UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________
SCHEDULE 13G
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES
13d-1(b),(c), AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE
13d-2(b)
K2 Inc.
(Name of Issuer)
Common Stock, $1.00 Par Value Per Share
(Title of Class of Securities)
482732104
(CUSIP Number)
k1 Ventures Limited
23 Church Street
#10-01/02 Capital Square
Singapore 049481
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
__________________________
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
-------------------- -------------------
CUSIP No. 428732104 13G Page 2 of 12 Pages
-------------------- -------------------
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON/
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only)
k1 Ventures Limited
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[_]
2
(b) [_]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Singapore
--------------------------------------------------------------------------------
SOLE VOTING POWER
5
0
Number of -----------------------------------------------------
Shares SHARED VOTING POWER
Beneficially 6
Owned by
2,621,644
Each -----------------------------------------------------
Reporting SOLE DISPOSITIVE POWER
7
Person
With 0
-----------------------------------------------------
SHARED DISPOSITIVE POWER
8
2,621,644
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
--------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [_]
10
2,621,644
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
13.80%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
12 CO
--------------------------------------------------------------------------------
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CUSIP No. 428732104 13G Page 3 of 12 Pages
-------------------- --------------------
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON/
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only)
Sporting Goods Investment I, LP
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[_]
2
(b) [_]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
5
0
-----------------------------------------------------
Number of SHARED VOTING POWER
Shares 6
Beneficially
Owned by 1,048,657
-----------------------------------------------------
Each
Reporting
SOLE DISPOSITIVE POWER
Person 7
With
0
-----------------------------------------------------
SHARED DISPOSITIVE POWER
8
1,048,657
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,048,657
--------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [_]
10
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.52%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
12
PN
--------------------------------------------------------------------------------
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CUSIP No. 428732104 13G Page 4 of 12 Pages
---------------------- -------------------
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON/
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only)
Sporting Goods Investment II, LP
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[_]
2
(b) [_]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
5
0
Number of -----------------------------------------------------
Shares SHARED VOTING POWER
Beneficially 6
Owned by
1,048,657
Each -----------------------------------------------------
Reporting SOLE DISPOSITIVE POWER
7
Person
With 0
-----------------------------------------------------
SHARED DISPOSITIVE POWER
8
1,048,657
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,048,657
--------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [_]
10
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.52%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
12
PN
--------------------------------------------------------------------------------
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CUSIP No. 428732104 13G Page 5 of 12 Pages
--------------------- -------------------
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON/
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only)
K-1 USA Ventures, Inc.
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[_]
2
(b) [_]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
5
0
Number of ------------------------------------------------------
Shares
Beneficially SHARED VOTING POWER
Owned by 6
Each 1,048,657
Reporting ------------------------------------------------------
SOLE DISPOSITIVE POWER
Person 7
With
0
------------------------------------------------------
SHARED DISPOSITIVE POWER
8
1,048,657
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,048,657
--------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [_]
10
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.52%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
12
CO
--------------------------------------------------------------------------------
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CUSIP No. 428732104 13G Page 6 of 12 Pages
-------------------- -------------------
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON/
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only)
K-1 Holdings Equity I, Inc.
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[_]
2
(b) [_]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
5
0
Number of ------------------------------------------------------
Shares SHARED VOTING POWER
Beneficially 6
Owned by
1,048,657
Each ------------------------------------------------------
Reporting SOLE DISPOSITIVE POWER
7
Person
With 0
------------------------------------------------------
SHARED DISPOSITIVE POWER
8
1,048,657
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,048,657
--------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [_]
10
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.52%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
12
CO
--------------------------------------------------------------------------------
--------------------- --------------------
CUSIP No. 428732104 13G Page 7 of 12 Pages
--------------------- --------------------
Item 1(a). Name of Issuer:
K2 Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
4900 S. Eastern, Suite 200
Los Angeles, CA 90040
Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office
Item 2(c). Citizenship:
k1 Ventures Limited
23 Church Street
#10-01/02 Capital Square
Singapore 04948
Singapore Corporation
Sporting Goods Investment I, LP
2601 S. Bayshore Drive
Suite 1775
Coconut Grove, Florida 33133
Delaware Limited Partnership
Sporting Goods Investment II, LP
2601 S. Bayshore Drive
Suite 1775
Coconut Grove, Florida 33133
Delaware Limited Partnership
K-1 USA Ventures, Inc.
