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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): DECEMBER 10, 1998
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NEXAR TECHNOLOGIES, INC.
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EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 0-29294 04-3268334
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(STATE OR OTHER JURISDICTION OF (COMMISSION (IRS EMPLOYER
INCORPORATION OR ORGANIZATION) FILE NUMBER) IDENTIFICATION NUMBER)
257 TURNPIKE ROAD, SOUTHBOROUGH, MASSACHUSETTS 01772
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(508) 485-7900
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(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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ITEMS 1 THROUGH 4, 6 AND 8 NOT APPLICABLE.
ITEM 5. OTHER EVENTS.
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REFERENCE IS MADE TO THE PRESS RELEASE ISSUED TO THE PUBLIC BY THE REGISTRANT
ON DECEMBER 10, 1998 THE TEXT OF WHICH IS ATTACHED HERETO AS AN EXHIBIT, FOR A
DESCRIPTION OF THE EVENTS REPORTED PURSUANT TO THIS FORM 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
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(C) EXHIBITS
99.1. TEXT OF PRESS RELEASE DATED DECEMBER 10, 1998.
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SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANT HAS CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED
THEREUNTO DULY AUTHORIZED.
NEXAR TECHNOLOGIES, INC.
DATED: DECEMBER 10, 1998
BY: ALBERT J. AGBAY
CHIEF EXECUTIVE OFFICER
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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NEXAR ANTICIPATES INSOLVENCY PROCEEDINGS AND
DELISTING OF STOCK FROM NASDAQ MARKET
SOUTHBOROUGH, Mass., December 10, 1998 - Nexar Technologies, Inc. today
announced that due to the company's inability to obtain new financing and
concern among its creditors, Nexar anticipates that it will soon commence
insolvency proceedings. In addition, Nexar anticipates its common stock will be
delisted from The Nasdaq Stock Market as early as Friday, December 11, 1998 due
to the company's failure to satisfy Nasdaq listing requirements. Upon delisting
from Nasdaq, the company's stock may continue to be traded over-the-counter
until any such insolvency proceedings are resolved, although the company warned
that it could not ensure that such trading would occur or continue.
Safe Harbor Statement
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Statements in this release which express the beliefs and expectations of
the Company regarding its future results or performance are forward-looking
statements that involve a number of risks and uncertainties. The Company's
actual results could differ significantly from the results discussed in such
forward-looking statements. Factors that could cause or contribute to such
differences include those discussed in the Company's SEC filings, including its
Form 10-K, filed March 30, 1998 and its quarterly reports on Form 10-Q,
including its Form 10-Q filed on November 16, 1998. The Company undertakes no
obligation to update any such forward-looking statements to reflect events or
circumstances after the date hereof, or to reflect the occurrence of
unanticipated events.
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For more information, contact:
Nexar Technologies, Inc. Continental Capital & Equity Corp.
Gerald Hattori, CFO Dodi B. Zirkle
Craig Conrad, Investor Relations 407/682-2001
508/485-7900
