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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): MARCH 16, 1997
BOLDER TECHNOLOGIES CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
0-28060 84-1166231
(Commission File No.) (IRS Employer Identification No.)
5181 WARD ROAD
WHEAT RIDGE, CO 80033
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (303) 422-8200
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ITEM 5. OTHER EVENTS.
BOLDER Technologies Corporation ("BOLDER" or the "Company") is filing this
Report on Form 8-K to take advantage of the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995.
On March 16, 1997, BOLDER issued a press release concerning the rescheduling of
purchase orders by certain customers and a dispute with Johnson Controls
Battery Group, Inc. The press release read in full as follows:
"BOLDER TECHNOLOGIES ANNOUNCES CHANGE IN PURCHASE ORDER STATUS: TOTAL ORDERS
INCREASE 15% IN PAST MONTH; CERTAIN EXISTING 1997
ORDERS RESCHEDULED FOR DELIVERY IN 1998
DENVER, Colorado - BOLDER Technologies Corporation (Nasdaq National
Market-BOLD), developer and manufacturer of advanced, high power
rechargeable batteries based on its patented thin metal film (TMF(TM))
technology, today announced a change in the status of purchase orders
for deliveries of batteries to customers in 1997 and 1998. "We have
just completed a joint plan with our OEM and VAD partners to
specifically validate their monthly requirements" said Daniel S.
Lankford, Chairman and Chief Executive Officer. "While the overall
number of batteries ordered by customers has increased by
approximately 15% since the Company's previous announcement in
February, several large customers have shifted delivery dates from
1997 into mainly the first half of 1998." The result is that 2/3 of
the previously announced orders that were scheduled to ship in 1997
are now scheduled to ship in 1998.
"As the overall market interest in BOLDER'S products has grown, our
inability to satisfy the unexpectedly high demand for sample product
from our pilot production line has significantly impacted the timing
of our customers' requirements for commercial quantities of our TMF
batteries," Lankford continued. "Sufficient quantities of samples are
critical for both our OEM customers and value added distributors to
drive their product introduction plans. We view this as a short-term
issue and we have taken several steps to increase sample production
from our pilot line. In addition, we are on target to begin high
volume, automated production during the second half of 1997, and we
continue to be encouraged by initial market response to our products."
The Company also announced that it has received a notice from Johnson
Controls Battery Group (JCI) disputing the scope of JCI's license to
use BOLDER's TMF(TM) technology for primary car and truck starting
batteries. As part of its strategic relationship with JCI, the
Company granted JCI a royalty-bearing license to its proprietary TMF
technology to manufacture and sell TMF batteries in specific markets.
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Headquartered in the Denver suburb of Wheat Ridge, BOLDER is an energy
technology company that is developing and commercializing advanced,
high power, rechargeable battery systems based on its patented TMF(TM)
technology. BOLDER's TMF technology uses proven lead-acid
electrochemistry in a proprietary configuration that has higher power
density than any commercially available rechargeable battery. BOLDER
believes that the high power and other performance characteristics of
the TMF technology offer a number of advantages over existing
batteries for a wide range of current and future applications.
Except for the historical information contained herein, the news
release contains forward-looking statements that involve risks and
uncertainties, including manufacturing risks and risks of the
implementation of the commercial production line, product development,
the uncertainty of market acceptance, and the uncertainty regarding
the outcome of the Company's dispute with JCI, as well as the other
risks detailed from time to time in BOLDER's reports filed with the
Securities and Exchange Commission, including its report on Form SB-2
filed on March 18, 1996, the report on Form 10-QSB for the quarter
ended September 30, 1996, as amended, and the reports on Form 8-K
filed on January 3, 1997 and March 16, 1997, among others, in some
cases have affected, and in others could cause the Company's results
to differ materially from those expressed in any forward-looking
statements made by BOLDER and could otherwise affect, the Company's
business, results of operations and financial condition."
BOLDER wishes to caution readers that the outcome of the dispute with JCI is
uncertain. If any unfavorable outcome were to occur, the impact could be
material. Furthermore, any dispute, regardless of the outcome, can have a
material adverse impact on the Company as a result of defense costs, diversion
of management resources and other factors. In addition, BOLDER wishes to
caution readers that the risks detailed from time to time in the Company's
other reports filed with the Securities and Exchange Commission, including the
report on Form 10-QSB for the quarter ended September 30, 1996, its report on
Form SB-2 filed on March 18, 1996, and the report on Form 8-K filed on January
3, 1997, among others, in some cases have affected, and in others could cause
the Company's results to differ materially from those expressed in any
forward-looking statements made by BOLDER and could otherwise affect, the
Company's business, results of operations and financial condition.
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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: March 16, 1997 BOLDER TECHNOLOGIES CORPORATION
By: /s/ Joseph F. Fojtasek
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Joseph F. Fojtasek
Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
