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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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)
AUGUST 23, 2005
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BLUE HOLDINGS, INC.
(Exact name of registrant as specified in charter)
NEVADA
(State or other Jurisdiction of Incorporation or Organization)
000-33297 88-0450923
(Commission File Number) (IRS Employer Identification No.)
5804 E. SLAUSON AVE., COMMERCE, CA 90040
(Address of Principal Executive
Offices and zip code)
(323) 725-5555
(Registrant's telephone number, including area code)
MARINE JET TECHNOLOGY CORP.
936A BEACHLAND BOULEVARD, SUITE 13
VERO BEACH, FL 32963
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of registrant under any of the
following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))
[_] 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))
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SECTION 1 - REGISTRANT'S BUSINESS AND OPERATIONS
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On August 23, 2005, Blue Holdings, Inc. (the "Company") entered into a
First Amendment to Employment Agreement (the "Amendment") with Philippe Naouri.
The Amendment, effective August 1, 2005, amends the Employment Agreement
("Employment Agreement") entered into with Mr. Naouri on July 8, 2005. Pursuant
to the terms of the Amendment, Mr. Naouri is no longer required to devote all of
his time to the Company's business and in consideration therefor, is no longer
entitled to receive a 1% commission on the net sales of all Antik Denim brand
apparel sold by the Company. Mr. Naouri is, however, required to devote such
time to the Company's business as is necessary to perform his duties under the
Employment Agreement. The Amendment is attached to this Current Report on Form
8-K as Exhibit 10.1, and is incorporated herein by this reference.
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED. None.
(b) PRO FORMA FINANCIAL INFORMATION. None.
(c) EXHIBITS.
10.1 First Amendment to Employment Agreement dated to be
effective August 1, 2005, between Blue Holdings, Inc.
and Philippe Naouri.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Blue Holdings, Inc. has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
BLUE HOLDINGS, INC.
Date: August 25, 2005 By: /S/ PATRICK CHOW
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Patrick Chow, Chief Financial Officer
and Secretary
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION OF EXHIBIT
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10.1 First Amendment to Employment Agreement dated to be effective
August 1, 2005, between Blue Holdings, Inc. and Philippe
Naouri.
4