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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
April 16, 1998
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Date of Report (Date of earliest event reported)
IGI, INC.
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE 1-8568 01-0355758
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(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification
Incorporation) Number)
WHEAT ROAD AND
LINCOLN AVENUE
BUENA, NJ 08310
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(Address of Principal Executive Offices,
Including Zip Code)
(609) 697-1441
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(Registrant's telephone number,
including area code)
NOT APPLICABLE
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(Former name or Former Address,
if Changed Since last Report)
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<PAGE>
Item 5. Other Events
On April 16, 1998, the Company announced that the filing of its 1997 annual
report on Form 10-K continues to be delayed because the investigation, by
special counsel engaged by the Board of Directors, of information which may have
a material impact on the Company's financial reporting for 1997 and prior
periods remains ongoing. Accordingly, the Company cannot complete the procedures
it deems necessary to prepare its 1997 financial statements.
The Company also announced that it has made extensive changes in its management
team following regulatory compliance actions brought by the United States
Department of Agriculture.
The foregoing description of events is qualified by the Press Release dated
April 16, 1998, which is filed as Exhibit 99 to this Current Report on Form 8-K
and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) and (b) N/A
(b) Exhibits: The following exhibits are filed with this report:
Exhibit No. Description
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99 Press Release dated April 16, 1998
SIGNATURES
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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.
IGI, INC.
Date: April 16, 1998 By: /s/ Kevin J. Bratton
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Kevin J. Bratton
Vice President and Treasurer
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EXHIBIT INDEX
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Exhibit No Description
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99 Press Release dated April 16, 1998
EXHIBIT 99
IGI ANNOUNCES PERSONNEL CHANGES AND CONTINUED
DELAY IN FILING OF ANNUAL REPORT ON FORM 10-K
Release Date: April 16, 1998 Contact: Thomas Redington
(203) 222-7399
BUENA, NJ, APRIL 16, 1998 - IGI, INC. (AMEX:IG) announced today that the filing
of its 1997 annual report on Form 10-K with the Securities and Exchange
Commission and AMEX continues to be delayed because the investigation, by
special counsel engaged by the Board of Directors, of information which may have
a material impact on the Company's financial reporting for 1997 and prior
periods remains ongoing. Accordingly, the Company can not complete the
procedures it deems necessary to prepare its 1997 financial statements. The
Company is unable at this time to state when it will file its 1997 annual report
on Form 10-K. Trading of IGI's common stock on the American Stock Exchange will
remain halted until the Form 10-K for 1997 is filed with the SEC and AMEX. IGI
is unable at this time to state when trading of its stock on AMEX will resume.
The Company also announced that it has made extensive personnel changes in its
management team following regulatory compliance actions brought by the United
States Department of Agriculture ("USDA"). At the Company's request, six members
of the management team including two vice presidents have resigned in addition
to the termination in November 1997 of IGI's former President and Chief
Operating Officer, John P. Gallo. After completion of its internal
investigation, the Company may decide to terminate other employees for
misconduct.
The Company has undertaken a substantial ongoing restructuring effort to effect
changes needed to improve performance. In this connection, management believes
it has made good progress in bringing the Company into compliance with USDA
requirements. All the vaccines previously affected by the USDA's June 1997 Stop
Sale and Shipment order have been released for shipment.
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IGI is a diversified company segmented into two business areas: Animal Health
and Skin Care and Consumer Products. The Company's growing Skin Care and
Consumer Products business is primarily based on the Patented Novasome
technology. Licensed from a former subsidiary, the technology offers value-added
qualities to cosmetics, skin care products, vaccines, medicines, foods,
beverages, and other products.