2601 S. Bayshore Drive
Suite 1775
Coconut Grove, Florida 33133
Delaware Corporation
K-1 Holdings Equity I, Inc.
2601 S. Bayshore Drive
Suite 1775
Coconut Grove, Florida 33133
Delaware Corporation
Item 2(d). Title of Class of Securities:
Common Stock, par value $1.00 per share.
--------------------- --------------------
CUSIP No. 428732104 13G Page 8 of 12 Pages
--------------------- --------------------
Item 2(e). CUSIP Number:
482732104
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a:
(a) [_] Broker or dealer registered under Section 15 of the
Exchange Act;
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange
Act;
(c) [_] Insurance company as defined in Section 3(a)(19) of
the Exchange Act;
(d) [_] Investment company registered under Section 8 of
the Investment Company Act;
(e) [_] An investment adviser in accordance with Rule 13d-
1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in
accordance with Rule 13d-1(b)(1)(ii)(G);
(h) [_] A savings association as defined in Section 3(b) of
the Federal Deposit Insurance Act;
(i) [_] A church plan that is excluded from the definition
of an investment company under Section 3(c)(14) of
the Investment Company Act;
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Item 4. Ownership.
Provide the following information regarding the aggregate number
and percentage of the class of securities of the issuer identified in Item 1.
k1 Ventures Limited ("k1") controls both Sporting Goods Investment
I, LP ("SG1") and Sporting Goods Investment II, LP ("SG2"). The sole general
partner of SG1 is K-1 USA Ventures, Inc. ("K-1 USA"), a Delaware corporation
controlled by k1. K-1 USA owns 0.10 percent of SG1. k1 Ventures (HK) Limited
("k1 HK"), a company organized under the laws of Hong Kong, and a wholly-owned
subsidiary of k1, is the sole limited partner of SG1 and owns a 99.90 percent
interest.
The sole general partner of SG2 is K-1 Holdings Equity I, Inc.
("K-1 Equity"), a Delaware corporation wholly owned by k1. K-1 Equity owns 0.10
percent of SG2. Focus Up Holding Limited ("Focus Up"), a company organized
under the laws of British Virgin Islands, and a wholly-owned subsidiary of k1
Investment (I) Pte Ltd. (a Singapore company which is controlled by k1), is the
sole limited partner of SG2 and owns a 99.90 percent interest.
--------------------- --------------------
CUSIP No. 428732104 13G Page 9 of 12 Pages
--------------------- --------------------
(a) Amount beneficially owned:
2,621,644 shares of common stock/1/
(b) Percent of class:
13.80%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
0
(ii) Shared power to vote or to direct the vote
2,621,644
(iii) Sole power to dispose or to direct the
disposition of
0
(iv) Shared power to dispose or to direct the
disposition of
2,621,644
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that
as of the date hereof the Reporting Person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following [_].
-----------------
/1/ The beneficial ownership reported herein for k1 represents 13.80% of the
outstanding Common Stock on February 14, 2003 and consists of 2,621,644 shares
of Common Stock that are currently issuable within 60 days of February 14, 2003
(i) upon conversion of $25,000,000 aggregate principal amount of Convertible
Subordinated Debentures (the "Debentures") held by SG1 and SG2 and (ii) upon
exercise of two Common Stock Purchase Warrants to purchase up to 524,329 shares
of Common Stock in the aggregate, issued in connection with the Debentures (the
"Warrants"). The Debentures are convertible until and mature on March 3, 2010.
The Warrants expire on February 14, 2008. SG1 and SG2 were each issued a
Debenture of $12,500,000 principal amount. The warrants are owned by k1.
