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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, 37th 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 [X] No [_]
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On March 23, 1998, Peak International Limited, a Bermuda corporation,
(Peak), announced that following several months of strategic review, it has
determined not to actively pursue any strategic alternatives. Rather, Peak will
focus on managing its existing business. To that effect, Peak has commenced an
immediate search for an experienced, highly-regarded professional to serve as
President and CEO. Additionally, Peak announced that it has hired Mr. Wayne
Moore as Senior Vice President of U.S. Operations, and has promoted a Production
Operations Manager with six years of experience to serve as Deputy General
Manager, replacing Mr. M.S. Khoo, who has been suspended pending an
investigation of mismanagement in connection with the construction of a new
plant in China. Peak also announced it is searching for independent Directors
with international experience to replace Messrs. Peter Hon Ying Ng, Robin
Nicholson and Kong Chi Wong, who have stepped down.
Peak's Chairman of the Board stated that Peak will continue to in its
efforts to create value for its shareholders. Additionally, he confirmed that
business in the fourth quarter is continuing at a strong pace without
interruption.
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 November 18, 1998,
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: March 28,1999 By: /s/ Jerry Mo
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Jerry Mo
Chief Financial Officer
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EXHIBIT 99.1
Contact: 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 INTERNATIONAL LIMITED TO FOCUS
ON BUILDING VALUE FOR SHAREHOLDERS
COMPANY DETERMINES NOT TO ACTIVELY PURSUE
STRATEGIC ALTERNATIVES
FOR IMMEDIATE RELEASE
HONG KONG AND AUSTIN, TEXAS, MARCH 23, 1999 Peak International Limited (Nasdaq:
PEAKF) (AMEX: PTT) today announced that following several months of strategic
review, it has determined not to actively pursue strategic alternatives.
Accordingly, Peak will focus on managing its existing business, including the
strengthening of its management team. As a first step in this regard, the
Company announced it has commenced an immediate search for an experienced,
highly-regarded professional to serve as President and CEO. Mr. Jerry Mo will
continue as interim President and CEO pending this appointment.
Peak is restructuring certain of its management functions. Mr. Wayne Moore, who
has 33 years of industry experience in management and technical positions, has
been appointed Senior Vice President for U.S. Operations. In China, a manager
with 6 years of experience as Production Operations Manager at Peak has assumed
the position of Deputy General Manager, replacing Mr. M.S. Khoo, who has been
suspended pending an investigation of mismanagement in connection with the
construction of a new plant in China. The Company is also seeking to find
independent Directors with international experience who will help to oversee the
growth of the business. They will replace Messrs. Peter Hon Ying Ng, Robin
Nicholson and Kong Chi Wong, who have stepped down.
Mr. T.L. Li, Chairman of Peak's Board of Directors stated, "Peak's decision not
to actively pursue strategic alternatives will allow the Company to further
focus its efforts on creating value for all shareholders. Peak is a strong
company with 1800 employees, a sound business model and no borrowings. Our most
recent results, announced in late January, were positive, with net sales up 14%
over the previous quarter. Operating income, exclusive of a special charge,
were up 19% of sales in the preceding quarter. Business in the fourth quarter
is continuing at a strong
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pace and without interruption. We remain a leader in the industry and will
continue to focus our efforts on providing quality products to our customers."
Peak Internal Limited is a leading supplier of precision engineered packaging
products for the 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 filings with the Securities and
Exchange Commission.
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