SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): June 2, 1999
HYDRON TECHNOLOGIES, INC.
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(Exact Name of Registrant as Specified in Charter)
New York 0-6333 13-1574215
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(State or Other Juris- (Commission File No.) (IRS Employer
diction of Incorporation) Identification No.)
1001 Yamato Road, Boca Raton, Florida 33431
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (561) 994-2446
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. Other Events.
On June 2, 1999, Hydron Technologies, Inc. (the "Company") issued a
press release announcing that it has settled its pending litigation with Harvey
Tauman, the former President, CEO and Chairman of the Company. Pursuant to the
terms of the settlement, Mr. Tauman has received a cash payment of $300,000 and
75,000 shares of the Company's common stock. In addition, Mr. Tauman was
appointed to the Company's Board of Directors.
The press release also stated that the Company has notified its current
electronic retailer that the Company has terminated their agreement effective
May 31, 1999 as a result of their failure to satisfy minimum purchase
requirements. The current electronic retailer has a period of 30 days within
which to make the required minimum purchases. If the deficiency is not cured,
the Company plans to aggressively pursue alternate means of electronic
retailing. A copy of the press release is attached to this Form 8-K as Exhibit
99.1 and is incorporated by reference herein.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibits:
99.1 Press Release dated June 2, 1999
2
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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 hereunto duly authorized.
HYDRON TECHNOLOGIES, INC.
By: /s/ Richard Banakus
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Name: Richard Banakus
Title: President
Date: June 9, 1999
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EXHIBIT 99.1
Hydron Technologies, Inc. Settles Lawsuit with Former President and
Gives Termination Notice to its Current Electronic Retailer
BOCA RATON, Fla., June 2 /PRNewswire/ -- Hydron Technologies, Inc. (OTC Bulletin
Board: HTEC - news) announced today that it has settled its pending litigation
with Harvey Tauman, the former President, CEO and Chairman of the Company.
Pursuant to the terms of the settlement, Mr. Tauman has received a cash payment
of $300,000 and 75,000 shares of the Company's common stock. In addition, Mr.
Tauman was appointed to the Company's Board of Directors.
Hydron also announced today that it has notified its current electronic retailer
that the Company has terminated their agreement effective May 31, 1999 as a
result of their failure to satisfy minimum purchase requirements. The current
electronic retailer has a period of 30 days within which to make the required
minimum purchases. If the deficiency is not cured, the Company plans to
aggressively pursue alternate means of electronic retailing.
"This marks a new beginning for Hydron," said Richard Banakus, the Company's
Interim President. He continued by stating "I am hopeful that with the aid of
Mr. Tauman's electronic retail marketing expertise, this year will bring many
new business opportunities for Hydron." Mr. Banakus also noted that the monetary
cost of pursuing the litigation and the diversion of time and resources prompted
the parties to seek a mutually satisfactory resolution. Mr. Tauman added, "It is
clear that Hydron and I have a very exciting future ahead of us.'"
The Company develops a broad range of personal care products, including skin
care, hair care, bath and body, and topical over-the-counter pharmaceutical
products, based on its proprietary and patented Hydron polymer technology. The
Company markets its products through direct response television and by catalog.
Catalogs are available by calling 1-800-4-HYDRON (1-800-449-3766).
Except for historical information, all of the expectations and assumptions
contained in the foregoing are forward-looking statements involving risks and
uncertainties. For additional information regarding the risks associated with
the Company's business, refer to the Company's reports filed with the SEC.
