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: August 20, 1998
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(Date of earliest event reported)
Alyn Corportion
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(Exact name of registrant as specified in its charter)
Delaware 000-21153 33-0709359
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation
16761 Hale Avenue, Irvine CA 92606
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(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code: (949) 475-1525
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Item 5. Other Events.
On August 20, 1998, the Registrant issued a press release, a copy of which is
attached hereto as Exhibit 99.1, which provides an update of the Registrant's
recent business activities.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit 99.1 Press release of the Registrant, dated August 20, 1998.
<PAGE>
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on behalf of the Registrant by the
undersigned thereunto duly authorized.
ALYN CORPORATION
By: /s/ Steven S. Price
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Name: Steven S. Price
Title: Chief Executive Officer
Date: August 21, 1998
ALYN CORPORATION PROVIDES FURTHER BUSINESS UPDATE
Irvine, CA - August 20, 1998 - Alyn Corporation (Nasdaq: ALYN) - Steven S.
Price, Alyn Corporation's President & Chief Executive Officer, provided today a
further update of the Company's recent business activities. Price stated, "Since
we are rapidly approaching the closing date of the Rights Offering we announced
to shareholders on June 29, 1998, we felt it appropriate to provide a current
status report of our business".
On June 29, 1998, the Company announced that it would offer shareholders
the right to purchase additional stock to provide added working capital for the
Company. The Rights Offering of 1,900,000 shares at $5.50 per share, which
became effective on July 15, 1998 and was amended on August 3, 1998, expires at
5:00 p.m. (EDT) on August 28, 1998.
Price continued, "Since the Company's last business update on July 2, 1998,
considerable progress has been made, both in the technical and sales areas. I am
particularly pleased with our resolution of the surface quality issues in the
computer disk segment of our business. We can now demonstrate that our materials
and processes produce disks that meet industry specifications for smooth
surfaces. We are currently developing both `sputter-ready' and `plate-ready'
disks as the next step in the program. We anticipate being ready to provide
these products to several of the top hard-drive manufacturers to begin
evaluation programs during the fourth quarter." The Company's disks provide a
number of advantages to the disk drive designer. Recent independent lab tests
have shown a stiffness more than twice that of Aluminum and thermal expansion
characteristics much lower than Aluminum. The higher stiffness decreases disk
vibration, making the design of a high speed drive much easier; the decreased
thermal expansion minimizes warping during the disk manufacturing process. In
addition, the disks can be processed with equipment and processes that are
already being used by the hard-drive manufacturers.
"In my prior update and in our prospectus," continued Price, "I referred to
our other active golf programs with well-known golf club companies, beyond
Taylor Made's production order. I am pleased to be able to disclose now that one
of these companies is MacGregor Golf Company. We have been working closely with
MacGregor on a new line of putters, called the Tourney(R) Boralyn(R) Putter,
which MacGregor expects to launch in October 1998. We are also working closely
with MacGregor on other club programs for subsequent introduction. Our programs
with the other golf club companies are likewise moving forward aggressively.
"Our golf shaft program with True Temper Sports is making excellent
progress. We have a final formulation and process for making their tube
material. True Temper Sports has converted our Boralyn tube into prototype golf
shafts and they have received very encouraging player feedback. In a meeting
with their executives this week, True Temper Sports stated that they will
commercially launch Boralyn golf shafts in 1999."
The Company also reports that "requests for quotes" in the aerospace
segment of the business remains strong and is growing. Acceptance testing of
production engine cradles by General Motors (Pre-Production Acceptance Program -
PPAP) is nearly completed. The Company is expecting initial revenues from the
engine cradle program in September 1998.
Price completed his comments saying, "Our sales efforts are generating new
customer programs and our engineering and production teams are moving existing
programs through to production and near-term revenues. The outlook for the
Company continues to build in a very positive way."
Alyn Corporation provides customized metal matrix composite solutions to
meet the specific product needs of its customers in consumer and industrial
markets. Alyn is a vertically-integrated metal matrix composite company offering
advanced metal matrix composites, customer driven engineering solutions and
strategically developed manufacturing processes. The Company engages in joint
development projects with many of its customers in selected large markets where
the design and production of metal matrix composite-based products provide those
customers with products that are innovative, reduce their overall production
cost, or provide value added performance.
A registration statement relating to the securities in the Rights Offering
has been filed with the Securities and Exchange Commission. A copy of the
prospectus and supplemental prospectus filed with the SEC are available through
the Company and the Company's Information Agent, Innisfree M&A Incorporated.
Shareholders with questions are encouraged to contact Innisfree toll free at
1-888-750-5834 or the Company at 1-949-475-1525.
Except for historical information contained herein, this document contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements involve known and unknown risks
and uncertainties that may cause the Company's actual results or outcomes to be
materially different from those anticipated and discussed herein. Further, the
Company operates in an industry sector where securities values may be volatile
and may be influenced by regulatory and other factors beyond the Company's
control. Important factors that the Company believes might cause such
differences are discussed in the cautionary statements accompanying the
forward-looking statements in the Company's Prospectus on Form S-3, dated July
15, 1998 and its Annual Report on Form 10-K filed with the Securities and
Exchange Commission. In assessing forward-looking statements contained herein,
readers are urged to read carefully all cautionary statements contained in those
filings with the Securities and Exchange Commission.
