-----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, Io8niFdfC6Qu6rjmIb47KDes8zjZe3Fj8f/ko2HRNyG/iKXaeTyykwm144YtlniK vjfqC41Wubz7jz+TM4scaA== 0001090058-99-000001.txt : 19990716 0001090058-99-000001.hdr.sgml : 19990716 ACCESSION NUMBER: 0001090058-99-000001 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990715 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: EQUITY GROWTH SYSTEMS INC /DE/ CENTRAL INDEX KEY: 0000050471 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 112050317 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-55925 FILM NUMBER: 99664673 BUSINESS ADDRESS: STREET 1: 440 EAST SAMPLE ROAD E STREET 2: SUITE 204 CITY: POMPANO BEACH STATE: FL ZIP: 33060 BUSINESS PHONE: 5619983435 MAIL ADDRESS: STREET 1: 8001 DESOTO WOODS DRIVE CITY: SARASOTA STATE: FL ZIP: 34243 FORMER COMPANY: FORMER CONFORMED NAME: INFOTEC INC DATE OF NAME CHANGE: 19930506 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: UMILE MICHAEL D CENTRAL INDEX KEY: 0001090058 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 440 E SAMPLE RD STREET 2: STE 204 CITY: POMPANO BEACH STATE: FL ZIP: 33064 BUSINESS PHONE: 9549434748 MAIL ADDRESS: STREET 1: 210 OREBON LA CITY: BOCA RATON STATE: FL ZIP: 33487 SC 13D 1 SCHEDULE 13D ------------------------------ OMB APPROVAL ------------------------------ OMB Number Expires: Estimated average burden hours per response ....... 0.5 ------------------------------ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) (Amendment No. )(1) Equity Growth Systems, inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 294698 10 5 - -------------------------------------------------------------------------------- (CUSIP Number) Charles J. Scimeca 8001 DeSoto Woods Drive Sarasota, Florida 34243 941-358-8182 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) 6/25/99 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [_]. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of Pages) - ---------- (1) 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 disclosures provided in a prior cover page. The information required on 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 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). (SC13D-07/98) CUSIP No. 298698 10 5 13D Page 2 of 4 Pages ________________________________________________________________________________ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Michael D. Umile _______________ ________________________________________________________________________________ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [ ] ________________________________________________________________________________ 3 SEC USE ONLY ________________________________________________________________________________ 4 SOURCE OF FUNDS* OO ________________________________________________________________________________ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_] Not Applicable ________________________________________________________________________________ 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America ________________________________________________________________________________ 7 SOLE VOTING POWER NUMBER OF 1,105,325 SHARES _________________________________________________________________ 8 SHARED VOTING POWER BENEFICIALLY OWNED BY _________________________________________________________________ EACH 9 SOLE DISPOSITIVE POWER REPORTING 1,105,325 PERSON _________________________________________________________________ 10 SHARED DISPOSITIVE POWER WITH ________________________________________________________________________________ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,105,325 ________________________________________________________________________________ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_] excludes contingent deferred shares per the terms of the Reorganization Agreement dated June 25, 1999. ________________________________________________________________________________ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.08% ________________________________________________________________________________ 14 TYPE OF REPORTING PERSON* IN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 294698 10 5 13D Page 3 of 4 Pages ________________________________________________________________________________ Item 1. Security and Issuer. Equity Growth Systems, inc. Common Stock ________________________________________________________________________________ Item 2. Identity and Background. (a) Michael D. Umile (b) 210 Oregon Lane; Boca raton, Florida 33487 (c) Vice-President of American Internet Technical Centers, Inc., a subsidiary of Equity Growth Systems, Inc., 440 East Sample Road, Suite 204; Pompano Beach, Florida 33064 (d) No (e) No (f) United States of America ________________________________________________________________________________ Item 3. Source and Amount of Funds or Other Consideration. Exchange of 5,000,000 shares of American Internet Technical Centers, Inc., a Nevada Corporation for 1,127,431 shares of Equity Growth Systems, inc . plus rights to certain contingent deferred shares of common stock per the terms of the Reorganization Agreement dated June 25, 1999. ________________________________________________________________________________ Item 4. Purpose of Transaction. (a) Reorganization Agreement dated June 25, 1999. (b) Corporate Reorganization involving issuer and American Internet Technical Centers, Inc., a Nevada corporation (c) Not applicable (d) J. Brcue Gleason and Mark Granville-Smith elected to Board of Directors of Issuer effective July 1, 1999, subject to the next annual meeting of stockholders or until December 31, 1999, which ever event occurs first. (e) Additional 2,250,000 shares to issuer. (f) No material change to Issuer's business or corporate structure. (g) None (h) Not Applicable (i) Not Applicable (j) None to report ________________________________________________________________________________ Item 5. Interest in Securities of the Issuer. (a) 13.08% common stock (b) 1,105,325 (c) June 25, 1999 Reorganization Agreement (d) Not Applicable (e) Not Applicable ________________________________________________________________________________ Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. Reorganization Agreement dated June 25, 1999. ________________________________________________________________________________ Item 7. Material to be Filed as Exhibits. Exhibit 1- Disclosure as to contingent deferred shares of common stock paragraph 4.1 of the Reorganization Agreement. Exhibit 2- Reorganization Agreement dated June 25, 1999 filed as an exhibit to the Form 8-KSb filed on July 12, 1999. ________________________________________________________________________________ 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. 7/12/99 ---------------------------------------- (Date) /s/ Michael D. Umile /s/ ---------------------------------------- (Signature) Michael D. Umile ---------------------------------------- (Name/Title) Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001). EXHIBIT 1 Section 4.1 of the Reorganization Agreement 4.1 Post Closing Performance Criteria. (a) Whether or not the restructuring provisions of Section 4.9 become operative, the Holding Company will issue additional shares of its common stock to the Subscribers as additional shares exchanged for the Target Company Stock or if applicable pursuant to Section 4.9, all of the Subsidiary's capital stock (the "Additional Exchange Shares"), predicated on the Target Companies' attaining the following annual net, pre-tax profit thresholds determined as of December 31 of each year in accordance with generally accepted accounting principals, consistently applied ("GAAP"), as follows: Goal Time Frame Additional Exchange Shares ----------------------------------------------------------------------- $200,000 1999 500,000 Shares $500,000 2000 800,000 Shares $1,000,000 2001 800,000 Shares $1,5000,000 2002 800,000 Shares $2,000,000 2003 800,000 Shares $2,500,000 2004 800,000 Shares (b) In the event that the thresholds are not attained and the Holding Company has provided the Target Companies with at least $250,000 in funding for their operations, then: (1) If the net, pre tax earnings are less than 33% of the required threshold during the subject 12 month period, the Additional Exchange Shares for such period will be forfeited; (2) If the net, pre tax earnings are between 33% and 80% of the required threshold during the subject 12 month period, the Additional Exchange Shares for such period and the required threshold will be carried over to the next year, increasing both the aggregate threshold and the aggregate bonus attainable for such year; and (3) If the net, pre tax earnings are between 80% and 100% of the required threshold during the subject 12 month period, the Additional Exchange Shares for such period shall be prorated. (c) In the event that the thresholds are not attained but the Holding Company has not provided the Target Companies with at least $250,000 in funding for its operations, then, the Additional Exchange Shares for such period shall be prorated. -----END PRIVACY-ENHANCED MESSAGE-----