8-K

                                  UNITED STATES
                       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):
                                   December 30, 1998


                           NEW GENERATION FOODS, INC.
             (Exact name of registrant as specified in its charter)


      NEVADA                  1-10825            36-2972588
   (State or Other           (Commission        (IRS Employer
   jurisdiction of           File Number)      Identification No.)
   incorporation)


                    9 Dunham Road, Scarsdale, New York 10583
               (Address of principal executive offices) (Zip Code)



Registrant's telephone number, including area code: (914) 722-2410



                           FORWARD LOOKING STATEMENTS

         Certain statements in this Form 8-K, including  statements  prefaced by
the words "anticipates",  "estimates", "believes", "expects" or words of similar
meaning,  constitute  "forward-looking  statements"  within  the  meaning of the
Private  Securities   Litigation  Reform  Act  of  1995.  Such   forward-looking
statements  involve  known and unknown  risks,  uncertainties  and other factors
which may cause the actual  results,  performance or achievements of the Company
to be materially different from any future results,  performance or achievements
expressed or implied by such forward-looking statements.


ITEM 5.   OTHER EVENTS.


     New  Generation  Foods,  Inc. (the  "Company")  has exercised its option to
purchase  the assets of the  Credit  Risk  Monitor  credit  information  service
("CRM") from Market Guide Inc.  ("MGI").  As previously  reported,  the purchase
price  for  the  assets  of  CRM  is   approximately   $2,500,000,   payable  in
installments.

     The closing of the  transaction  is expected to occur in January  1999,
subject to customary  closing  conditions,  at which time the Company expects to
change its corporate  name to  "CreditRiskMonitor.com,  Inc." and to apply for a
new stock symbol that more clearly reflects its new corporate name.

     The Company  expects  that CRM's cash  revenues for the 12 months ended
December 1998 were  approximately  $1.0 million,  and  management  believes that
CRM's 1999 cash revenues should be approximately  $2,700,000 and that CRM should
be at or above cash flow break even for the 1999 fiscal year.

     The Company is currently  conducting a private  placement of its Common
Stock to finance the  acquisition of the CRM assets.  The amount of the offering
has been increased from $3.0 Million to $3.25 Million.  If the maximum number of
shares of Common Stock available for sale are sold in the offering,  the Company
will  have  approximately  5,300,000  shares of Common  Stock  outstanding  on a
fully-diluted basis.

     A copy of the press release  issued by the Company in  connection  with
the  exercise of its option to purchase the assets of CRM is attached as Exhibit
20 hereto.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

     (c) Exhibits.

      20.       Press release dated December 30, 1998.



                                    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.



                              NEW GENERATION FOODS, INC.


                              By:  /s/Jerome S. Flum
                                   Name:  Jerome S. Flum
                                   Title: Chairman of the Board and
                                   Principal Financial Officer


DATE:   January 14, 1999


                                  EXHIBIT LIST


Exhibit
Number

20.       Press Release dated December 30, 1998.

EX-20

                                 EXHIBIT 20

FOR IMMEDIATE RELEASE                                        December 30,1998

New Generation Foods, Inc.
Jerry Flum, Chairman & CEO
516/327-2400, ext. 224

                NEW GENERATION TO PURCHASE CREDITRISKMONITOR.COM

New Generation Foods, Inc. (OTCBB:  NGNF, bid $4.00) has exercised its option to
purchase the assets of the CreditRisk Monitor credit information  service (CRM),
the     only     real-time      interactive      Internet-     based     service
(www.creditriskmonitor.com)  targeted at corporate credit managers,  from Market
Guide  Inc.  The  purchase  price is  approximately  $2.5  million,  payable  in
installments, as previously reported.

The closing is expected to occur in January 1999,  subject to customary  closing
conditions,   at  which   time  New   Generation   will   change   its  name  to
CreditRiskMonitor.com,  Inc.  and will  apply for a new stock  symbol  that more
clearly reflects the new name.

New Generation is completing a private  placement of its common stock to finance
the  acquisition.  When completed,  New Generation will have  approximately  5.2
million  shares  outstanding  in addition to a $13.8 million net operating  loss
carryforward  expiring  in various  amounts  through  2017  which,  the  Company
believes, should be available to shelter future taxable income.

CRM's cash revenue for the 12 months ended December 1998 should be approximately
$1.0 million. Management believes that 1999 cash revenue should be approximately
$2.7 million and that the Company  should be at or about cash flow breakeven for
the year.

Safe Harbor  Statement:  Certain  statements  in this press  release,  including
statements  prefaced  by  the  words  "anticipates",   "estimates",  "believes",
"expects" or words of similar meaning, constitute  "forward-looking  statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward- looking statements  involve known and unknown risks,  uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially  different from any future results,  performance or
achievements expressed or implied by such forward-looking statements.