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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) August 18, 1999
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Casinovations Incorporated
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(Exact name of Registrant as specified in charter)
Nevada
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(State or other jurisdiction of incorporation)
000-25855 91-1696010
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(Commission File (IRS Employee
Number) Identification No.)
6744 South Spencer Street, Las Vegas, Nevada 89119
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 733-7195
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
Effective August 18, 1999, Timothy P. Leybold is no longer
employed as Chief Financial Officer of Casinovations Incorporated
(the "Company"). The departure of Mr. Leybold was on terms
mutually acceptable to Mr. Leybold and the Company. At the
present time, Michael C. McDonald, the Company's Controller, has
been named acting Chief Financial Officer and will handle the
responsibilities and duties of the Company's Chief Financial
Officer. Mr. McDonald is a certified public accountant and
received his B.A. in accounting from Brigham Young University and
his M.B.A. from the University of Utah.
On August 19, 1999, the Company distributed to all of its
stockholders of record a letter in which the Company provided an
update as to certain matters concerning the Company, including,
without limitation, an update with respect to the Company's
search for an appropriate market maker for its common stock and
the approval by the Nevada State Gaming Control Board of the
SecureDrop(TM) 2000 System for sale and the approval of the
SecureDrop(TM) 3000 System for field trials.
The aforementioned summary of the letter is not intended to
be exhaustive and is subject to, and qualified in its entirety
by, reference to a copy of the letter which is attached hereto as
Exhibit 99.1. The letter contains statements that may be
considered forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
such as statements relating to the continued development of the
Company's products, future sales of the Company's products,
market maker activities and other statements regarding events or
conditions which have not yet taken place. Such forward-looking
information involves important risks and uncertainties that could
significantly affect anticipated results in the future, and,
accordingly, such results may differ from those expressed in any
forward-looking statements made herein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
99.1 Letter to Stockholders dated August 19, 1999.
2
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SIGNATURE
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.
CASINOVATIONS INCORPORATED
(Registrant)
Date: August 30, 1999 By: /s/ Steven J. Blad
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Steven J. Blad
President and Chief
Executive Officer
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EXHIBIT INDEX
EXHIBIT PAGE
NUMBER DESCRIPTION NUMBER
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99.1 Letter to Stockholders dated August 19, 1999. 5
4
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[LOGO]
CASINOVATIONS INCORPORATED
Thursday, August 19, 1999
Dear Stockholders:
Please find the enclosed Quarterly Report on Form 10-QSB,
recently filed with the Securities and Exchange Commission on
August 31, 1999. The financial information and management
discussion contained in the Form 10-QSB will give you a current
update on our Company.
A SPECIAL NOTE - Last week we finally received approval for
installation of the SecureDrop(TM) products subject to field
trials by the State of Nevada Gaming Control Board.
Specifically, the SecureDrop(TM) 2000 System is approved for
sale, and the SecureDrop(TM) 3000 and Secure Mobile Count System
are approved for sale subject to a 30-day field trial in Nevada.
We expect customer installations to begin within the next 30
days.
A topic of discussion among many of you and our management
is the issue of Casinovations common stock and its trading
opportunities. As discussed in my previous letter and in the
enclosed Form 10-QSB, we have had opportunities to pursue
relationships with market makers who, in our opinion, do not have
the strength or quality to help us achieve our goals for the
Company and our stockholders. Therefore, we have continued the
process of putting several things in place, such as the recent
private investment of $5.2 million in our Company and the
SecureDrop(TM) approvals, to improve the financial condition of
our Company and to allow us to continue to execute our business
strategy.
In September, the World Gaming Show brings casino operators
from all over the world to Las Vegas to view various gaming
products available to the industry. In addition, securities
firms, investment bankers, market makers and investors in the
gaming industry will also attend. Our focus has been to prepare
the best presentation at this renowned trade show, and to
establish the best possible relationships for our Company and
stockholders.
Enclosed you will find an artist's rendering of the
Casinovations booth and display for the World Gaming Show. We
have also provided you with a pass in hopes that you will take
the opportunity to visit our booth at the show and our management
team. Following the World Gaming Show, we plan to provide you
with a further update regarding the trading opportunities for
Casinovations common stock. As we have previously said, the
delays that have occurred in the trading of our stock are merely
incidental to locating the appropriate market makers who will
reflect positively on the Company and its common stock.
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PAGE TWO
Stockholder Letter dated August 18, 1999
We hope you find the enclosed informative and we look
forward to seeing you at the World Gaming Show.
Sincerely,
/s/ Steven J. Blad
Steven J. Blad
President and Chief Execute Officer
THIS LETTER CONTAINS STATEMENTS THAT MAY BE CONSIDERED FORWARD-
LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE
SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE
SECURITIES ACT OF 1934, AS AMENDED, SUCH AS STATEMENTS RELATING
TO THE CONTINUED DEVELOPMENT OF THE COMPANY'S PRODUCTS, FUTURE
SALES OF THE COMPANY'S PRODUCTS, MARKET MAKER ACTIVITIES AND
OTHER STATEMENTS REGARDING EVENTS OR CONDITIONS WHICH HAVE NOT
YET TAKEN PLACE. SUCH FORWARD-LOOKING INFORMATION INVOLVES
IMPORTANT RISKS AND UNCERTAINTIES THAT COULD SIGNIFICANTLY AFFECT
ANTICIPATED RESULTS IN THE FUTURE AND, ACCORDINGLY, SUCH RESULTS
MAY DIFFER FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS
MADE HEREIN.
