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




                                December 8, 1997
                Date or Report (Date of Earliest Event Reported)


                                      AmTec, Inc.
             (Exact name of Registrant as specified in its charter)

Delaware                  0-22520              52-1989122
(State or other           (Commission          (IRS Employer
jurisdiction of           File Number)         Identification No.)
incorporation or
organization)

                              599 Lexington Avenue
                                   44th Floor
                            New York, New York 10022
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (212) 319-9160

                                With copies to:

                             James C. Stokes, Esq.
                                Bingham Dana LLP
                               150 Federal Street
                        Boston, Massachusetts 02110-1726
                              Tel: (617) 951-8000






   
Item 5.         Other Events

     Cancellation of Certain Shares of Common Stock. On December 8, 1997,
AmTec, Inc. (the "Company") cancelled 12,727,909 shares of Common Stock of the
Company and options to purchase 318,182 shares of the Company's Common Stock
which were issued to Tweedia International, Ltd. ("Tweedia") pursuant to a
Stock Purchase Agreement between Tweedia and the Company's predecessor, ITV
Communications, Inc. ("ITV"), a private California corporation. Pursuant to the
Stock Purchase Agreement, ITV sold to Tweedia 25,455,818 shares of ITV Common
Stock and options to purchase 636,364 shares of ITV Common Stock and purportedly
received as consideration $2,600,000 in cash and a contract with a value to
ITV of at least $6,449,543 (the "Distribution Agreement"). The number of
shares of Common Stock held by Tweedia was reduced to 12,727,909 (and the
number of shares issuable upon exercise of the options was reduced to 318,182)
in a one for two reverse stock split that occurred upon the merger of ITV and
Yaak River Mines, Ltd. ("Yaak") in February 1995.
    

     Upon the Company's recent review of the facts and circumstances
surrounding the purchase of the Tweedia shares and options, it was determined
that the full purchase price was never received with respect to the
Distribution Agreement valued at $6,449,543 was never received by the Company.
On December 8, 1997, the Company served notice to Tweedia that the 12,727,909
shares Common Stock and options to purchase 318,182 shares of Common Stock
held by Tweedia, the number of shares purchased with respect to the value of
the Distribution Agreement, were cancelled on the books and records of the
Company as of December 8, 1997, and that Tweedia had no further rights or
privileges as a holder of said shares and options apart from a right to return
of the cash portion of the consideration originally paid ($2,600,000), subject
to such claims and offsets to which the Company may be entitled upon the
return by Tweedia to the Company of the certificate evidencing those shares
and presentation of legal documentation sufficient to establishing its
authority. Although the Company believes that its cancellation of the shares
of Common Stock and options held by Tweedia is justified and appropriate,
there can be no assurances that Tweedia will not object to such cancellation
and that Tweedia will not institute action to attempt to reverse such
cancellation.

     The 12,727,909 shares of Common Stock cancelled on the books and records
of the Company represented approximately thirty-eight percent of the total



number of shares of Common Stock of the Company issued and outstanding prior
to the cancellation of such shares. The Company had 20,790,361 shares of
Common Stock issued and outstanding subsequent to the above-described
cancellation of the 12,727,909 shares of Common Stock.

     Security Ownership of Certain Beneficial Owners and Management. As of
December 15, 1997, after giving effect to the above-described cancellation of
the 12,727,909 shares of Common Stock, the Company had issued and outstanding
20,790,361 shares of Common Stock (which number does not include shares of
Common Stock issuable upon conversion of outstanding preferred stock of the
Company or upon exercise of outstanding warrants and options convertible or
exercisable, as the case may be, within 60 days of December 15, 1997. The
following table reflects, as of December 15, 1997, the beneficial Common Stock
ownership of: (a) each director of the Company, (b) each executive officer
currently anticipated to be named in the summary compensation table in the
Company's Annual Report on Form 10-K for the fiscal year ending March 31,
1998, (c) each person known by the Company to be a beneficial owner of five
percent (5%) or more of its Common Stock, and (d) all executive officers and
directors of the Company as a group:




                                 NAME OF              NO. OF
                              BENEFICIAL OWNER        SHARES(1)  PERCENT(1)
                               ----------------       ---------  ----------
Tan Siong Bee(2)...........    1,248,151                6.00
Polmont Investments
Limited(3).................    1,650,000                7.93
Jenny Sun(4)...............    2,450,000               11.78
Max Chian Yi Sun(5)........    2,798,191               13.46
Joseph R. Wright, Jr.(6)...    4,759,600               18.82
Richard T. McNamar(7)......       15,000                   *
James R. Lilley............       10,000                   *
Michael H. Wilson..........       10,000                   *
Drew Lewis.................       20,000                   *
Richard S. Braddock........       10,000                   *
Liang Jiangli..............            0                   *
Albert G. Pastino(8).......      192,500                   *
James F. O'Brien(9)              192,500                   *
Michael J. Lim(10)             1,006,900                4.62
Xiao Jun(11)...............      525,000                2.46
All officers and directors
as a group (12 persons)(12)    6,976,500               25.45
- --------------

*.....Less than 1%.
(1)   Beneficial ownership is determined in accordance with the rules of the
      Securities and Exchange Commission and generally includes voting or
      investment power with respect to securities. Shares of Common Stock
      subject to options currently exercisable, or exercisable within 60 days
      of December 15, 1997, are deemed outstanding for computing the percentage
      of the person holding such options but are not deemed outstanding for
      computing the percentage of any other person.
(2)   The address of Mr. Bee is c/o Horwath Management Services, Ltd., 6th
      Floor, Bank of America Tower, 12 Harcourt Road, Central Hong Kong.
(3)   The address of Polmont Investments Limited is c/o Havelet Trust Company,
      P.O. Box 3136, Road Town, Tortola, British Virgin Islands.
(4)   Includes 800,000 shares of Common Stock held of record by Global Bridge
      Profits Limited and 1,650,000 shares of Common Stock held by Polmont 
      Investments Limited, of which Ms. Sun purports to have voting power.  
      The address of Global Bridge Profits Limited is c/o Jason Lim, Alhambra, 
      CA 91803. The address of Ms. Sun is 1052 North Beverly Drive, Beverly 
      Hills, CA 90210.
(5)   Includes 2,797,961 shares of Common Stock held by Occidental Worldwide 
      Corporation of which Mr. Sun purports to have sole voting and investment 
      power. The address of Mr. Sun is 126 JLN DEDAP, Taman Ampang Jaya, Trima 
      Jaya, 68000 Ampang, Selangor, Malaysia.




(6)   Includes options to purchase 4,500,000 shares of Common Stock.  The 
      address of Mr. Wright is c/o AmTec, Inc., 599 Lexington Avenue, 44th
      Floor, New York, NY 10022.
(7)   Includes options to purchase 125,000 shares of Common Stock.
(8)   Includes options to purchase 192,500,000 shares of Common Stock.
(9)   Includes options to purchase 192,500,000 shares of Common Stock.
(10)  Includes options to purchase 1,000,000 shares of Common Stock.
(11)  Includes options to purchase 515,000 shares of Common Stock.
(12)  Includes options to purchase 6,625,000 shares of Common Stock.





                                  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 authorized.



                                              AMTEC, INC.



Dated: December 16, 1997                      By:  /s/ Joseph R. Wright, Jr.
                                              Joseph R. Wright, Jr.
                                              Chairman, Chief Executive
                                              Officer and President