UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 13, 1997
Gum Tech International, Inc.
---------------------------------------------------
(Exact name of registrant as specified in it charter)
Utah 0-27646 87-0482806
--------------------------- ------------ ---------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
4205 North Seventh Avenue
Suite 300
Phoenix, AZ 85013-3080
(Address of principal executive offices)
-----------------------------------------------------------------
Registrant's telephone number, including area code (602) 277-0606
Not applicable
-----------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. Other Events
On August 13, 1997, Gum Tech International, Inc. and Nabisco, Inc. entered
into a "Joint Development Agreement." The objective of the agreement is to
develop and commercialize a number of new and improved products. In the
development phase of the agreement, Gum Tech will combine its expertise in areas
such as coatings and active ingredients with Nabisco's expertise in areas such
as gum bases and flavors. Gum Tech commits to having a minimum manufacturing
capacity for at least 20 million units from now until June 1, 1998.
Nabisco and Gum Tech will jointly develop new products and/or modify
existing products, if necessary. Gum Tech shall bear primary responsibility for
manufacturing products. Nabisco is responsible for assuring performance and
efficacy testing. The products developed will be jointly owned by Nabisco and
Gum Tech, except for those ingredients considered proprietary by either party.
Gum Tech may not produce jointly developed products for companies other than
Nabisco.
Both parties shall bear their own costs as to the respective tasks which
they perform, unless a further written agreement is signed respecting division
of costs.
Nabisco shall be the exclusive sub-licensee of Gum Tech in a licensed
proprietary compound from Gum Tech in certain retail areas. Gum Tech may not
offer this compound in those areas to other customers or potential customers.
During the term of the agreement, Gum Tech agrees that it will refrain from
engaging in similar product development and manufacturing efforts directed to
the domestic market with certain companies determined by Nabisco. Likewise,
Nabisco will refrain from similar product development efforts with other
potential gum manufacturers.
The agreement contains confidentiality provisions designed to safeguard the
confidential information to be shared by the parties under the agreement.
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.
GUM TECH INTERNATIONAL, INC.
(Registrant)
By: /s/ Jeffrey L. Bouchy
----------------------------------------
Jeffrey L. Bouchy
Senior Vice President-Chief Financial
Officer
Dated: August 14, 1997