The terms of the Debentures and the Warrants (collectively, the "Securities")
provide that the Securities are convertible or exercisable on any given date
only to the extent that the number of shares of Common Stock then issuable upon
the conversion or exercise of the Securities, together with any other shares of
Common Stock beneficially owned by the Reporting Persons or any of their
affiliates (excluding for this purpose shares of Common Stock which may be
deemed beneficially owned through the ownership of the unconverted or
unexercised Securities), would not exceed 9.9% of the Common Stock then issued
and outstanding. Accordingly, the Reporting Persons' ability to fully convert or
exercise the Securities may be limited by the terms of the Securities.
--------------------- ---------------------
CUSIP No. 428732104 13G Page 10 of 12 Pages
--------------------- ---------------------
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
N/A
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company or
Control Person.
N/A
Item 8. Identification and Classification of Members of the Group.
N/A
Item 9. Notice of Dissolution of Group.
N/A
Item 10. Certification.
N/A
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 21, 2003
K1 VENTURES LIMITED
By: /s/ Jeffrey A. Safchik
---------------------------------------
Name: Jeffrey A. Safchik
---------------------------------
Title: Chief Financial Officer
--------------------------------
SPORTING GOODS INVESTMENT I, LP
By: K-1 USA Ventures, Inc., its sole
general partner
By: /s/ Jeffrey A. Safchik
---------------------------------------
Name: Jeffrey A. Safchik
---------------------------------
Title: Chief Financial Officer
--------------------------------
SPORTING GOODS INVESTMENT II, LP
By: K-1 Holdings Equity I, Inc., its sole
general partner
By: /s/ Jeffrey A. Safchik
---------------------------------------
Name: Jeffrey A. Safchik
---------------------------------
Title: Chief Financial Officer
--------------------------------
K-1 USA VENTURES, INC.
By: /s/ Jeffrey A. Safchik
---------------------------------------
Name: Jeffrey A. Safchik
---------------------------------
Title: Chief Financial Officer
--------------------------------
K-1 HOLDINGS EQUITY I, INC.
By: /s/ Jeffrey A. Safchik
---------------------------------------
Name: Jeffrey A. Safchik
---------------------------------
Title: Chief Financial Officer
--------------------------------
EXHIBIT A
Joint Filing Agreement
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act
of 1934, as amended, the undersigned hereby agree to the joint filing with all
other Reporting Persons (as such term is used in the Schedule 13G referred to
below) on behalf of each of them of a statement on Schedule 13G (including
amendments thereto) with respect to the Common Stock, $1.00 par value per share,
of K2 Inc., and that this Agreement be included as an Exhibit to such joint
filing. This Agreement may be executed in any number of counterparts all of
which taken together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned hereby executed this Agreement
this 21st day of February, 2003.
K1 VENTURES LIMITED
By: /s/ Jeffrey A. Safchik
---------------------------------------
Name: Jeffrey A. Safchik
---------------------------------
Title: Chief Financial Officer
--------------------------------
SPORTING GOODS INVESTMENT I, LP
By: K-1 USA Ventures, Inc., its sole
general partner
By: /s/ Jeffrey A. Safchik
---------------------------------------
Name: Jeffrey A. Safchik
---------------------------------
Title: Chief Financial Officer
--------------------------------
SPORTING GOODS INVESTMENT II, LP
By: K-1 Holdings Equity I, Inc., sole
general partner
By: /s/ Jeffrey A. Safchik
---------------------------------------
Name: Jeffrey A. Safchik
---------------------------------
Title: Chief Financial Officer
--------------------------------
K-1 USA VENTURES, INC.
By: /s/ Jeffrey A. Safchik
---------------------------------------
Name: Jeffrey A. Safchik
---------------------------------
Title: Chief Financial Officer
--------------------------------
K-1 HOLDINGS EQUITY I, INC.
By: /s/ Jeffrey A. Safchik
---------------------------------------
Name: Jeffrey A. Safchik
---------------------------------
Title: Chief Financial Officer
--------------------------------