<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported)
November 10, 1997 (October 30, 1997)
-----------------------------
Maxwell Technologies, Inc.
- -----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-10964 95-2390133
- -----------------------------------------------------------------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
9275 Sky Park Court, San Diego, California 92123
- -----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (619) 279-5100
---------------------------
Not applicable
- -----------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE> 2
ITEM 5. OTHER EVENTS.
Attached hereto as Exhibit 99.1 is the press release issued by
Maxwell Technologies, Inc. dated November 4, 1997 which is hereby incorporated
by reference herein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS.
99.1 Press Release dated November 4, 1997.
2
<PAGE> 3
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 thereunto duly authorized.
Date: November 10, 1997
MAXWELL TECHNOLOGIES, INC.
By: /s/ DONALD M. ROBERTS
----------------------------
Donald M. Roberts
Secretary and General Counsel
3
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------- -----------
<S> <C>
99.1 Press Release dated November 4, 1997.
</TABLE>
<PAGE> 1
EXHIBIT 99.1
[MAXWELL TECHNOLOGIES LETTERHEAD]
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: Tracy Perry
Vice President, Corporate Communications
(619) 576-7547
URL http://www.maxwell.com/
PACIFICORP MAKES EQUITY INVESTMENT IN MAXWELL'S ENERGY PRODUCTS
SUBSIDIARY AS PART OF A STRATEGIC RELATIONSHIP FOR
ULTRACAPACITOR APPLICATIONS
------------
NOVEMBER 4, 1997, SAN DIEGO, CA....MAXWELL TECHNOLOGIES, INC. (NMS-MXWL)
announced today that its Energy Products subsidiary has signed an agreement with
PacifiCorp Energy Ventures, Inc., a unit of PacifiCorp Holdings (NYSE-PPW), to
jointly pursue applications for Maxwell's PowerCache(TM) ultracapacitor in the
stationary power and energy services market.
PacifiCorp will provide $5 million in cash in addition to certain equipment
and other assets with an aggregate cost to PacifiCorp of approximately $2
million and will receive a 7.5% equity interest in Maxwell Energy Products,
Inc., as well as preferred access to the technology, marketing and supply rights
and continued product development. PacifiCorp has the option after one year to
exchange its equity in Energy Products for Maxwell Technologies common stock
based on relative value at that time. Further terms of the arrangement were not
disclosed.
According to Kenneth F. Potashner, chairman and chief executive officer of
Maxwell: "We are pleased to be entering into this relationship with PacifiCorp
and look forward to pursuing opportunities with our new partner. We also welcome
David Hoffman, vice president of PacifiCorp, as a new member of the Board of
Directors of Maxwell Energy Products, Inc."
Added Mr. Hoffman: "Our arrangement with Maxwell's Energy Products
subsidiary is consistent with our statement of last year that PacifiCorp was
seeking equity interests in emerging technologies that would be of strategic
benefit to our core business sectors. We were looking for technologies that
would enhance our competitive position in emerging deregulated markets, and
Maxwell's PowerCache(TM) ultracapacitors have demonstrated that they meet these
criteria."
<PAGE> 2
[MAXWELL LETTERHEAD]
The two firms signed an agreement last year on a program for determining
applications of Maxwell's ultracapacitor technology in the utilities,
manufacturing, and telecommunications fields. Pursuant to that initial
agreement, Maxwell Energy Products has shipped a 56 volt ultracapacitor bank to
PacifiCorp for evaluation. The system met or exceeded all of PacifiCorp's
performance specifications, and two additional banks, one of 56 volts and
another of 170 volts, are now being manufactured.
Maxwell Technologies is a leader in pulsed power technologies, providing
pulsed power based systems and components for a wide range of commercial
applications and research and development for both commercial customers and the
U.S. government. The Company's advanced technology solutions address diverse
markets such as utilities, telecommunications, medical equipment and products,
food processing and packaging and transportation. The Company also offers
industrial computers and subsystems, primarily to OEMs in computer telephony
and other markets, and software products and services, both for government
research and for various commercial applications.
Portland, Oregon-based PacifiCorp, one of the world's leading electrical
utilities with operations overseas as well as in the United States, is a major
owner and developer of coal and gas resources and producer and distributor of
electric power.
Except for historical information contained herein, the matters discussed
in this news release are forward-looking statements that involve risks and
uncertainties, including product development based on new technologies,
applications and acceptance of new products in major markets, the impact of
competitive products and pricing, and other risks detailed from time-to-time in
the Company's SEC reports, including the report on Form 10-K for the year
ended July 31, 1997.
Actual results may differ materially from those projected. These
forward-looking statements represent the Company's judgment as of the date of
this release. The Company disclaims, however, any intent or obligation to
update these forward-looking statements.
###
