SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
March 14, 1997
(Date of Report, date of earliest event reported)
TITANIUM METALS CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 0-28538 13-5630895
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
1999 Broadway, Suite 4300, Denver, CO 80202
(Address of principal executive offices) (Zip Code)
(303) 296-5600
(Registrant's telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Item 5: Other Events
On March 13, 1997, the Registrant issued the press release attached
hereto as Exhibit 99.1, which is incorporated herein by reference. The press
release relates to the Registrant's execution of a definitive agreement with
Titanium Memory Systems, Inc. ("TMS") concerning, among other things, the
Registrant's investment, subject to certain conditions, in TMS.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item No. Exhibit List
99.1 Press release dated March 13, 1997 issued by Registrant.
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.
TITANIUM METALS CORPORATION
(Registrant)
By: /s/ John R. Burt
John R. Burt
Corporate Attorney
and Assistant Secretary
Date: March 14, 1997
FOR IMMEDIATE RELEASE: CONTACT:
Titanium Metal Corporation Joseph S. Compofelice
1999 Broadway, Suite 4300 Vice President and CFO
Denver, Colorado 80202 (281) 423-3303
TITANIUM METALS ANNOUNCES NEW VENTURE
DENVER, COLORADO . . . March 13, 1997. . . Titanium Metals
Corporation ("TIMET") (Nasdaq: TIMT) announced today at the Salomon Brothers
1997 Titanium Conference that TIMET has executed a definitive agreement with
Titanium Memory Systems, Inc. pursuant to which TIMET will invest, subject to
certain conditions, up to $5 million in Titanium Memory. The funds will be used
to continue Titanium Memory's development and production of a titanium substrate
using Titanium Memory's proprietary technology.
Titanium Memory's titanium substrate will be used in computer hard
disk drives and is currently being tested by disk drive manufacturers and
producers of magnetic media (memory coatings). As compared with aluminum,
which is the primary material currently used in substrates, and glass, which
is used on a limited basis, titanium offers a number of significant
technological advantages, including strength, temperature tolerance and
hardness. These qualities are expected to be especially applicable to the
portable computer market and the enterprise/server markets. In addition, it
appears that titanium substrates will enable magnetic media manufacturers to
achieve substantial increases in yields during media deposition.
In connection with TIMET's investment in Titanium Memory, TIMET will
acquire up to 20% of Titanium Memory. In addition, TIMET and Titanium Memory
agreed that TIMET will be the primary supplier of titanium strip to Titanium
Memory.
TIMET's Chairman and Chief Executive Officer, J. Landis Martin,
stated, "We are pleased to commence an exciting venture with Titanium Memory and
we hope our investment will help increase the use of titanium in the computer
industry. We look forward to a long and rewarding partnership with Titanium
Memory."
Gary Hultquist, Titanium Memory's Chairman and Chief Executive
Officer, indicated that Titanium Memory hoped to have titanium substrates in
commercial production by the end of the year if current testing and development
is successful. Mr. Hultquist added, "We are encouraged by our strategic
alliance with TIMET, and believe the combination of TIMET's expertise in
titanium and our expertise in computer substrates offers a sound basis to
develop products for the computer industry."
No assurances can be given that Titanium Memory will be able to
successfully commercialize its titanium substrate or that TIMET's investment in
Titanium Memory will be successful. TIMET, headquartered in Denver, Colorado,
is a leading integrated producer of titanium metal products. Titanium Memory is
headquartered in Fremont, California.
