UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OF 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
March 30, 1999 (Date of earliest event reported)
GUM TECH INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in its Charter)
UTAH 0-27646 87-0482806
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
246 East Watkins Street, Phoenix, Arizona 85004
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (602)252-1617
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
ITEM 5. OTHER EVENTS.
Attached hereto as Exhibit 99.1 is a copy of Gum Tech International,
Inc.'s press release dated March 30, 1999 titled "Gum Tech Arranges $6 Million
in Financing from Citadel Investment Group."
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
EXHIBIT
NUMBER DESCRIPTION
- ------ -----------
99.1 Gum Tech International Inc. Press Release Dated March 30, 1999
Titled "Gum Tech Arranges $6 Million in Financing from Citadel
Investment Group"
SIGNATURES
Pursuant to the requirements of the Securities and 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/ William J. Hemelt
---------------------------------
William J. Hemelt
Chief Financial Officer
Date: March 30, 1999
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<PAGE>
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
99.1 Gum Tech International Inc. Press Release Dated March 30, 1999
Titled "Gum Tech Arranges $6 Million in Financing from Citadel
Investment Group"
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EXHIBIT 99.1
COMPANY PRESS RELEASE
GUM TECH ARRANGES $6 MILLION IN
FINANCING FROM CITADEL INVESTMENT GROUP
PHOENIX, March 30, 1999 -- Gum Tech International, Inc. (Nasdaq: GUMM - news)
announced today that it has arranged for $6 million in financing in combined
senior debt and preferred equity from Citadel Investment Group, LLC, a Chicago
based investment fund manager. The arrangement provides that Gum Tech may redeem
the debt and repurchase the preferred stock with common stock rather than cash,
at Gum Tech's option.
Gum Tech's Chief Financial Officer, William Hemelt, said, "The primary purpose
of this financing is to provide initial funding for test marketing the ZICAM(TM)
homeopathic cold remedy and to follow-up the initial research with clinical
studies on the ability of ZICAM(TM) to prevent and eliminate the symptoms of the
common cold, as well as its efficacy as a remedy for many common allergies."
According to Hemelt, "The company worked hard to arrange funding which results
in as little dilution as possible to our current shareholders. The agreement
allows us to repay the financing with cash from future profits, or common stock,
whichever is in the best interests of shareholders in the future."
The proposed private placement is subject to the negotiation and delivery of a
definitive purchase agreement and related documents and the completion of
satisfactory due diligence by the purchaser. There can be no guarantee that Gum
Tech will be able to successfully complete the proposed private placement.
The securities to be offered will not be registered under the Securities Act of
1933 and may not be offered or sold in the United States absent registration or
an applicable exemption from registration requirements.
Gum Tech is located at 246 East Watkins Street, Phoenix, Arizona 85004, E-mail:
[email protected].
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