SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 13, 1998
Date of Report (Date of earliest event reported)
FRISBY TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its charter)
Delaware 62-1411534
(State or other jurisdiction (IRS Employer
of incorporation) Identification Number)
77 East Main Street
Suite 2000
Bay Shore, New York 11706
(516) 969-8570
(Registrant's telephone number, including area code)
Page 1 of 4 Pages
Exhibit Index Appears at Page 2
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Item 5. Other Events
Frisby Technologies, Inc. (the "Company") announced on October 13, 1998
that it reached agreement with Triangle Research and Development Corporation
("TRDC"), the inventor of the Company's patented and proprietary thermal
management technology, which will reduce royalties payable to TRDC and which
assigns to the Company TRDC's rights in a license between TRDC and another
party.
Reference is made to the Company's related press release attached hereto as
Exhibit 99.01 and incorporated by reference herein (including, without
limitation, the information set forth in the cautionary statement contained in
the final paragraph of the press release).
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits:
99.01 Press Release dated October 13, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FRISBY TECHNOLOGIES, INC.
Date: October 15, 1998
By:__________________________________
Name: Gregory S. Frisby
Title: President and Chief
Executive Officer
EXHIBIT 99.01
Contacts:
Stephen Villa or Mark Perlgut
Chief Financial Officer at Lobsenz Stevens, Inc.
(516) 969-8570 (212) 684-6300, Ext. 309
FOR IMMEDIATE RELEASE
October 13, 1998
FRISBY TECHNOLOGIES ANNOUNCES NEW AGREEMENT
WITH INVENTOR OF ITS THERMAL MANAGEMENT TECHNOLOGY
BAY SHORE, N.Y., October 13, 1998 -- Frisby Technologies, Inc. (Nasdaq:
FRIZ), a developer of innovative thermal management solutions, today announced
an agreement with the inventor of the company's patented and proprietary thermal
management technology that will reduce Frisby's ongoing royalty payments to the
inventor by more than 50%. The terms of the compensation to the inventor,
Triangle Research and Development Corporation (TRDC), which holds the patents to
the technology, were not disclosed. Greg Frisby, president and chief executive
officer of Frisby, said the TRDC transaction, together with the recent strategic
supply agreements with the 3M Company (NYSE: MMM) and Foamex International
(Nasdaq: FMXI), demonstrate Frisby's commitment to significantly enhance its
future product margins. He noted that as an additional part of the announced
agreement, TRDC has assigned its rights to an agreement with another licensee of
the technology to Frisby, which will provide Frisby with additional revenue
streams. Mr. Frisby added: "This agreement enhances our relationship with the
inventor of our innovative technologies and provides us with significant
long-term cost savings going forward."
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Frisby Technologies is a developer of advanced thermal management solutions
for the apparel, footwear and sporting goods, packaging, home furnishings,
healthcare, automotive, aerospace and electronics industries. Headquartered on
Long Island, N.Y., Frisby currently offers new design opportunities for selected
industry leaders based on its two leading thermal product lines: ComforTemp(R)
insulating and cooling foams and Thermasorb(R) thermal additives. The company's
proprietary and patented thermal management technologies create a dynamic
climate control system within its partners' products that helps those products
maintain predetermined temperatures and unprecedented comfort. This press
release contains certain forward-looking statements that relate to Frisby
Technologies' future plans and objectives. Those statements are subject to
numerous risks and uncertainties that could cause actual results, performance
and achievements to differ materially from those described or implied in the
forward-looking statements, and reported results should not be considered an
indication of future performance. Those potential risks and uncertainties
include, without limitation, the lack of an operating history upon which Frisby
Technologies and its prospects can be evaluated, the need for further
development of certain of Frisby Technologies' products, the development of
alternative technologies by third parties, and the uncertainty of market
acceptance and demand for such products in the future. Those potential risks and
uncertainties are detailed in Frisby Technologies' prospectus dated April 1,
1998, and the company's filings on Form 10-QSB with the Securities and Exchange
Commission.
