SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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, 1997
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UNIFLEX, INC.
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(Exact Name of Registrant as Specified in Charter)
DELAWARE 1-6339 11-2008652
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
383 West John Street, Hicksville, New York 11802
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (516) 932-2000
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N/A
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(Former Name or Former Address, if Changed Since Last Report.)
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Item 5. OTHER EVENTS.
On July 16, 1997, the Registrant, in two private transactions,
repurchased an aggregate of 379,904 shares of its common stock, $.10 par value
("Common Stock"), for an aggregate purchase price of $1,900,078. In addition,
the Registrant concurrently repurchased options to purchase 17,755 shares of
Common Stock (exercisable at a price of $.69 per share) for an aggregate
purchase price of $76,228. Based on 4,306,768 shares of Common Stock outstanding
prior to the repurchases, the repurchased shares represented approximately 8.8%
of the total number of shares of Common Stock then outstanding. For additional
information see the Registrant's press release dated July 17, 1997 incorporated
herein by reference and filed as an exhibit to this report.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibit 20 - Press Release dated July 17, 1997.
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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.
UNIFLEX, INC.
Dated: July 17, 1997 By: /s/ Robert K. Semel
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Name: Robert K. Semel
Title: President
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EXHIBIT 20
COMPANY: ROBERT K. SEMEL
CONTACT: (516) 997-7300
UNIFLEX REPURCHASES COMMON STOCK
HICKSVILLE, NY, JULY 17, 1997 - Uniflex, Inc. (ASE: UFX), an innovative
manufacturer and marketer of customized packaging, announced today the
repurchase of an aggregate of 379,904 shares of its common stock at a discount
of 17 percent from recent market prices. 294,904 shares were purchased from a
founding shareholder and former director and 85,000 shares were purchased from
Kurt Vetter, First Vice President/Engineering and a director. In addition,
options to purchase 17,755 shares of common stock were purchased at the same
discount from the founding shareholder and former director. Prior to the
repurchases, the Company had approximately 4.3 million shares outstanding.
Commenting on the repurchases, Robert K. Semel, President and Chief
Operating Officer, said, "The personal financial needs of these two individuals
required that they sell a large number of shares of common stock and the Company
was able to negotiate the repurchases of such shares at a substantial discount
to recent market prices. The Board of Directors determined that the Company
should take advantage of this one time opportunity which is accretive to
earnings and an attractive investment opportunity for the Company."
Uniflex designs, manufactures and markets a growing line of specialty
bags used for packaging, sales and advertising
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promotions, including general retail. Uniflex also manufactures an expanding
line of patented medical products for use in hospitals, medical and dental
laboratories and emergency care centers and the ULTRAVAULT(TM), tamper evident
cash or document handling envelope. Detailed information about Uniflex products
can be found on its World Wide Web page on the Internet at
http://www.UFline.com.
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