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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): September 7, 2004
AMERITYRE CORPORATION
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(Exact name of registrant as specified in its charter)
NEVADA 33-94318-C 87-0535207
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(State or other jurisdiction (Commission File Number) (IRS Employer ID No.)
of incorporation)
1501 Industrial Road, Boulder City, Nevada 89005
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(Address of principal executive office)
Registrant's telephone number, including area code: (702) 294-2689
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Item 8.01. Other Events
Effective September 7, Amerityre Corporation (the "Company") has agreed to
extend until September 24, 2004, the Closing Date, for the Manufacturing and
Distribution License Agreement and related agreements (collectively, the
"Agreement") between the Company and Liberty Circle S.A., a Panamanian
corporation ("Liberty Circle"). Under the terms of the Agreement, Liberty
Circle was to have made an initial payment of $3,125,000 of the approximately
$6.5 million transaction by September 3, 2004.
Liberty Circle requested the additional time for making the initial payment
because of delays it has experienced related to the closing of its acquisition
of the real property in Panama where Liberty Circle intends to construct its
manufacturing facility.
The Agreement provides an exclusive license for Liberty Circle to manufacture
and market certain of Amerityre's polyurethane foam Flatfree tire products
(the "Products")in Latin America. The Agreement also includes provisions for
the Company to produce and install the necessary manufacturing equipment for
the Products, and to supply the proprietary chemical systems needed for
Liberty Circle to produce the Products. The exclusivity of the license is
dependent on Liberty Circle meeting annual minimum purchase requirements for
the purchase of chemical systems from the Company once the installation of the
manufacturing equipment is completed and production commences. The parties
anticipate that it will take approximately 9 to 12 months to fulfill the terms
of the Agreement.
In addition to the above, the Company will design and develop moped, motor
scooters and motorcycle tires to be produced by Liberty Circle for the Latin
American marketplace. In connection with the Agreement, the Company will also
provide Liberty Circle with equipment setup, training and manufacturing
support.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunder duly authorized.
AMERITYRE CORPORATION
Date: September 7, 2004 /S/ Richard A. Steinke, C.E.O.