UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) November 22, 2000
Starmet Corporation
(Exact name of registrant as specified in its chapter)
MA 001-14253 042506761
(State or other (Commission IRS Employer
jurisdiction of File Number) Identification No.
incorporation)
2229 Main Street, Concord, MA 01742
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (978) 369-5410
_____________________________________________________
Item 5. Other Events.
On November 22, 2000, Starmet Corporation received a denial
of its amended P.L. 85-804 claim to the U.S. Army for
payment of past and future remediation costs of approximately
$18.0 million. Although Starmet continues to take aggressive
steps to ensure that the Army fulfills all of its obligations,
this decision and litigation concerning the same subject matter
could materially adversely affect the Companys business and
financial condition.
Item 7. Financial Statements and Exhibits.
(c) Exhibits. Exhibit 99.1. Starmet Corporation press
release dated December 1, 2000
EXHIBIT 99.1
December 1, 2000
NEWS ITEM -- FOR IMMEDIATE RELEASE
STARMET CORPORATION ANNOUNCES ARMY DENIAL OF CLAIM
Starmet Corporation (NASDAQ: STMT), a Concord,
Massachusetts based manufacturer of specialized metal products,
today announced that on November 22, 2000, the Company
received a denial of its amended P.L. 85-804 claim to the U.S.
Army requesting payment of all past and future costs of
approximately $18 million related to the remediation of the
Companys Concord, Massachusetts holding basin. The Army
decision indicated in part that Other avenues exist to fairly
adjudicate a comprehensive solution of Starmets environmental
problems at its Concord facilitys. This amended claim to the Army
had also sought costs which are associated with litigation filed by
Zhagrus Environmental, Inc. and arising out of Zhagrus contract
for disposal of materials in the former holding basin at Starmets
property (which had been licensed to store waste materials from
the production of Army-related products). This litigation is more
fully described in Starmets 10-Q filing of July 2, 2000.
Starmet continues to take aggressive steps to resolve the
Zhagrus litigation and ensure that the Army fulfills all of its
obligations as a responsible party with respect to site clean up.
Should Zhagrus now execute on their $4.4 million partial summary
judgement, the Companys business, financial condition and results
of operations would be materially and adversely affected, and the
Company would be forced to consider insolvency or similar
reorganization proceedings to preserve the Companys business
operations.
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Special Note Regarding Forward-looking Statements:
Statements contained herein that are not statements of
historical fact are forward-looking statements. Forward-looking
statements include statements concerning expectations of
management with respect to results of litigation and future
operations.
Such forward-looking statements are based on a number of
assumptions and involve a number of risks and uncertainties, and,
accordingly, actual results could differ materially from those
projected in the forward-looking statements. Factors that may
cause such differences include, but are not limited to: the effects of
federal, state and local government regulation; economic
conditions, results of litigation and other risks identified in the
Companys filings with the Securities and Exchange Commission.
For further information, please contact:
Gary Mattheson
Chief Financial Officer
(978) 369-5410
Company News on Call: http://www.prnewswire.com or fax,
800-758-5804, ext. 632850
Web Site: http://www.starmet.com
SIGNATURE
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.
STARMET CORPORATION
Dated: December 6, 2000
By:
_________________________
Gary W. Mattheson
Chief Financial Officer
SIGNATURE
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.
STARMET CORPORATION
Dated: December 6, 2000
By: /s/ Gary W. Mattheson
Gary W. Mattheson
Chief Financial Officer
