-----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, Tkp81svsDhT9p8EPgBtaa7hKl3aSPkHqsuOP8d/SwbZJjEPq9mTaPBim9HnLN0qv LpHrk0QdLLmZ+16conk+4g== 0000056151-02-000015.txt : 20021224 0000056151-02-000015.hdr.sgml : 20021224 20021223191015 ACCESSION NUMBER: 0000056151-02-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021223 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 20021224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KIT MANUFACTURING CO CENTRAL INDEX KEY: 0000056151 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790] IRS NUMBER: 951525261 STATE OF INCORPORATION: CA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06257 FILM NUMBER: 02867847 BUSINESS ADDRESS: STREET 1: 530 E WARDLOW RD STREET 2: P O BOX 848 CITY: LONG BEACH STATE: CA ZIP: 90801 BUSINESS PHONE: 5625957451 MAIL ADDRESS: STREET 1: 530 EAST WARDLOW ROAD CITY: LONG BEACH STATE: CA ZIP: 90801 8-K 1 r8kdec23.txt FORM 8K 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 23, 2002 KIT MANUFACTURING COMPANY (Exact name of registrant as specified in its charter) California (State or other jurisdiction of incorporation) 2-31520 (Commission File Number) 95-1525261 (I.R.S. Employer Identification No.) 530 East Wardlow Road, Long Beach, California (Address of principal executive offices) 90807 (Zip Code) Registrant's telephone number, including area code: (562) 595-7451 N/A (Former name or former address, if changed since last report) Item 5. OTHER EVENTS On December 23, 2002, KIT Manufacturing Company ("KIT") announced that it had signed two non-binding Letters of Intent under which KIT would sell all of the assets of its Recreation Vehicles Division (the "RV Division") and its Manufactured Housing Division (the "MH Division") to unaffiliated third-party buyers. Pursuant to the RV Division Letter of Intent, the purchasers will acquire the RV Division for cash and assumption of RV Division debt and liabilities. In addition, KIT formally terminated its previously executed letter of intent with Mr. Scott Thorpe for the purchase of the RV Division. Pursuant to the MH Division Letter of Intent, the purchasers will acquire the MH Division for cash and assumption of certain MH Division debt and liabilities. KIT expects to pay a dividend to its shareholders upon completion of the transactions. In addition, KIT's Board of Directors voted to initiate voluntary proceedings to delist its common stock from the American Stock Exchange ("AMEX") and deregister its common stock under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). KIT has requested that the last trading day for its common stock on AMEX under the trading symbol "KIT" be January 10, 2003. After the last trading day on AMEX, KIT expects information regarding trading in its common stock to be found in the "Pink Sheets" published by Pink Sheets LLC. The press release issued by the Company on December 23, 2002, is filed as Exhibit 99.1 hereto and incorporated by reference herein. Item 7. FINANCIAL STATEMENTS AND EXHIBITS (c) The exhibit to this report is listed in the Exhibit Index set forth elsewhere herein. 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. KIT MANUFACTURING COMPANY Date: December 23, 2002 By: /s/ Dan Pocapalia Name: Dan Pocapalia Title: Chairman of the Board, Chief Executive Officer and President EXHIBIT INDEX Exhibit No. Description 99.1 Text of press release of KIT Manufacturing Company issued December 23, 2002. Exhibit 99.1 LONG BEACH, Calif., December 23, 2002 - KIT Manufacturing Company (AMEX: KIT) announced today that it has signed two non-binding Letters of Intent under which KIT would sell all of the assets of its Recreation Vehicles Division (the "RV Division") and its Manufactured Housing Division (the "MH Division") to unaffiliated third-party buyers. In addition, KIT's Board of Directors voted to initiate voluntary proceedings to delist its common stock from the American Stock Exchange ("AMEX") and deregister its common stock under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). At the completion of these proceedings, KIT's common stock will no longer be traded on AMEX and KIT will not be subject to the reporting and other requirements under the Exchange Act. The Board of Directors approved these decisions in order to maximize shareholder value with respect to the proposed asset sale transactions and in light of the significant costs associated with continued listing on AMEX and registration under the Exchange Act. KIT has requested that the last trading day for its common stock on AMEX under the trading symbol "KIT" be January 10, 2003. After the last trading day on AMEX, KIT expects information regarding trading in its common stock to be found in the "Pink Sheets" published by Pink Sheets LLC. Pursuant to the RV Division Letter of Intent, the purchasers will acquire the RV Division for cash and assumption of RV Division debt and liabilities. In addition, KIT formally terminated its previously executed letter of intent with Mr. Scott Thorpe for the purchase of the RV Division. Pursuant to the MH Division Letter of Intent, the purchasers will acquire the MH Division for cash and assumption of certain MH Division debt and liabilities. KIT expects to pay a dividend to its shareholders upon completion of the transactions. KIT expects to solicit shareholder approval for the proposed asset sale transactions and any related matters necessary to accomplish these purposes. Dan Pocapalia, KIT's Chairman of the Board, President and Chief Executive Officer, has indicated that he intends to consent to the asset sale transactions and, potentially, any related matters. Mr. Pocapalia currently owns approximately 49.3% of KIT's outstanding common stock. As a result of Mr. Pocapalia's ownership percentage, KIT expects to obtain shareholder approval for these transactions. KIT Manufacturing Company, headquartered in Long Beach, California, is a leading producer of recreational vehicles and manufactured homes. KIT manufactures RVs and manufactured homes from facilities in Caldwell, Idaho. KIT makes RVs under well known brand names such as Road Ranger, Companion, Millennium and Extreme. Additionally, KIT also constructs both single-section and multi-section manufactured homes under brand names that include Cypress, Chateau, Sierra XL, Sunrise and Golden State. KIT sells its products through a network of more than 160 dealers in the western US and Canada and a wholly-owned manufactured homes retail facility. Statements contained in this Press Release, which are not historical facts, may be forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, those discussed in documents KIT files from time to time with the Securities and Exchange Commission. KIT cautions readers not to rely on forward-looking statements. In addition, there can be no assurance that KIT will consummate the transactions described in this Press Release on the terms set forth herein or at all. -----END PRIVACY-ENHANCED MESSAGE-----