U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-KSB

(Mark One)

		[X]	ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE

			SECURITIES EXCHANGE ACT OF 1934 [Fee Required]

					For the fiscal year ended July 31, 2001

 

	[  ]	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE

		SECURITIES EXCHANGE ACT OF 1934 [No Fee Required]

					For the transition period from    to

Commission file number:  0-8289

The Rovac Corporation

(Name of small business issuer in its charter)

Delaware                                                 59-1461320

(State or other jurisdiction of                      (I.R.S. Employer

incorporation or organization)                     Identification No.)

1030 Stafford Street, Rochdale MA 01542

(Address of principal executive offices)

Issuer's telephone number:  (508) 892-1121

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12 (g) of the Act:

Common Stock, par value $0.01 per share

(Title of class)

 

Check whether the issuer (1) filed all reports required to be for such shorter period that the Registrant was required to file reports, and (2) been subject to such filing requirement for the past 90 days.

Yes_____No__X__

Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in this form, and no disclosure will be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB.  [ X ]

State issuer's revenues for its most recent fiscal year:  $153,994

The aggregate market value of the voting stock held by non-affiliates computed by reference to the price at which the stock was sold within the past 60 days was $353,161 as of November 30, 2001.

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

The number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date, November 30, 2001, was 39,358,073 shares of Common Stock, $0.01 par value.

DOCUMENTS INCORPORATED BY REFERENCE

If the following documents are incorporated by reference, briefly describe them and identify the part of the Form 10-KSB into which the document is incorporated:  (1) any annual report to security holders; (2) any proxy of information statement; and (3) any prospectus filed pursuant to Rule 424 (b) or (c) of the Securities Act of 1933 ("Securities Act").  NONE.

PART I

Item 1.	Description of Business.

	(a)	General Development of Business

	The ROVAC Corporation ("the Company") is a Delaware corporation, which was organized in 1972 and has been involved in the research and development of a variety of mechanical devices.  During the last fiscal year, the Company continued manufacturing and selling key components of its pipe connecting technology.  The Company's patented CinchLockâ pipe connectors consist of mechanical connecting devices, which join pipes and joints of assorted size and shapes without glue or solder to permit the flow of fluid or air under different operating conditions and pressures.  The Company has only one business segment.

	(b)	Business of Issuer

	During the fiscal year ending July 31, 2001, the Company continued to manufacture and sell product to NIBCO.  NIBCO is currently working on plans to introduce additional thermoplastic product lines into the marketplace pursuant to its exclusive worldwide thermoplastic sales agreement. The Company has not been provided with exact dates for the introduction of NIBCO thermoplastic product lines.

	At the end of the fiscal year, The ROVAC Corporation had 2 employees who worked full time, a full time consultant and two part-time employees.  The Company uses part-time employees on an as needed basis for manufacturing.  The Company has numerous domestic and foreign patents issued as well as a number of other patent applications pending for its CinchLockâ pipe connectors. The Company has a number of patents both pending and granted which cover the Company's technology.

	Research and Development expenses for the years ended July 31, 2001 and July 31, 2000 were $18,920 and $19,971, respectively - a decrease of $1,051.  This decrease reflects no significant change in the Company's Research and Development.

 

Item 2.	Description of Property.

	The Company's product development facilities and administrative offices are located in Rochdale, Massachusetts and occupy approximately 6,520 square feet.  ROVAC rents the space, which it occupies from its controlling shareholder, Stafford Industries, Inc., ("Stafford").  The lease expires on July 31, 2002.

 

Item 3.	Legal Proceedings.

	There are no pending or threatened legal proceedings against the Registrant.

 

Item 4.	Submission of Matters to a Vote of Security Holders

	None.

 

 

 

 

 

 

 

 

PART II

Item 5.	Market for Common Equity and Related Stockholder Matters

Common Stock

	The Company has authorized 40,000,000 shares of Common Stock ($0.01 par value per share), of which 39,958,073 shares of Common Stock were reported issued and outstanding as of July 31, 2001.  In addition, there are 25,000 shares of Common Stock issuable as of July 31, 2001.  All of the issuable shares will have restrictions against transfer pursuant to Regulation D and/or will be exempt from registration under the Securities Act of 1933, as amended.

Market for Common Stock

	

	The Company's Common Stock has been traded in the over-the-counter market since 1974, and is presently listed in the "pink sheets" by approximately three (3) broker-dealers.  The following is the range of low and high bid prices for a share of the Company's stock for quarters ended: