Filed by Automated Filing Services Inc. (604) 609-0244 - EYI Industries, Inc. - Form S-8

As filed with the Securities and Exchange Commission on March 30, 2004

Registration No. 333-_________________

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM S-8

REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
________________

EYI INDUSTRIES, INC.
(Exact Name of Registrant as Specified in Its Chapter)

NEVADA 88-0407078
(State of Incorporation) (I.R.S. Employer Identification No.)

3960 Howard Hughes Parkway, Suite 500
Las Vegas, Nevada 89109
Telephone: (702) 296-8034
(Address and Telephone Number of Principal Executive Offices)

STOCK COMPENSATION PROGRAM
(Full Title of the Plan)

Stephen F.X. O’Neill, Esq.
O’NEILL & TAYLOR PLLC
435 Martin Street, Suite 1010, Blaine, WA 98230
Tel: (360)-332-3300
(Name, Address and Telephone Number of Agent for Service)

CALCULATION OF REGISTRATION FEE

Title of
Securities to be
Registered(1)

 Amount to be
Registered(2)

 Proposed
Maximum Offering
Price Per Share(3)

 Proposed
Maximum
Aggregate
Offering Price(3)
 Amount of
Registration
Fee
Common Stock
$0.001 par value		 25,000,000
Shares		 $0.27
Per Share		 $6,750,000 $855.22

(1)
This registration statement covers the common stock issuable upon the exercise of options issued under our Stock Compensation Program to directors, officers, employees and eligible consultants of EYI Industries, Inc. (the “Company”).
   
(2)
This registration statement shall also cover an indeterminable number of additional shares of common stock which may become issuable under the Stock Compensation Program by reason of any stock dividend, stock split, re-capitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of the registrant’s outstanding shares of common stock.
   
(3)

The Proposed Maximum Offering Price Per Share is calculated in accordance with Rule 457 of the Securities Act of 1933, as amended, based upon the average of the bid and ask price of our common stock of $0.27 per share as quoted on the over-the counter bulletin board on March 26, 2004 with respect to the options to purchase 25,000,000 shares of our common stock that may be granted pursuant to our Stock Compensation Program. The Proposed Aggregate Maximum Aggregate Offering Price is based on the Proposed Maximum Offering Price Per Share times the total number of shares of Common Stock to be registered. These amounts are calculated solely for the purpose of calculating the registration fee pursuant to Rule 457 under Securities Act of 1933, as amended.

 

PART I

INFORMATION REQUIRED IN SECTION 10(A) PROSPECTUS

Item 1.                      Plan Information.*

Item 2.                      Registrant Information and Employee Plan Annual Information.*

*
Information required by Part I to be contained in Section 10(a) prospectus is omitted from the Registration Statement in accordance with Rule 428 under the Securities Act of 1933, and Note to Part I of Form S-8.

PART II

Item 3.                      Incorporation of Documents by Reference.

The following documents filed by EYI Industries, Inc. (the “Company”), with the Securities and Exchange Commission are incorporated by reference into this Registration Statement (the “Incorporated Documents”):

  (1)
The Company’s Annual Report filed on Form 10-KSB for the year ended December 31, 2002 with the Securities and Exchange Commission on March 27, 2003;
     
  (2)
All other reports filed by the Company pursuant to Sections 13(a) or 15(d) of the Exchange Act subsequent to March 27, 2003; and
     
  (3)
The description of the Company’s common stock which is contained in the Company’s Form 10-SB Registration Statement, filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933 originally on March 6, 2000 and as amended through September 29, 2000.

All reports and other documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which de-registers all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part of this Registration Statement from the date of the filing of such reports and documents.

Any statement contained in an Incorporated Document shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed Incorporated Document modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Item 4.                      Description of Securities.

The securities to be offered are registered under Section 12 of the Exchange Act of 1934.

Item 5.                      Interests of Named Experts and Counsel.

No expert or counsel named in this prospectus as having prepared or certified any part of it or as having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the common stock was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the Company or any of its parents or subsidiaries. Nor was any such person connected with the Company or any of its parents or subsidiaries as a promoter, managing or principal underwriter, voting trustee, director, officer, or employee.

O’Neill & Taylor PLLC, independent legal counsel to the Company, has provided an opinion regarding the due authorization and valid issuance of the shares of the Company’s common stock.

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Item 6.                      Indemnification of Directors and Officers.

The officers and directors of the Company are indemnified as provided by the Nevada Revised Statutes (the "NRS") and the Bylaws of the Company.

