UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
August 2, 2002
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Date of Report (Date of earliest reported event)
FUELNATION, INC.
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(Exact name of registrant as specified in its charter)
Florida
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(State or other jurisdiction of incorporation
1-12350
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(Commission File Number)
65-0827283
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(IRS Employer Identification No.)
4121 SW 47th Avenue, Suite 1301, Davie, Florida 33314
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(Address of principal executive offices) (Zip Code)
(954) 587-3775
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Registrant's telephone number, including area code
(Not Applicable)
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(Former name or former address, if changed since last report)
INFORMATION INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS
On August 2, 2002, FuelNation entered into a letter agreement with H&N LLC to
provide a cost of issuance and shortfall letter of credit for up to $110 million
the Company's proposed $330 million taxable municipal bond issue in amounts
equal to approximately 3.5% of the bond amount for a total of approximately
$3,500,000 in one installment.
FuelNation intends to issue a taxable Municipal Bonds in the amount of $330
million in three series of approximately $110 million each, for the purpose of
developing a public purpose travel and transportation center in Davie, Florida
and the acquisition and consolidation of five petroleum marketers/petroleum
transporters and centralize the acquisitions with automation and tracking of
petroleum from the state of Ohio. This letter agreement, along with a letter
agreement previously entered into and filed, will be used to pay the fees due
with respect to the transaction and such amount will be repaid at the time of
funding of the bonds.
The fees for this letter agreement include shares of common stock of FuelNation
representing 9.9% of the outstanding common stock and $1,000,000 in cash.
FuelNation is required to make a draw on the bonds within 25 business after the
letter of credit is drawn down. The letter of credit will expire 30 days after
issuance unless a draw is made prior to that date.
The Agreement is attached as Exhibit 10.15 to this report.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
10.15 Letter of Credit Agreement with H&N LLC dated August 2, 2002 with
respect to $110 million bond financing letter of credit.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, our Company
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
FuelNation, Inc.
Dated: August 7, 2002 /s/ CHRISTOPHER R. SALMONSON
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Christopher R. Salmonson, President
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