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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 ANNOUNCES SECOND MAJOR FUNDING
RICHMOND, BRITISH COLUMBIA, March 28, 2000 -- Following the completion of the
$6.8 million (US) private placement announced earlier today, SmarTire Systems
Inc. (Nasdaq: SMTR) reports a second major funding transaction involving shares
of Transense Technologies plc ("Transense") resulting in gross proceeds of a
further $8.4 (US) million.
Under an agreement dated September 30, 1999, SmarTire acquired 250,000 share
purchase warrants of Transense with an exercise price of L2 (pounds sterling)
per share. The Company has exercised the warrants and sold the resulting shares
at L21.30 (pounds sterling) per share. "The management of SmarTire has made a
prudent financial decision that brings significant economic value to the Company
without diluting shareholder equity," stated Robert V. Rudman, Chairman and CEO
of SmarTire Systems Inc.
"We are pleased the investment community has demonstrated such interest in and
realizes the significance of the Transense technology," Rudman added. "This
transaction will allow SmarTire to expand its technologically advanced product
development program, to accelerate the business plan with further commitment to
the Transense Surface Acoustic Wave ("SAW") technology and to secure SmarTire's
position as the leader in wireless tire monitoring systems".
Transense based in Oxfordshire, United Kingdom, develops and exploits the use of
its patented SAW technology in the automotive industry. SmarTire will further
benefit from its license agreement with Transense that grants the Company the
worldwide right to develop and market Transense's SAW technology for use in tire
monitoring systems.
SmarTire Systems Inc. is an emerging technology company that develops and
markets proprietary wireless tire monitoring systems. Through their strategic
alliance, SmarTire and TRW Inc. are committed to providing superior tire
monitoring systems for both aftermarket and original equipment applications.
Additional information is available at www.smartire.com.
"KEVIN A. CARLSON", CA
Kevin A. Carlson, CA
Chief Financial Officer, 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.
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