Unless specifically limited by a corporation's articles of incorporation, the NRS automatically provides directors with immunity from monetary liabilities. The Company's Articles of Incorporation do not contain any such limiting language. Excepted from that immunity are:

(a)
a willful failure to deal fairly with the corporation or its shareholders in connection with a matter in which the director has a material conflict of interest;
   
(b)
a violation of criminal law unless the director had reasonable cause to believe that his or her conduct was lawful or no reasonable cause to believe that his or her conduct was unlawful;
   
(c)
a transaction from which the director derived an improper personal profit; and
   
(d)
willful misconduct.

The Articles of Incorporation provide that the Company will indemnify its officers, directors, legal representative, and persons serving at the request of the Company as a director or officer of another corporation, or as its representative in a partnership, joint venture, trust or other enterprise to the fullest extent legally permissible under the laws of the State of Nevada against all expenses, liability and loss (including attorney's fees, judgments, fines and amounts paid or to be paid in settlement) reasonably incurred or suffered by that person as a result of that connection to the Company. This right of indemnification under the Articles is a contract right which may be enforced in any manner by such person and extends for such persons benefit to all actions undertaken on behalf of the Company.

The By-laws of the Company provide that the Company will indemnify its directors and officers to the fullest extent not prohibited by Nevada law; provided, however, that the Company may modify the extent of such indemnification by individual contracts with its directors and officers; and, provided, further, that the Company shall not be required to indemnify any director or officer in connection with any proceeding (or part thereof) initiated by such person unless (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board of Directors of the Company, (iii) such indemnification is provided by the Company, in its sole discretion, pursuant to the powers vested in the Company under Nevada law or (iv) such indemnification is required to be made pursuant to the By-laws.

The By-laws of the Company provide that the Company will advance to any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a director or officer, of the Company, or is or was serving at the request of the Company as a director or executive officer of another Company, partnership, joint venture, trust or other enterprise, prior to the final disposition of the proceeding, promptly following request therefor, all expenses incurred by any director or officer in connection with such proceeding upon receipt of an undertaking by or on behalf of such person to repay said amounts if it should be determined ultimately that such person is not entitled to be indemnified under the By-laws of the Company or otherwise.

The By-laws of the Company provide that no advance shall be made by the Company to an officer of the Company (except by reason of the fact that such officer is or was a director of the Company in which event this paragraph shall not apply) in any action, suit or proceeding, whether civil, criminal, administrative or investigative, if a determination is reasonably and promptly made (i) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to the proceeding, or (ii) if such quorum is not obtainable, or, even if obtainable, a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, that the facts known to the decision-making party at the time such determination is made demonstrate clearly and convincingly that such person acted in bad faith or in a manner that such person did not believe to be in or not opposed to the best interests of the Company.

Item 7.                      Exemption from Registration Claimed.

Not applicable.

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Item 8.                      Exhibits.

Exhibit    
Number  
Description of Document
     
5.1  
10.1  
23.1  
23.2  
24.1  
Power of Attorney (included on the signature page of this registration statement).

Item 9.                      Undertakings.

The Company hereby undertakes:

(A)
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration:
       
   
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
       
   
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and
       
   
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;
       
   
Provided however, that that paragraphs (1) (i) and (ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Company pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference herein.
       
 
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
       
 
(3)
To remove from registration by means of post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
   
(B)
The Company hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Company’s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof.
   
(C)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event

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that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid by the director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of the counsel the matter has been settled by controlling precedent, submit to the appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant, EYI Industries, Inc., certifies that it has reasonable grounds to believe that it meets all of the requirements for filing a Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, British Columbia, on March 29, 2004.

  EYI INDUSTRIES, INC.
     
  By:  
    /s/ Jay Sargeant 
    JAY SARGEANT, PRESIDENT
    (Principal Executive Officer)
     
  By:  
    /s/ Rajesh Raniga
    RAJESH RANIGA, CHIEF
    FINANCIAL OFFICER
    (Principal Accounting Officer)

POWER OF ATTORNEY

Each person whose signature appears below constitutes and appoints Jay Sargeant, as his true and lawful attorney-in-fact and agent with full power of substitution and re-substitution for him and his name, place and stead, in any and all capacities, to sign any or all amendments to this Registration Statement (including post-effective amendments or any abbreviated registration statements and any amendments thereto filed pursuant to Rule 462(b) increasing the number of securities for which registration is sought) and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the foregoing, as fully to all intents and purposes as he might or could do in person hereby ratifying and confirming all that said attorney-in-fact, or his substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following person in the capacities and on the date indicated.

Signature     Title Date
       
    Chief Executive Officer,  
/s/ Jay Sargeant    President & Director March 29, 2004
JAY SARGEANT   (Principal Executive Officer)  
       
/s/ Rajesh Raniga   Chief Financial Officer March 29, 2004
RAJESH RANIGA   (Principal Accounting Officer)  
       
/s/ Dori O'Neill   Secretary, Treasurer  
DORI O’NEILL   and Director March 29, 2004

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