CONFORMED
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 (Date of earliest event reported) May 14, 1998
BIOCONTROL TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 0-10822
25-1229323
(State of other jurisdiction (Commission File
Number) (IRS Employer
of incorporation)
Identification No.)
300 Indian Springs Road, Indiana, Pennsylvania 15701
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (412) 349-1811
_________________________________________________________________
(Former name or former address,
if changes since last report.)
Item 1. Change in Control of Registrant.
Not applicable.
Item 2. Acquisition or Disposition of Assets.
Not applicable.
Item 3. Bankruptcy or Receivership.
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant
Not applicable.
Item 5. Other Events.
On May 14, 1998 Biocontrol Technology, Inc.
(NASDAQ:BICO) announced
today that it has received a $30 million proposal from an
investment group for 30% ownership in subsidiary International
Chemical Technologies, Inc. (ICTI). Biocontrol owns 58.4% of
ICTI. Subject to ongoing due diligence, the proposal, which
involves a "roll-up" of metal finishing plating companies, calls
for an initial $1 million payment; a $9 million payment over the
next 6 months; and a $20 million payment (half cash and half
stock in the new company) with the closing of a public offering
of the new roll-up company.
Item 6. Resignation of Registrant's Directors.
Not Applicable
Item 7. Financial Statement, Pro Forma Financial Information
and Exhibits.
(a) Financial Statements and Businesses Acquired - Not
Applicable.
(b) Pro Forma Financial Information - Not Applicable.
(c) Exhibits - Press Release.
SIGNATURES
Pursuant to the requirement 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.
BIOCONTROL TECHNOLOGY, INC.
by /s/ Fred E. Cooper
Fred E. Cooper, CEO
DATED: May 14, 1998
BICO
BIOCONTROL TECHNOLOGY, INC
2275 Swallow Hill Road, Building 2500
Pittsburgh, PA 15220
Press Release
For More Information, Call:
Investors
Media
Diane McQuaide
Susan Taylor
1.412.429.0673 phone
1.412.279.9455 phone
1.412.279.9690 fax
1.412.279.9447 fax
BIOCONTROL RECEIVES $30 MILLION "ROLL-UP" PROPOSAL FOR ICTI
SUBSIDIARY
Pittsburgh, PA - May 14, 1998 - Biocontrol Technology, Inc.
(Nasdaq:BICO) announced today that it has received a $30 million
proposal from an investment group for 30% ownership in subsidiary
International Chemical Technologies, Inc. (ICTI). Biocontrol owns
58.4% of ICTI. Subject to ongoing due diligence, the proposal,
which involves a "roll-up" of metal finishing plating companies,
calls for an initial $1 million payment; a $9 million payment
over the next 6 months; and a $20 million payment (half cash and
half stock in the new company) with the closing of a public
offering of the new roll-up company.
The roll-up company would be formed from approximately 15
existing plating companies already using metal coating products
with combined revenue of $200 million. By consolidating in this
manner, the individual companies would have added value,
purchasing power, cost efficiencies, and would be a prime source
of revenue for ICTI through a licensing agreement to purchase
ICTI's cemkoter metal coating product.
The investment group believes it possible that cemkote may
play an important role in augmenting or replacing existing metal
coating processes. Cemkote is an alternative for the
approximately ten million metric tons of chromium now used
annually worldwide for plating because cemkote and its
application technology deliver a significantly harder and more
abrasive resistant coating without the water and airborne toxic
emissions of chromium plating.
Biocontrol Chief Executive Officer, Fred E. Cooper, stated,
"We have evaluated other proposals regarding the cemkote
technology; however this "roll-up" proposal is the most
attractive thus far, and Biocontrol will consider it along with
other expected proposals."
Biocontrol Technology, Inc. (www.bico.com) has its corporate
offices in Pittsburgh, PA and is involved in the development and
manufacture of biomedical devices and environmental products.
