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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
Filing No. 2 for the month of April 1999
PEAK INTERNATIONAL LIMITED
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(Exact Name of Registrant)
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
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(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 April 26, 1999, Peak International Limited, a Bermuda corporation,
(the "Company"), announced that it had named Calvin L. Reed as President and
Chief Executive Officer of the Company. Mr. Reed was also appointed as a member
of the Board of Directors. Mr. Reed will act immediately to bring two or more
new independent directors to the Company's Board. In addition to Mr. Reed, the
Company has put into place several new executives in key management positions
throughout the Company.
Prior to Mr. Reed's appointment, Jerry Mo served as interim President
and Chief Executive Officer of the Company. Mr. Mo will continue his ongoing
responsibilities as Chief Financial Officer of the Company. In addition, Mr. Mo
has resigned his position as a director of the Company.
The Company also announced the following additions to the Company's
management team:
. Larry Worth as Senior Vice President for U.S. Operations, who
replaces Wayne Moore;
. C.Y. Ng as Acting Vice President of Manufacturing in China,
effective May 10, 1999;
. Tony Cheung as Deputy Vice President of Manufacturing; and
. William Sweetman as Regional Manager of the Company's Austin,
Texas office.
A copy of the press release issued on April 26, 1999 with respect to
the foregoing is attached hereto as Exhibit 99.1.
In connection with the appointment of Mr. Reed, the Company granted
three options to Mr. Reed to purchase shares of the Company's common stock, as
follows: 150,000 shares at a purchase price of $3-21/32 per share, 150,000
shares at a purchase price of $7 per share and 100,000 shares at a purchase
price of $10 per share. Additionally, the Company issued options to purchase an
aggregate of 384,036 shares of its common stock to its employees at a purchase
price of $3-21/32 per share. The Company also entered into severance agreements
with four of its current employees. Under certain conditions, if the employment
of such employees is terminated, the Company would be obligated to make payments
not to exceed $800,000 in the aggregate.
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 the Company at the time the Company made the statements with
respect to future events and financial performance. These forward-looking
statements are subject to certain risks and uncertainties that could
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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. The Company 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.
The Company files the following exhibit as part of this Report:
Exhibit 99.1 Copy of the Press Release, dated April 26, 1999, issued
by the Company announcing the appointment of Calvin L.
Reed as the Company's new President and Chief Executive
Officer
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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 thereunto duly authorized.
PEAK INTERNATIONAL LIMITED
Date: April 28, 1999 By: /s/ Calvin L. Reed
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Calvin L. Reed
President and Chief Executive Officer
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EXHIBIT 99.1
Contact: Robert Siegfried/Jessica Barist Contact: Calvin Reed
Kekst and Company Peak International Ltd.
(212) 521-4800 Poway, California
(619) 385-0308
CALVIN L. REED, EXPERIENCED TECHNOLOGY MANAGEMENT EXECUTIVE,
NAMED NEW PRESIDENT AND CEO OF PEAK INTERNATIONAL LIMITED
--COMPANY FURTHER STRENGTHENS MANAGEMENT TEAM WITH THE HIRING OF ADDITIONAL
EXECUTIVES--
FOR IMMEDIATE RELEASE
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HONG KONG AND AUSTIN, TEXAS, APRIL 26, 1999 - Peak International Limited
(Nasdaq: PEAKF) (AMEX: PTT) announced today that Calvin L. Reed, a highly
regarded professional executive with extensive expertise in the electronics and
technology sectors has been named President and CEO of Peak and a member of the
Board of Directors. In joining Peak, Mr. Reed brings over thirty years of
executive experience, most recently as Chairman, President and CEO of Valence
Technology, Inc., a Nasdaq company involved in the research, development and
commercialization of advanced lithium polymer batteries. His appointment as
Peak's new President and Chief Executive is part of the initiatives being
undertaken by the Board to provide Peak with a highly professional and
experienced management team. In addition to Mr. Reed, Peak has put in place over
the past weeks new executives in key senior management positions throughout the
Company.
With Mr. Reed's appointment, Jerry Mo, who had served as interim President and
CEO of Peak in addition to his ongoing responsibilities as CFO, will now be able
to devote his full energies to the position of Chief Financial Officer. In
addition, Mr. Mo has resigned his position as a director of the Company.
Mr. Reed has held several senior management positions in the technology and
electronics sectors over the course of his career. Before serving as Chairman,
President and CEO of Valence Technology from 1993 to 1998, he had been President
and Chief Operating Officer. From 1987 to 1991 he worked at Seagate Technology,
Inc., the largest producer of computer disk drives, as Vice President of
Singapore operations and Vice President of International operations.
Prior to Seagate Mr. Reed was with Corvus Systems as Vice President of
Operations, at Sugard Associates as Director of Operations, and the Singer
Company's Aerospace Link Division as Director of Programs.
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Mr. Reed said, "Peak represents an exciting business opportunity. It has the
products, customer relationships and distribution capabilities to achieve both
continued market growth and attractive profitability over the long term. With
the executive personnel being put in place, Peak is a very different company in
terms of management expertise, controls and procedures than in the past. I will
act immediately to bring on two or more new independent directors to the Board.
The new professional management team's first focus is to evaluate Peak's
resources and market strengths in order to develop and move forward with a
strategy to grow Peak's inherent values. In this regard, this management team
is committed to communicating effectively with Peak's constituencies about the
company's progress and related developments."
T. L. Li, non-executive Chairman of the Board, stated, "We have recognized the
need to have hands-on professional management leadership in place at Peak. The
appointment of Mr. Reed and the hiring of other new senior executives achieves
this important long-term objective for the Company. We are very pleased to have
an executive with the qualifications and reputation of Mr. Reed as head of Peak
determining the business initiatives of the Company."
Mr. Li added, "I would like to also express my appreciation to Jerry Mo for his
efforts as a member of the Board of Directors for the past two years and for
acting as interim President and CEO for the past four months."
Beyond Mr. Reed, the new additions to Peak's management team include the
following:
. Larry Worth as Senior Vice President for U.S. Operations, who replaces
Wayne Moore. Mr. Worth has over twenty years of experience in the semiconductor
and high tech sectors, and most recently served as National Sales Manager for
the Semiconductor Equipment Group of Siemens.
. C. Y. Ng as Acting Vice President of Manufacturing in China, effective May
10, 1999. Mr. Ng has 18 years of manufacturing experience in semiconductor
manufacturing, and most recently was the PRC plant manager in Donguan, China for
Honey Technology Ltd., a subsidiary of Honko International Holdings, Ltd.
. Tony Cheung as Deputy Vice President of Manufacturing. Trained as a
mechanical engineer, Mr. Cheung has more than 8 years of experience running
various factories in Southern China.
. William Sweetman as Regional Manager of the Company's Austin, Texas office.
Mr. Sweetman has worked with Peak since 1995 and was in charge of the Company's
entry into various tray businesses. Previously he worked at Data Storage
Division, a 3M Company, for 15 years, and was responsible for sales and
marketing.
Peak International 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.
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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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