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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): February 20, 1998
ECOMAT, INC.
(Exact name of Registrant as specified in its charter)
Delaware 0-21613 13-3865026
(State of incorporation) (Commission (I.R.S. employer
file number) identification number)
147 Palmer Avenue
Mamaroneck, New York 10543-3632
(Address of principal executive offices) (Zip code)
Registrant's Telephone Number,
Including Area Code: (914)777-3600
The Exhibit Index is on Page 4
Page 1 of 6 Pages
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ITEM 5. OTHER MATTERS.
Election of Chief Executive and Chief Operating Officers and Directors
and Implementation of Cost-Savings Measures.
A copy of the press release dated February 23, 1998 relating to the election of
chief executive and chief operating officers and directors of Ecomat, Inc. and
the implementation of certain cost-savings measures is attached hereto as
Exhibit A and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Press Release dated February 24, 1998
Page 2 of 6 Pages
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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 duly authorized.
ECOMAT, INC.
By: /s/ ASTRID HINDEMITH
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Astrid Hindemith
Chairman and Chief Executive Officer
Dated: February 24, 1998
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INDEX OF EXHIBITS
Page of this
Exhibit No. Description Report
- ---------- ------------ -----
A Press Release dated February 24, 1998 5
Page 4 of 6 Pages
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ECOMAT ANNOUNCES ELECTION OF CHIEF EXECUTIVE
AND CHIEF OPERATING OFFICERS AND DIRECTORS
AND IMPLEMENTATION OF COST-SAVINGS MEASURES
FOR IMMEDIATE RELEASE
MAMARONECK, NY, February 24, 1998 - Ecomat, Inc. (Nasdaq:ECMT) announced today
that its Board of Directors elected Astrid Hindemith as Chairman and Chief
Executive Officer and Hans-Rudolf Kuchler as President and Chief Operating
Officer of the cleaner and laundromat franchisor at a meeting of the Board held
on Friday. The Board also elected Mr. Kuchler and George W. Murphy as directors
of the Company.
In addition, at the meeting, Ms. Hindemith delivered a report to the Board which
described steps taken to reduce the operating expenses of the Company and
significantly narrow its operating losses, as well as recommending the election
of the new executive officers and directors. These steps included termination of
outside consultants, reductions in staff, renegotiation of payables and
improvements in inventory management and customer service procedures. Additional
cost-savings measures are planned.
Ms. Hindemith had previously been appointed to chair a Special Committee of the
Board appointed to review the Company and its business and make appropriate
recommendations for the appointment of new executive officers, management of the
Company's business and development of its business plan.
Ms. Hindemith is a licensed attorney in Zurich, Switzerland and has been
self-employed as a consultant since 1977. From 1992 to the present she has been
President and the sole shareholder of Palatin, AG, a Swiss investment firm which
has voting control of approximately 66.5% of the Company's capital stock.
Mr. Kuchler is an independent management consultant. From 1993 to 1994 Mr.
Kuchler was engaged by Coutts & Co., a British private banking firm to assist in
the expansion of its U.S. business. From 1987 to 1993 Mr. Kuchler was employed
by Swiss Volksbank to direct the opening of its New York branch. From 1971 to
1987, Mr. Kuchler served in various senior executive positions for Union Bank of
Switzerland with responsibilities for various aspects of its U.S. and Canadian
operations.
Mr. Murphy is Treasurer, Controller and Chief Financial Officer of G.F. Dobson
Company and certain affiliated companies, which are engaged in various aspects
of property and casualty insurance. During 1996, Mr. Murphy was employed by
Lee-Nolan Associates, an insurance and financial services company affiliated
with Massachusetts Mutual where he specialized in insurance and estate planning
for small businesses and high net worth individuals. From 1989 to 1994 he was
employed as Executive Vice President and Chief Operating Officer of SwissRe
Holding (North American) Inc., the holding company for the North American
operations of SwissRe, the Swiss
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reinsurer, with responsibility for the North American Group's cost control
and budgeting system. From 1969 to 1989, Mr. Murphy served as Senior Vice
President and Treasurer of SwissRe Advisers, Inc. with responsibility for
developing and managing the Group's cash management system.
Ecomat, Inc. is a company formed to develop its proprietary system for garment
care that uses no toxic chemicals to clean through a process that is energy and
water efficient. The Company and its subsidiaries operate cleaners and
laundromats and franchise the Ecomat system.
Certain information contained in this press release may be deemed to be forward
looking statements. The Company cautions readers that a variety of factors could
cause the Company's actual results to differ materially from the anticipated
results or other expectations expressed herein. Important factors that could
cause actual results and expectations to differ materially, include, but are not
limited to, the Company's ability to implement its cost savings measures, the
effect of such measures on the Company's business plan such as delays in the
development schedule or the number of facilities to be opened by the Company
from that contemplated by the master franchise agreement, the default by the
master franchisee of its obligations under the master franchise agreement with
the Company and the ability of the Company to recoup the substantial expenses
advanced by the Company on behalf of one of its franchisees.
For Further Information Contact:
Ms. Astrid Hindemith
Chairman
Ecomat, Inc.
147 Palmer Avenue
Mamaroneck, NY 10543
(914) 777-3600
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