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<TITLE>Sailtech International, Inc. Form 8-K</TITLE>
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<P ALIGN=CENTER><B>SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN=CENTER>Washington, D.C.  20549</P>

<P ALIGN="CENTER">FORM 8-K</P>

<P ALIGN="CENTER">CURRENT REPORT</P></B>

<B><P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the<br>
Securities Exchange Act of 1934</P></B>

<P ALIGN="CENTER">Date of Report<br>
<B>July 12, 2002</P></B>

<B><P ALIGN="CENTER">SAILTECH INTERNATIONAL, INC.<br></B>
(Exact name of registrant as specified in its charter)</P>

<B><P ALIGN="CENTER">Nevada<br></B>
(State or other jurisdiction of incorporation)</P>

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<B><P>000-33481<br></B>
(Commission File No.)</TD>
<TD WIDTH="49%" VALIGN="TOP">
<B><P>65-1060612<br></B>
(IRS Employer ID)</TD>
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<B><P ALIGN="CENTER">2964 63<SUP>rd</SUP> Avenue East <br>
Bradenton, Florida   34203<br></B>
(Address of principal executive offices and Zip Code)</P>

<B><P ALIGN="CENTER">(941) 739-7904<br></B>
(Registrant's telephone number, including area code)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
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<B><P>ITEM 5. &nbsp; OTHER EVENTS</P></B>

<P ALIGN="JUSTIFY">On July 1, 2002, SailTech Design, Inc. the operating subsidiary of the Company had debts due in excess of available funds and was declared insolvent by the Company's Board of Directors. </P>

<P ALIGN="JUSTIFY">As a result of the insolvency, the Phillips Family Limited Partnership, notified the Company that it was in default under the terms and conditions of the agreement, which became effective on September 11, 2001 and elected to exercise its put option requiring the Company to purchase all shares of common stock owned by the Phillips Family Limited Partnership.  Further, on July 1, 2002 Carey Phillips resigned as an officer and director of the company.</P>

<P ALIGN="JUSTIFY">The agreement is an exhibit to the Company's Form 10-SB filed with the Commission and is incorporated herein by reference.</P>

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<P ALIGN="JUSTIFY"></P>
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<P ALIGN="CENTER"><B>SIGNATURE</P></B>

<P ALIGN="JUSTIFY">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 duly authorized.</P>

<P ALIGN="JUSTIFY">DATED: July 12, 2002.</P>

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<P>&nbsp;</TD>
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<P>&nbsp;</P>
<B><P>SAILTECH INTERNATIONAL, INC.</B></TD>
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<P>&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">
<P>&nbsp;</P>
<P>BY:</TD>
<TD WIDTH="57%" VALIGN="TOP">
<P>&nbsp;</P>
<P>/s/ Pat Reischmann</TD>
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<P>&nbsp;</TD>
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<P>&nbsp;</TD>
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<P>Pat Reischmann<br>
Vice President Marketing and Product Development</TD>
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<P ALIGN="CENTER">&nbsp;</P>
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Sailtech International, Inc. Form 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 Exchange Act of 1934
Date of Report
July 12, 2002
SAILTECH INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction of incorporation)
000-33481
(Commission File No.)
65-1060612
(IRS Employer ID)
2964 63
rd
Avenue East
Bradenton, Florida   34203
(Address of principal executive offices and Zip Code)
(941) 739-7904
(Registrant's telephone number, including area code)
==================================================================================
ITEM 5.   OTHER EVENTS
On July 1, 2002, SailTech Design, Inc. the operating subsidiary of the Company had debts due in excess of available funds and was declared insolvent by the Company's Board of Directors.
As a result of the insolvency, the Phillips Family Limited Partnership, notified the Company that it was in default under the terms and conditions of the agreement, which became effective on September 11, 2001 and elected to exercise its put option requiring the Company to purchase all shares of common stock owned by the Phillips Family Limited Partnership.  Further, on July 1, 2002 Carey Phillips resigned as an officer and director of the company.
The agreement is an exhibit to the Company's Form 10-SB filed with the Commission and is incorporated herein by reference.
SIGNATURE
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 duly authorized.
DATED: July 12, 2002.
SAILTECH INTERNATIONAL, INC.
BY:
/s/ Pat Reischmann
Pat Reischmann
Vice President Marketing and Product Development