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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 and Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
October 29, 1998
CELERITY SYSTEMS, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-23279 52-2050585
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(State or Other (Commission File (IRS Employer
Jurisdiction of Number) Identification No.)
Incorporation)
1400 Centerpoint Boulevard
Knoxville, Tennessee 37932
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(Address of Principal Executive Offices)
Registrant's Telephone Number, including
area code: (423) 539-5300
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(Former Address, if changed since last report)
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Item 5: OTHER EVENTS
Attached hereto as Exhibit 1 is a copy of a press release dated October 29,
1998 announcing that Celerity Systems, Inc. has initially closed a private
placement of promissory notes.
Item 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
1. Press Release issued by Celerity Systems, Inc. on
\ October 29, 1998.
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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.
Dated: October 29, 1998
CELERITY SYSTEMS, INC.
By: /s/ Kenneth D. Van Meter
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Kenneth D. Van Meter
President and Chief Executive Officer
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Exhibit 1
CELERITY CLOSES ON PRIVATE FINANCING
KNOXVILLE, Tenn., October 29, 1998 -- Celerity Systems, Inc. (Nasdaq:CLRT) has
received gross proceeds of $400,000 upon the initial closing of a private
placement. Each investor in the private placement received a seven percent
promissory note with a principal amount equal to the amount of the investment
and with a term of one, two, or three years. Principal and interest are payable
by the Company at maturity. In addition, each investor received the right to a
royalty payment of fifty cents per $100,000 invested (pro rated for lesser
investments), for each T 6000 digital set top box sold during a period of up to
five years following the closing. The $400,000 received represents the minimum
amount offered in the private placement; the maximum amount offered is
$2,000,000.
Investors in the private placement include certain directors and officers of the
Company, as well as outside investors. The funds are to be used for general
operating expenses of the Company.
The securities offered in the private placement have not been registered under
the Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an exemption from applicable registration
requirements.
For more information, contact: Celerity Systems, Inc., 1400 Centerpoint Blvd.
Knoxville, TN 37932 Phone: 423-539-5300, Fax: 423-539-5390, Web:
http://www.celerity.com.
