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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
March 28, 2000
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Date of Report (date of earliest event reported)
SmarTire Systems Inc.
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(Exact Name of Registrant as Specified in its Charter)
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<S> <C> <C>
British Columbia 0-24209 N/A
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(State or Other Jurisdiction (Commission (IRS Employer
Of Incorporation) File Number) Identification No.)
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#150 - 13151 Vanier Place, Richmond, British Columbia, V6V 2J1
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(Address of principal executive offices)
(604) 276-9884
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(Registrant's telephone number,
including area code)
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ITEM 5. OTHER EVENTS
Reference is made to the press release of Registrant issued on March 28,
2000 which is incorporated herein by this reference. A copy of the press release
is attached to this Form 8-K as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
99 Press release issued March 28, 2000
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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.
SMARTIRE SYSTEMS INC.
By /s/ Robert V. Rudman
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Robert V. Rudman, CA
Chairman and Chief Executive Officer
Dated: April 5, 2000
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News Release - March 28, 2000
Nasdaq: SMTR
Email: [email protected]
Tel: 800-982-2001 / 604-276-9884
SMARTIRE SYSTEMS COMPLETES PRIVATE PLACEMENT
RICHMOND, BRITISH COLUMBIA, March 28, 2000 - SmarTire Systems Inc. (Nasdaq:
SMTR) has completed the private placement announced September 1999 for gross
proceeds of $6.83 million (US) with the issuance of 3,415,250 common shares at a
price of $2 (US) per share. The private placement was completed primarily with
European institutional investors and over-subscribed by 14%.
"We are extremely pleased to experience such high levels of interest from
institutional investors in Britain, Germany, Switzerland and Italy," explains
SmarTire's Chief Financial Officer, Kevin A. Carlson. "These investors recognize
the market potential of our wireless tire monitoring systems and see SmarTire as
a world industry leader", he added. The net proceeds from the private placement
will be used to fund the development and marketing of the Company's products.
The securities have not been and will not be registered under the United States
Securities Act of 1993, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements.
SmarTire Systems Inc. is an emerging technology company that develops and
markets proprietary wireless tire monitoring systems automotive aftermarket.
Through their strategic alliance, SmarTire and TRW Inc. are committed to
providing superior tire monitoring systems for both after market and original
equipment applications. Additional information is available at www.smartire.com.
"ROBERT V. RUDMAN",
Robert V. Rudman, CA
Chairman and CEO, SmarTire Systems Inc.
Except for this historical information contained herein, this news release
contains forward looking statements that involve risks and uncertainties,
including the impact of competitive products and pricing and general economic
conditions as they affect the Company's customers. Actual results and
developments may therefore differ materially from those described in this
release.
