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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13A-16 or 15D-16 of the
Securities Exchange Act of 1934
For the month of March 1999
PEAK INTERNATIONAL LIMITED
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Units 3, 4, 5 and 7, 37/th/ Floor, Wharf
Cable Tower, 9 Hoi Shing Road,
Tsuen Wan N.T., Hong Kong
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(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F)
Form 20-F [X] Form 40-F ___
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes ____ No [X]
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On March 29, 1998, Peak International Limited, a Bermuda corporation,
(Peak), announced that approximately 30 of its staff, of which thirteen were
managers, have resigned of been terminated over disagreements with the Board of
Directors' previously announced management and operational reorganization.
Peak announced that a number of the departing staff have already been replaced
with capable professionals, including Mr. Steve Dezso, Vice President of United
States Operations who has been replaced by his senior officer Mr. Wayne Moore.
Peak stated that it had no current plans to terminate additional employees, but
that it could not assure that there would be no further resignations.
Peak emphasized that the Company continues to meet its commitments and
customer demands for its products and services on time and that there have been
no interruptions to any of Peak's operations thus far, but that transitory
delays in order-taking or customer service in one or more of Peak's United
States locations is possible.
Peak is a leading supplier of precision engineered packaging products
for the storage, transportation, and automated handling of semiconductor devices
and electronic components.
This report contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended. The forward-looking statements
reflect the view of Peak at the time Peak made the statements with respect to
future events and financial performance. These forward-looking statements are
subject to certain risks and uncertainties that could cause actual results to
differ materially from the statements made herein. The words "believes,"
"expects", "anticipates", "intends", "plans", "estimates" and similar
expressions, identify forward-looking statements, which speak only as of today.
Peak undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or otherwise.
Investors are cautioned not to place undue reliance on these forward-looking
statements.
Peak files the following exhibit as part of this Report:
Exhibit 99.1 Copy of the Press Release, dated March 29, 1999, issued
by Peak, publicly announcing the activities reported
therein.
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Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
PEAK INTERNATIONAL LIMITED
Date: April 2, 1999 By: /s/ JERRY MO
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Jerry Mo
Chief Financial Officer
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EXHIBIT 99.1
Contact: Robert Siegfried/Jessica Barist Contact: Jerry Mo
Kekst and Company Peak International Ltd.
(212) 521-4800 Austin, Texas
(512) 339-4684 or
Hong Kong
(852) 2492-2287
PEAK ISSUES STATEMENT
FOR IMMEDIATE RELEASE
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HONG KONG AND AUSTIN, TEXAS, MARCH 29 1999 - Peak International (Nasdaq: PEAKF)
(AMEX: PTT) today reported that approximately 30 of its staff, of which 13 were
managers, have resigned or been terminated over the past week citing
disagreements with the Board of Directors' previously announced management and
operational reorganization. A number of these staff have already been replaced
with capable professionals. The most senior person to have resigned is Mr.
Steve Dezso, Vice President, United States Operations. His responsibilities
have been assumed by his senior officer, Mr. Wayne Moore, who, as previously
announced, will serve as Senior Vice President of US Operations. Peak has no
plans to terminate any additional employees at this time, but there can be no
assurance that there will not be further resignations.
Peak emphasized that notwithstanding these challenges, the Company continues to
meet its commitments and customer demands for its products and services on time.
There have been no interruptions to any of Peak's operations thus far, but
transitory delays in order-taking or customer service in one or more of Peak's
United States locations is possible.
Peak International Limited is a leading supplier of precision engineering
packaging products for storage, transportation, and automated handling of
semiconductor devices and electronic components.
This press release contains certain forward-looking statements, which Peak is
making in reliance on the safe harbor provisions of the Private Securities
Litigation Act of 1995. Investors are cautioned that all forward-looking
statements are subject to significant risks and uncertainties. Forward-looking
statements involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performance, or achievements of the company, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Additional information concerning risk factors that could cause
actual results to differ materially from those projected in the forward-looking
statements is contained in the company's filing with the Securities and Exchange
Commission.
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