-----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, FkuOhy+xwi4YPnEz/OEvg3u6Otfg2sNyZOjPuJ0cXrBYu8v3VJX7JAOGoRWRsUbI ZfHoDcZ35LiLloFx55oirw== 0001157523-03-006508.txt : 20031112 0001157523-03-006508.hdr.sgml : 20031111 20031112071238 ACCESSION NUMBER: 0001157523-03-006508 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031111 ITEM INFORMATION: Other events FILED AS OF DATE: 20031112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOVA NATURAL RESOURCES CORP CENTRAL INDEX KEY: 0000792935 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 841227328 STATE OF INCORPORATION: CO FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15078 FILM NUMBER: 03990403 BUSINESS ADDRESS: STREET 1: 1021 CREEKFORD DRIVE STREET 2: 1021 CREEKFORD DRIVE CITY: WESTON STATE: FL ZIP: 33326 BUSINESS PHONE: 9548499507 MAIL ADDRESS: STREET 1: 1021 CREEKFORD DRIVE CITY: WESTON STATE: FL ZIP: 33326 8-K 1 a4513919.txt NOVA NATURAL RESOURCES 8-K SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Act of 1934 Date of Report (Date of Earliest Event Reported): November 11, 2003 NOVA NATURAL RESOURCES CORPORATION (Exact name of registrant as specified in its charter) Colorado 0-15078 84-1227328 (State or other jurisdiction (Commission (I.R.S. Employer Of incorporation) File No.) Identification No.) 1021 Creekford Drive Weston, Florida, 33326 (Address of principal executive offices) (Zip Code) (954)849-9507 (Registrant's telephone number, including area code) ITEM 5. Other Events Fort Lauderdale, Florida, Nova Natural Resources Corporation (NASDAQ:OTCBB: NVNJ) announced today that the Corporation entered into an agreement to divest of its electronic business assets the company idled at 2002 year end. The company has also stated that it has completed the 2002 audit and expects to submit within 60 days. The electronic business unit declined shortly after acquisition due to a slow down in demand for existing products and a lack of immediate working capital required for new product introduction. Revenue decreased significantly from 2001 of $4.8MM to 2002 of $.4MM whereby the company was unable to continue operations. Previous management was unsuccessful in efforts to raise the necessary working capital in the time frame in which the business unit had opportunities for its product. The decrease in demand, consumption of saleable inventory and lack of working capital resulted in discontinuing the operations at year end 2002. The business had remained idle while the new management team and board of directors accessed the market conditions for the company products and production capabilities. The current board of directors has determined that restarting the operations creates significant risk for its shareholders and has determined that raising funds with equity would be difficult if not impossible. Therefore, the Directors approached the original owners and reached an agreement for the return of assets in turn for the return of the Torita Electronic (Hong Kong) Ltd., common stock in the amount of 138,612,287 shares. The divesture agreement was entered into with Han Zhende, President of Torita Electronic (Hong Kong) Company Ltd., and provides for the return of the assets acquired from the original agreement, dated Feb 09 2001 between Torita Donghao, LLC and Nova Natural Resource Corporation. The agreement provides for the return of assets, assumption of all liabilities associated with the Chinese operation in turn for the return to Nova the 138,612,287 shares of common stock originally issues to Torita Electronic (Hong Kong) Ltd. The 2002 audit is completed in draft form and currently the company and auditor are working on footnotes and subsequent events relating to the divesture. The company expects that the audit and subsequent quarterly reports for 2003 will be ready for submission within 60 days. 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 duly authorized. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, The Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NOVA NATURAL RESOURCES CORPORATION By: /s/ Chris Tse ------------------------ Chris Tse, President Date: November 11, 2003 -----END PRIVACY-ENHANCED MESSAGE-----