------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 668,708 - ------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* Not Applicable - ------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.8% - ------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON* Schlinger Foundation - CO Evert I. Schlinger - IN - ------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 2 of 6 Pages CUSIP No. 485766208 13G Item 1. (a) Name of Issuer: Karts International Inc -------------------------------------------------------------- (b) Address of Issuer's Principal Executive Offices: 109 Northpark Boulevard, Suite 210, Covington, Louisiana 70433 -------------------------------------------------------------- Item 2. (a) Name of Person Filing: The Schlinger Foundation Evert I. Schlinger, individually and as trustee of the Brian Schlinger Trust [This is a joint filing under Rule 13d-1(f)(1), on behalf of each of the above named persons] -------------------------------------------------------------- (b) Address of Principal Business Office, or if None, Residence: 1944 Edison Street, Santa Ynez, CA 93460 -------------------------------------------------------------- (c) Citizenship: The Schlinger Foundation - California non-profit corporation Evert I. Schlinger - United States -------------------------------------------------------------- (d) Title of Class of Securities: Common Stock, $0.0024 par value -------------------------------------------------------------- (e) CUSIP Number: 485766208 -------------------------------------------------------------- Item 3. Type of Reporting Person: The Schlinger Foundation - CO Evert I. Schlinger - IN Page 3 of 6 Pages CUSIP No. 485766208 13G Item 4. Ownership. (a) Amount beneficially owned: Shares of Common Stock: 668,708 (1) Direct 668,708 (1) Indirect -0- (b) Percent of class: 13.8% (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote: -0- (ii) Shared power to vote or to direct the vote: 668,708 (1) (iii) Sole power to dispose or to direct the disposition of: -0- (iv) Shared power to dispose or to direct the disposition of: 668,708 (1) Item 5. Ownership of Five Percent or Less of a Class. Not Applicable Item 6. Ownership of More Than Five Percent on Behalf of Another Person. Not Applicable Item 7. Identification and Classification of the Subsidiary which Acquired the Security Being Reported on By the Parent Holding Company. Not Applicable Item 8. Identification and Classification of Members of the Group. Not Applicable Item 9. Notice of Dissolution of Group. Not Applicable Page 4 of 6 Pages CUSIP No. 485766208 13G Item 10. Certification. Not Applicable - ----------------------- (1) The Schlinger Foundation ("Foundation") beneficially owns 520,000 shares of the Company's Common Stock, See description below. Mr. Schlinger is the President and sole trustee of the Foundation and has sole voting and dispositive power over the shares held by the Foundation. However, Mr. Schlinger disclaims any ownership interest in any of the shares of Common Stock of the Company owned by the Foundation. Mr. Schlinger owns 90,288 of the shares of Common Stock of the Company for his own account. See description below. In addition, Mr. Schlinger controls 58,420 shares of Common Stock held by the Brian Schlinger Trust. Mr.Evert I. Schlinger is the sole trustee of the Brian Schlinger Trust and has sole voting and dispositive power over the shares held by this trust. In March, 1996, the Company issued a promissory note in the principal amount of $2,000,000 (the "Schlinger "Note") payable to The Schlinger Foundation. As further consideration for the $2,000,000 loan, the Company paid the Foundation $21,000, consisting of $10,500 cash and issued the Foundation 70,000 restricted shares of Common Stock. On August 28, 1997, the Foundation agreed to convert $1 million of the principal amount of the Schlinger Note into 250,000 shares of Common Stock. In October 1997, the Company paid the Foundation approximately $1.0 million as payment of the remaining balance of the Schlinger Note plus accrued interest. The Foundation agreed not to sell or dispose of the 250,000 shares of Common Stock issued upon conversion of $1 million principal amount of the Schlinger Note until after September 9, 1998. The Foundation also agreed not to sell or dispose of the remaining 270,000 shares it owns until after September 9, 1998, however the Foundation may sell such shares in the public market at a price equal to or greater than $7.00 per share without regard to the provisions of the lock-up agreement. The remaining 200,000 shares owned by the Foundation were acquired in a privately negotiated transaction from another shareholder on July 12, 1996. Because Mr. Evert is the President and sole trustee of the Foundation, indirect control of the Foundation's holdings may be imputed to the Foundation, and vice versa. Both the Foundation and Mr. Schlinger, however, disclaim ownership of the shares or options owned by the other, and the filing of this Schedule shall not be construed as an admission either that the Foundation is, for the purposes of sections13(d) or 13(g) of the Act, the beneficial owner of the shares subject to Mr. Schlinger's option, or that Mr. Schlinger is the beneficial owner of the shares and/or option held by the Foundation. Evert I. Schlinger acquired 210,288 common shares in a private transaction with the Company. Since December, 1997, he has disposed of 126,760 shares in regular, routine market transactions. At present he holds 90,288 remaining shares. The Brian Schlinger Trust acquired 37,778 common shares on April 8, 1998, in a private transaction with the Company. Pursuant to agreement with the financial firm which arranged the transaction, 20,642 additional shares were transferred to the trust in March of 1998 without further consideration being paid. Page 5 of 6 Pages CUSIP No. 485766208 13G Signature. After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: /s/ - ---------------------------------------------------------------------- (Signature)* Evert I. Schlinger, Trustee of the Brian Schlinger Trust (Name/Title) Date: /s/ - ---------------------------------------------------------------------- (Signature)* Evert I. Schlinger, President of the Schlinger Foundation (Name/Title) Date: /s/ - ---------------------------------------------------------------------- (Signature)* Evert I. Schlinger (Name/Title) * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001). Page 6 of 6 Pages -----END PRIVACY-ENHANCED MESSAGE-----