UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
   Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934


            Date of Report (Date of earliest reported): June 15, 2005


                             THOMAS EQUIPMENT, INC.
               (Exact name of registrant as specified in charter)



         Delaware                  333-44586                58-3565680
         --------                  ---------                ----------
(State or other jurisdiction     (Commission             (IRS Employer
     of incorporation)           File Number)           Identification No.)



     1818 North Farwell Avenue, Milwaukee, WI             53202
     ----------------------------------------            ------
     (Address of principal executive offices)           (Zip Code)

       Registrant's telephone number, including area code: (312) 224-8812

                                   Copies to:
                             Gregory Sichenzia, Esq.
                              Thomas A. Rose, Esq.
                       Sichenzia Ross Friedman Ference LLP
                           1065 Avenue of the Americas
                            New York, New York 10018
                              Phone: (212) 930-9700

                               Fax: (212) 930-9725

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instructions A.2. below):

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


                                       1
<PAGE>

Item 1.01 Entry into a Material Definitive Agreement; and
Item 2.03 Creation of a Direct Financial Obligation.


      On June 15, 2005, Pneutech Inc. ("Pneutech"), a wholly owned subsidiary of
Thomas Equipment, Inc. (the "Company"), entered into a credit facilities
agreement (the "Credit Agreement") with the Royal Bank of Canada ("RBC").
Pneutech's subsidiaries, Rousseau Controls, Inc. and Hydramen Fluid Power
Limited are also parties to the Credit Agreement. Under the terms of the Credit
Agreement, Pneutech will be provided with a CD$15,000,000 revolving credit
facility and Pneutech and its subsidiaries will also be provided an additional
CD$750,000 revolving lease line of credit. The effectiveness of the Credit
Agreement with RBC is dependent upon satisfactory completion of a security
agreement and other documents ancillary to the Credit Agreement. The proceeds of
the loan will be used to repay Pneutech's obligations to HSBC Bank Canada, funds
advanced by Laurus Master Fund, Ltd. for the purchase of Pneutech by the
Company, obligations of the subsidiaries and for additional working capital.

      Pneutech is permitted to borrow an amount based upon its eligible accounts
receivable and eligible unencumbered inventory, as defined in the Credit
Agreement. The loans will generally accrue interest at RBC's prime rate, plus
..25%, which is payable monthly in arrears. The obligations under the Credit
Agreement are secured by all of the assets of Pneutech and its subsidiaries,
including but not limited to inventory and accounts receivable. In addition, the
Company provided a guarantee of all obligations under the Credit Agreement. The
obligations under the Credit Agreement are payable in full on March 30, 2006.


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(a)   Financial statements of businesses acquired.

      Not applicable.

(b)   Pro forma financial information.

      Not applicable.

(c)   Exhibits


Exhibit Number                                Description
--------------        ---------------------------------------------------------
10.1                  Credit Agreement between Pneutech Inc., Rousseau Control
                      Inc. and Hydramen Fluid Power Limited and Royal Bank of
                      Canada, dated as of June 15, 2005
10.2                  Form of General Security Agreement with Royal Bank of
                      Canada
10.3                  Form of Guarantee and Postponement of Claim by Thomas
                      Equipment, Inc. in favor of Royal Bank of Canada


                                       2
<PAGE>

                                   SIGNATURES

      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.


                                                     THOMAS EQUIPMENT, INC.


Date:  June 17, 2005                                 /s/ CLIFFORD RHEE
                                                     -----------------
                                                     Clifford Rhee,
                                                     President




                                       3
{"company-data": {"conformed-name": "Thomas Equipment, Inc.", "cik": "0001122380", "assigned-sic": "3531", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-44586", "film-number": "05902338"}, "business-address": {"street1": "1818 NORTH FARWELL AVENUE", "city": "MILWAUKEE", "state": "WI", "zip": "53202", "phone": "(312) 224-8812"}, "mail-address": {"street1": "1818 NORTH FARWELL AVENUE", "city": "MILWAUKEE", "state": "WI", "zip": "53202"}, "former-company": {"former-conformed-name": "MAXIM MORTGAGE CORP/", "date-changed": "20000822"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
   Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934

            Date of Report (Date of earliest reported): June 15, 2005

                             THOMAS EQUIPMENT, INC.
               (Exact name of registrant as specified in charter)

         Delaware                  333-44586                58-3565680
         --------                  ---------                ----------
(State or other jurisdiction     (Commission             (IRS Employer
     of incorporation)           File Number)           Identification No.)

     1818 North Farwell Avenue, Milwaukee, WI             53202
     ----------------------------------------            ------
     (Address of principal executive offices)           (Zip Code)

       Registrant's telephone number, including area code: (312) 224-8812

                                   Copies to:
                             Gregory Sichenzia, Esq.
                              Thomas A. Rose, Esq.
                       Sichenzia Ross Friedman Ference LLP
                           1065 Avenue of the Americas
                            New York, New York 10018
                              Phone: (212) 930-9700

                               Fax: (212) 930-9725

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instructions A.2. below):

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))

                                       1
Item 1.01 Entry into a Material Definitive Agreement; and
Item 2.03 Creation of a Direct Financial Obligation.

      On June 15, 2005, Pneutech Inc. ("Pneutech"), a wholly owned subsidiary of
Thomas Equipment, Inc. (the "Company"), entered into a credit facilities
agreement (the "Credit Agreement") with the Royal Bank of Canada ("RBC").
Pneutech's subsidiaries, Rousseau Controls, Inc. and Hydramen Fluid Power
Limited are also parties to the Credit Agreement. Under the terms of the Credit
Agreement, Pneutech will be provided with a CD$15,000,000 revolving credit
facility and Pneutech and its subsidiaries will also be provided an additional
CD$750,000 revolving lease line of credit. The effectiveness of the Credit
Agreement with RBC is dependent upon satisfactory completion of a security
agreement and other documents ancillary to the Credit Agreement. The proceeds of
the loan will be used to repay Pneutech's obligations to HSBC Bank Canada, funds
advanced by Laurus Master Fund, Ltd. for the purchase of Pneutech by the
Company, obligations of the subsidiaries and for additional working capital.

      Pneutech is permitted to borrow an amount based upon its eligible accounts
receivable and eligible unencumbered inventory, as defined in the Credit
Agreement. The loans will generally accrue interest at RBC's prime rate, plus
..25%, which is payable monthly in arrears. The obligations under the Credit
Agreement are secured by all of the assets of Pneutech and its subsidiaries,
including but not limited to inventory and accounts receivable. In addition, the
Company provided a guarantee of all obligations under the Credit Agreement. The
obligations under the Credit Agreement are payable in full on March 30, 2006.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(a)   Financial statements of businesses acquired.

      Not applicable.

(b)   Pro forma financial information.

      Not applicable.

(c)   Exhibits

Exhibit Number                                Description
--------------        ---------------------------------------------------------
10.1                  Credit Agreement between Pneutech Inc., Rousseau Control
                      Inc. and Hydramen Fluid Power Limited and Royal Bank of
                      Canada, dated as of June 15, 2005
10.2                  Form of General Security Agreement with Royal Bank of
                      Canada
10.3                  Form of Guarantee and Postponement of Claim by Thomas
                      Equipment, Inc. in favor of Royal Bank of Canada

                                       2
SIGNATURES

      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.

                                                     THOMAS EQUIPMENT, INC.

Date:  June 17, 2005                                 /s/ CLIFFORD RHEE
                                                     -----------------
                                                     Clifford Rhee,
                                                     President

                                       3