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) - December 21, 1999
PSC Inc.
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(Exact name of Registrant as Specified in its Charter)
New York
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(State or other jurisdiction of Incorporation)
0-9919 16-0969362
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(Commission File Number) (IRS Employer Identification No.)
675 Basket Road, Webster, New York 14580
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(Address of Principal Executive Offices)
(716) 265-1600
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Registrant's Telephone Number, including Area Code
<PAGE>
Item 5. Other Events
On December 21, 1999, Registrant purchased all of the assets of GAP
Technologies, Inc. ("GAP") and related intellectual property rights for $4.75
million in cash.
GAP, located in Sharon Hill, Pennsylvania, is a privately-held
technology and research group that designs and manufactures miniaturized laser
scan engines and pen-based scanners. The purchase included 26 issued patents and
18 pending patents held by a related company, GEO Labs, Inc. ("GEO").
George A. Plesko, President of GAP and GEO, will join the Registrant as
a senior vice president.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99 News Release dated December 22, 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.
PSC Inc.
(Registrant)
Date: December 22, 1999 By: /s/ William J. Woodard
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William J. Woodard
Chief Financial Officer and
Treasurer
FOR IMMEDIATE RELEASE
For information contact:
William J. Woodard, Vice President and Chief Financial Officer
Charis W. Copin, Director-Investor Relations
716-265-1600
PSC ACQUIRES GAP TECHNOLOGIES
Adds E-commerce Product Opportunities
Rochester, New York--December 22, 1999--PSC Inc. (Nasdaq:PSCX), a global leader
in the manufacture and marketing of bar code scanning and automatic
identification solutions, today announced the acquisition of the assets of GAP
Technologies, Inc. and related intellectual property rights. GAP, located in
Sharon Hill, Pennsylvania, is a privately-held technology and research group
that designs and manufactures miniaturized laser scan engines and pen-based
scanners. The purchase included 26 issued patents and 18 pending patents held by
a related company, GEO Labs, Inc.
"This latest acquisition continues to advance our efforts to increase sales and
grow PSC in complementary segments of the automatic identification and data
capture industry," said Robert C. Strandberg, PSC President and Chief Executive
Officer. "GAP's strong intellectual property position, low cost, high
performance scan engines and non-contact laser scan wands not only strengthen
PSC's existing product line, but also expand our opportunities to supply
products for new applications, for example, in e-commerce."
George A. Plesko, President of GAP and GEO, will join PSC as a senior vice
president. Plesko said, "GAP brings new technology and additional intellectual
property to PSC which will differentiate the Company's product line, providing
unique competitive advantages. For example, GAP's Ultrapen(TM) is the world's
only true laser scanner reduced to a convenient wand-size device which makes it
very suitable for health care and document scanning applications."
On November 10, 1999, PSC announced that the Company had entered into a merger
agreement to acquire Percon Incorporated, a manufacturer of wireless portable
data terminals and application software. Strandberg said that all regulatory
filings have been made in connection with that transaction which is expected to
close shortly after the Percon shareholders' meeting scheduled for January 17,
2000.
PSC Inc. is a leading manufacturer and marketer of bar code scanning and
automatic data collection solutions of the highest quality and exceptional
reliability. Its broad range of products includes a line of laser and non-laser
based handheld and fixed position bar code scanners, bar code engines and
verifiers and automated carton dimensioning systems. Headquartered in the
Rochester, New York suburb of Webster, PSC has manufacturing facilities in
Webster and Eugene, Oregon. PSC has sales and service offices throughout Europe,
Asia, Australia and the Americas.
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