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) June 15, 1998
BIOCONTROL TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 0-10822 25-1229323
(State of other jurisdiction (Commission File (IRS Employer
of incorporation) Number) 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.)
<PAGE>
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 June 15, 1998 Biocontrol Technology, Inc. (NASDAQ:BICO) announced
that at a Special Meeting of Shareholders, held on Friday, June 12,at the
Holiday Inn in Indiana, PA, the Company's proposals were approved by an
overwhelming majority of the shareholders. Company management also updated
the CE Mark registration status for its Diasensorr1000 noninvasive glucose
sensor, indicating that, although there can be no guarantees, it expects to
soon receive word on the CE Mark registration, which would then permit sales of
the Diasensor in the European Community. The Company also announced today plans
to downsize its operations, saying that approximately 30% of their employees
have been laid off and that it is actively pursuing buyers for some of its
subsidiaries.
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
-----------------------------
DATED: June 15, 1998 Fred E. Cooper, CEO
BICO
BIOCONTROL TECHNOLOGY, INC
2275 Swallow Hill Road, Building 2500
Pittsburgh, PA 15220
<PAGE>
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 APPROVAL OF SHAREHOLDERS
Pittsburgh, PA - June 15, 1998 - Biocontrol Technology,
Inc. (Nasdaq:BICO) announced today that at a Special Meeting of
Shareholders, held on Friday, June 12, at the Holiday Inn in
Indiana, PA, the Company's proposals were approved by an
overwhelming majority of the shareholders. Company management
also updated the CE Mark registration status for its
Diasensorr1000 noninvasive glucose sensor, indicating that,
although there can be no guarantees, it expects to soon receive
word on the CE Mark registration, which would then permit sales
of the Diasensor in the European Community.
The Company also announced today plans to downsize its
operations, saying that approximately 30% of their employees have
been laid off and that it is actively pursuing buyers for some of
its subsidiaries. Although the Company believes the products
developed by its subsidiaries will be commercially successful,
its priority is to raise capital to fund Biocontrol's operations
and market support of its noninvasive glucose sensor. The
company also confirmed that, in addition to pursuing joint
venture and roll-up options for ICTI, the metal-finishing company
of which BICO acquired a majority interest in March 1998,
Biocontrol is also considering the sale of a portion of its
interest in ICTI.
Biocontrol management stressed that even with the layoffs,
the Diasensor project and the functional electrical stimulator
manufacturing will continue to go forward.
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.
