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
Date of Report: December 29, 1998
WELDOTRON CORPORATION
(Exact name of Registrant as specified in its charter)
NEW JERSEY 22-1602728
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation of organization)
Commission File Number 1-8381
111 Chimney Rock Road
Bridgewater, New Jersey 08807
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(Address of Principal Exec. Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (732) 748-4600
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Item 5. Other Events.
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As reflected in the Company's most recent Form 10-K, filed with the Securities
and Exchange Commission on October 6, 1998, and its Form 8-K filed with the
Securities and Exchange Commission on November 4, 1998, the Company had suffered
recurring losses from operations, had significant deficiencies in working
capital and net assets, and was delinquent in paying its liabilities, all of
which were indicated in the filings as raising substantial doubt about the
Company's ability to continue as a going concern.
With no sources of financing, and given the lack of availability under its
existing line of credit, the Company has determined that it is unable to
continue operations. The Company is cooperating with Business Alliance Capital
Corporation of Princeton, New Jersey, its senior lender, to effect a wind-down
of the operations of the Company and an orderly liquidation of its domestic
assets. The senior lender, in an effort to satisfy its secured claims,
authorized an auction of remaining equipment, tools, fixtures and furniture
which was conducted on November 18, 1998. In addition, the senior lender, after
taking peaceful possession of the domestic assets, entered into an arms-length
sale of the remaining assets including trademarks, use of Patents, trade name,
etc. to a third party. All proceeds have been utilized to satisfy employee
claims or the secured claims of the senior lender. All employees have been
terminated and the Company is no longer conducting its former domestic business.
At present, it is not anticipated that proceeds from such transactions will be
sufficient to cover the secured claims of the senior lender.
S I G N A T U R E
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.
WELDOTRON CORPORATION
Registrant
By: /s/William L. Remley
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William L. Remley
President
Date: December 29, 1998
