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 EXCHANGE ACT OF 1934
May 9, 2000
(Date of earliest event reported)
UNIDYNE CORPORATION
(Exact name of small business issuer
as specified in its charter)
DELAWARE 0-10372 23-2154902
(State or other jurisdiction (Commission File No.) (IRS
Employer Identification No.)
of incorporation or organization)
118 PICKERING WAY, SUITE 104, EXTON, PENNSYLVANIA 19341
(Address of principal executive offices)
(610) 363-8237
(Issuer's telephone number)
<PAGE>
ITEM 5. OTHER EVENTS
On May 9, 2000, the Company's principal subsidiary, Dynamatic Corporation, filed
for bankruptcy in the United States Bankruptcy Court, District of Delaware,
Docket No. 00-1911. Dynamatic listed its assets as $11.9 million and its
liabilities as $11.6 million. Dynamatic, which furloughed its employees on April
15, expects to resume operations on May 15, and has reached agreement with its
principal lender for financing its operations during the reorganization.
ITEM 7. EXHIBITS
1. Press Release dated May 11, 2000.
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.
UNIDYNE Corporation
May 17, 2000 /s/ Wayne R. Lorgus
- -------------------------------------------
Wayne R. Lorgus, President
and
Chief Financial Officer
<PAGE>
[GRAPHIC OMITTED][GRAPHIC OMITTED]
FOR IMMEDIATE RELEASE
CONTACT: Wayne R. Lorgus, President and Chief Financial Officer
UNIDYNE Corporation (262) 656-4211
or
Jeff Lambert, Brian Edwards - (616) 233-0500
Lambert, Edwards & Associates, Inc.
UNIDYNE CORPORATION ANNOUNCES BANKRUPTCY OF PRINCIPAL SUBSIDIARY
Kenosha, WI, May 11, 2000. UNIDYNE Corporation (OTCBB:UDYN) today
announced that its principal subsidiary, Dynamatic Corporation, headquartered in
Kenosha, WI, has filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy
Code. Dynamatic listed its assets as $11.9 million and its liabilities as $11.6
million. Dynamatic, which furloughed its employees on April 15, expects to
resume operations on May 15, and has reached agreement with its principal lender
for financing its operations during the reorganization.
Unidyne officials indicated they have reached no decision on whether any
other subsidiaries or the parent company will seek relief from creditors.
Unidyne has not been able to raise the funds to required to pay its independent
auditors to complete their audit for the Company's required 10K filing for 1999
with the Securities and Exchange Commission.
Kenosha, WI.-based UNIDYNE Corporation and its subsidiaries manufacture,
sell, service and finance a variety of products including vehicle emission
testing systems, specialized electric motors, and variable speed drives and
controls. UNIDYNE also manufacturers engine and chassis dynamometer testing
systems for a variety of large industrial customers, focused on the automotive
and heavy equipment industries. The Company employs 88 people at its facilities
in Kenosha, WI.
The statements contained in this news release include certain predictions
and projections that may be considered forward-looking statements under
securities law. These statements involve a number of important risks and
uncertainties that could cause actual results to differ materially, including,
but not limited to, the performance of the emission testing industry, certain
customer and affiliated companies, as well as other economic competitive,
governmental and technological factors involving the Company's operations,
markets, services, products and prices.
# # #
- ------------------------------------------------------------------------------
