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UNITED STATES
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
July 20, 2000
(Date of the earliest event reported)
ColorMax Technologies, Inc .
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(Exact name of Registrant as specified in its charter)
Delaware 1-07301 75-1329265
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(State or other jurisdiction- (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
14251 Chambers Road, Tustin, California 91361
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(Address of principal executive offices) (Zip Code)
714-730-6800
Registrant's telephone number, including area code
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ITEM 5. OTHER EVENTS.
ColorMax Technologies, Inc., a Delaware corporation is in the business
of manufacturing and distributing lenses for use by persons, who are colorblind
or color deficient, as a corrective aid for color discrimination. We have been
engaged in that business since our acquisition of RGB Technology Group, Inc. in
June, 1999. In November, 1999, the United States Food and Drug Administration
("FDA") cleared our "prescription spectacle" lenses for sale as an optical aid
for Duetan and Protan color vision deficiencies, and have been marketing these
lenses since that time.
Although the market for our existing lenses is potentially large, we
anticipate that the potential market for soft contact lenses, as a corrective
aid for color discrimination, may be even more significant. However, no
assurance to this effect can be given. For this reason, a key element of our
business plan was and continues to be the development of a soft contact lens
with the characteristics of our prescription spectacle.
In March, 2000, we raised $4,000,000 of gross proceeds through the sale
of our securities, in part, to finance research and development for the soft
contact lens. In March, 2000, we also acquired certain patented and unpatented
technology for color discrimination with a view to using this technology to
assist us in developing a soft contact lens as a corrective aid for color
discrimination. On April 12, 2000, we submitted a Section 510(k) Notification of
Intent to Market to the FDA. This submission was disclosed in our registration
statement (the "Registration Statement") on Form SB-2, which was declared
effective by the Securities and Exchange Commission (the "Commission") on May 1,
2000.
On July 13, 2000, the FDA informed us that the FDA could not, at that
time, grant the Section 510(k) Notification of Intent to Market. The FDA also
requested us to supplement our application to provide significant additional
detailed information on the soft contact lens, including results of additional
clinical trials, which will have to be conducted in the future, to support our
claims related to color discrimination for our proposed soft contact lens
product. The preparation of this information, especially completion of the
clinical trials, is anticipated to take approximately twelve months. Further, we
cannot be certain that clinical trials with respect to our soft contact lens
will be successful. Even if the clinical trials are successful, we cannot be
sure when or if the FDA will grant a Section 510(k) with respect to our soft
contact lens.
The requirement for additional development and testing of our soft
contact lens has necessitated a fundamental change to our business plan and may
require significant additional outside financing. Failure to obtain such
additional financing or to obtain a Section 510(k) could have a material adverse
effect upon our business and our prospects and financial condition.
Due to the material nature of the foregoing, we have asked the
Commission to suspend the effectiveness of the Registration Statement and the
registration statement filed on Form S-8, as filed by us on November 17, 1999,
until such time as we are able to file and have declared effective a
post-effective amendment to the Registration Statement, and to have any stop
order related to such registration statements cease to be effective.
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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 thereunto duly authorized.
COLORMAX TECHNOLOGIES, INC.
Dated: August 24, 2000 By: /S/ Richard R. Milewski
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Richard R. Milewski
Chief Operating Officer and
Chief Financial Officer
