SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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First Amendment To
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): MARCH 24, 2000
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Banyan Corporation
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(Exact name of registrant as specified in its charter)
OREGON 000-26065 84-1346327
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(State of incorporation or (Commission (I.R.S. Employer
organization) File Number) Identification Number)
4740 Forge Rd., Bldg. #112, Colorado Springs, CO 80907
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (719) 531-5535
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ITEM 5. OTHER EVENTS.
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On March 24, 2000, the Registrant publicly disseminated a press release
announcing a leave of absence for an as of yet undetermined amount of time by
the Company's President and Chief Executive Officer, Cameron Yost, commencing on
April 1, 2000, and the appointment of Lawrence Stanley as Acting President and
Chief Executive Officer.
The information contained in the press release is incorporated herein by
reference and filed as Exhibit 99.1 hereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(c) Exhibit.
99.1 The Registrant's Press Release dated March 22, 2000.
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.
BANYAN CORPORATION
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(Registrant)
Date: March 24, 2000 /s/ Cameron Yost
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Cameron Yost
President and CEO
EXHIBIT INDEX
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Exhibit Sequential
Number Description Page Number
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99.1 The Registrant's Press Release 3
dated March 24, 2000
[Exhibit 99.1 - Press Release]
Colorado Springs, Colorado - March 24, 2000 - Banyan Corporation (NQB Pinks:
BANY) announces that Director Lawrence Stanley will temporarily assume the
duties and responsibilities of Acting Chief Executive Officer and President.
Cameron B. Yost, President and Chief Executive Officer, will be taking a leave
of absence from his duties, effective April 1, 2000, for personal reasons.
Mr. Stanley is currently the President and founder of Stanley Accounting
Services, a director of Anything Internet Corporation (OTC:BB "ANYI") and a
director of Banyan Corporation. Prior to starting Stanley Accounting, Mr.
Stanley was involved in the founding, purchasing and sale of several small
businesses. Prior to getting involved in his entrepreneurial pursuits, Mr.
Stanley served as the president of Kaman Instrumentation Corporation, a $14
million division of Kaman Corporation (NASDAQ: KAMNA). Before joining Kaman
Instrumentation, Mr. Stanley worked as the Controller at the Environmental and
Process Instruments division of Bendix Corporation, a $50 million manufacturer
of scientific instruments. Previously Mr. Stanley served as the chief accountant
at Sprague Electric Company, a $150 million manufacturer of electronic
components.
Cameron Yost, Banyan's President and Chief Executive Officer, stated, "Banyan
has made tremendous strides in recent months in product diversification and
overall business direction. We have made several significant acquisitions,
Showcase Technologies and Toplisting.com. We have strengthened the sales and
marketing efforts of our subsidiary, DoubleCase Corporation, by the addition of
its new Vice President of Sales and Marketing, Bruce Leithead. Banyan is
financially sound and poised for the future. This is an exciting time for Banyan
but, unfortunately, I have other personal obligations outside of the Company
that require a substantial portion of my time. As a result, I believe it is in
the shareholders' best interest if I take a leave of absence until I can again
devote 100% of my time and energy necessary to grow the business and maximize
our shareholders' returns. I have known Mr. Stanley for many years and have full
confidence in his ability to operate the Company during my leave."
Banyan Corporation is a publicly traded holding company focused on investing in
and building a network of operating subsidiaries engaged in designing,
manufacturing and marketing products and services aimed at the personal computer
market, the notebook segment in particular which is also the fastest growing
segment of the personal computer industry, and Internet e-commerce. Banyan
currently sells a line of hard-sided protective carrying cases for notebook
computers under the DoubleCase and Showcase Technologies brand names. Banyan's
products are currently available through distribution from Ingram Micro and sold
through a wide variety of Internet e-commerce storefronts, computer mail order
catalogs, several of the largest U.S. computer retailers, Value Added Resellers
(VARs), a number of overseas vendors, and to the U.S. government.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Certain information included in this press
release (as well as information included in oral statements or other written
statements made or to be made by Banyan Corporation) contains statements that
are forward-looking, such as statements relating to the future anticipated
direction of the high technology industry, plans for future expansion, various
business development activities, planed capital expenditures, future funding
sources, anticipated sales growth and potential contracts. Such forward-looking
information involves important risks and uncertainties that could significantly
affect anticipated results in the future and, accordingly, such results may
differ from those expressed in any forward-looking statements made by or on
behalf of Banyan Corporation. These risks and uncertainties include, but are not
limited to, those relating to development and expansion activities, dependence
on existing management, financing activities, domestic and global economic
conditions, changes in federal or state tax laws, and market competition
factors. For a description of additional risks and uncertainties, please refer
to Banyan's filings with the Securities and Exchange Commission.
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