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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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): JULY 16, 1998
HELISYS, INC.
(Exact name of Registrant as specified in charter)
DELAWARE 0-27286 95-4552813
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
24015 GARNIER STREET, TORRANCE, CALIFORNIA 90505
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (310) 891-0600
NOT APPLICABLE
(Former name or former address, if changed, since last report)
Page 1 of 4 Pages
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ITEM 5. OTHER EVENTS
On July 16, 1998, the Board of Directors of Helisys, Inc. (the "Company")
appointed Gary Moscovitz as Chief Executive Officer of the Company, succeeding
Michael Feygin, who shall continue to serve as Chairman of the Board of
Directors of the Company and as the Company's Chief Technology Officer. Mr.
Moscovitz joined the Company in March 1998, as President and Chief Operating
Officer.
ITEM 7 FINANCIAL STATEMENTS AND EXHIBITS
(b) Exhibit 20.1 Press Release dated July 20, 1998.
Page 2 of 4
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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.
HELISYS, INC.
Date: July 21, 1998 By: /s/ Dave T. Okazaki
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Dave T. Okazaki, Chief Financial Officer
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EXHIBIT 20.1
[LETTERHEAD OF HELISYS APPEARS HERE]
Helisys Board Appoints Gary S. Moskovitz CEO
TORRANCE, Calif.--July 20, 1998--Helisys, Inc. (OTC BB:HELI) today
announced that its board has appointed Gary S. Moskovitz as chief executive
officer, succeeding Company founder Michael Feygin, who continues as chairman
and chief technology officer.
Mr. Moskovitz, 50, joined the Company as president and chief operating
officer in March, 1998 and has been responsible for day-to-day operations as
well as overseeing Helisys' senior management team since that time.
Mr. Feygin said, "This appointment confirms our initial decision to bring
Gary into Helisys. Since his arrival, he has initiated significant changes which
we believe will contribute to the long-term success of the Company. As the
founder of Helisys, I look forward to continuing my partnership with Gary and
will devote my time to providing strategic technological guidance for our
products."
Mr. Moskovitz said, "I appreciate the confidence that the board has shown
in my contributions to date. Together, Michael Feygin and I will provide Helisys
with the caliber of leadership and direction needed to better serve our
customers, with the goal of building long-term value for our shareholders."
Helisys develops and manufactures systems for creating physical models,
industrial patterns, and product prototypes directly from three-dimensional
computer-generated designs using its proprietary technology, Laminated Object
Manufacturing (LOM). Helisys' LOM systems are instrumental in bringing products
to market faster for such customers as automakers, and manufacturers of toys,
appliances, sporting goods, shoes, electronic hardware, medical devices,
aerospace components, and other products. Helisys' systems also are used in
university research environments and supercomputer centers.
Forward Looking Statement:
The statements in this news release contain forward-looking information
relating to the Company's future performance. Actual events and performance may
differ materially from the Company's expectations. The Company hereby makes
reference to the documents that the Company files with the Securities and
Exchange Commission, including its Form 10-KSB for fiscal year ended July 31,
1997; 10-QSB for the periods ended January 31, 1997, April 30, 1997, October 31,
1997, January 31, 1998, and April 30, 1998, respectively; and Registration
Statement on Form SB-2, as declared effective by the Securities and Exchange
Commission on March 7, 1996, including, without limitation, the information
contained in the section to the
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Registration Statement entitled "Risk Factors." These documents identify
important factors that could cause the Company's actual performance to differ
from the Company's expectations and the forward-looking statements contained in
this news release. These factors include, but are not limited to: quarterly
fluctuations in operating results due to changes in the Company's sales and
customer mix, the ability of the Company to raise additional finances, delays in
shipping new systems, the introduction of new products and product enhancements
by Helisys or its competitors, pricing pressures, increases in expenditures
relating to pursuing the Company's business strategies, general economic
conditions and other factors; emerging nature of the rapid prototyping industry;
reliance by Helisys on a single product line; continued reliability of the
Company's products; and dependence by the Company on its proprietary technology.
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CONTACT: Helisys, Inc., Torrance
Dave Okazaki, 310/891-0600
or
Sitrick And Company
Jeff Lloyd, 310/788-2850
