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 earliest event reported) September 21, 1999.
WORKSAFE INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Delaware 01-06855 11-1874010
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
130 West 10th Street, Huntington Sta., New York 11746
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 427-1802
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
The Board of Directors has approved the adoption of a stock repurchase
program (the "Repurchase Program"). The Repurchase Program permits the
Company, for up to twenty-four months, to repurchase up to 320,000
shares of its own common stock, which represents approximately 20
percent of the total shares currently outstanding. Purchases made by
the Company in the open market will be made pursuant to Rule 10b-18 of
the Securities Exchange Act of 1934.
Item 7. Financial Statements and Exhibits
21.02 Form of Press Release dated September 21, 1999.
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.
Dated: September 21, 1999
WORKSAFE INDUSTRIES, INC.
By: /s/ Arthur J. Wasserspring
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Arthur J. Wasserspring
Vice President of Finance
& Chief Financial Officer
For Immediate Distribution
Contact: Arthur J. Wasserspring, C.F.O.
Telephone (516) 427-1802
WORKSAFE INDUSTRIES INC. AUTHORIZES
STOCK REPURCHASE PROGRAM
September 21, 1999, Huntington Station, New York - WORKSAFE INDUSTRIES INC.
(NASDAQ symbols WRKS, WRKSW; Boston Stock Exchange symbols WSF, WSFZ), a
manufacturer of industrial protective clothing and other safety products, today
announced that its Board of Directors has approved a plan to acquire, over a two
year period, up to 320,000 shares (approximately 20%) of its common stock from
time to time in the open market or in private transactions.
Management believes that this plan is in the best interests of the Company's
shareholders. Larry Densen, the Company's President, commented that "the shares
of the Company's common stock are currently trading at less than book value."
o o o
The forward looking statements included in this news release are based on
management's current expectations. In light of the assumptions and uncertainties
inherent in forward looking information, the inclusion of such information
should not be regarded as a representation by the Company or any other person
that the plans of the Company will be realized or that positive trends in
financial results will occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance, expectations or achievements expressed or implied by such
forward-looking statements, including, among others, those risks, uncertainties
and factors referenced from time to time as "risk factors and other
considerations" in the Company's Form 10-K and also in other filings with the
Securities and Exchange Commission Reports.
EXHIBIT 21.02
