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 of earliest event reported): January 4, 2000
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PRAB, INC.
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(Exact name of registrant as specified in its charter)
Michigan 0-10187 38-1654849
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
5944 E. Kilgore Road, Kalamazoo, Michigan 49003
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (616) 382-8200
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Item 5. Other Events.
On January 4, 2000, Prab, Inc. issued the following press release:
PRAB REPORTS REPURCHASE OF CONVERTIBLE PREFERRED STOCK
Kalamazoo, MI - Prab, Inc. has repurchased 366,667 shares of its
convertible preferred shares from the State of Michigan
Retirement Systems (SMRS). The repurchase was completed on
December 28, 1999, at the price of $1.63 per share. The 366,667
shares represented 100% of the convertible preferred shares
issued by the Company.
Gary Herder, Prab's President and CEO, reported, "With this
transaction, Prab has now completed the repurchase of all the
shares of Prab once owned by the SMRS. The repurchased
convertible preferred shares, with the right to be converted to
common shares on a one-to-one basis, represented approximately
16% of the Company's outstanding shares on a fully diluted
basis."
Prab, Inc., operating under two divisions, Prab Conveyors and
Hapman Conveyors, designs and manufactures conveyors, metal scrap
reclamation systems, and bulk material handling equipment and
systems for a wide variety of industrial markets throughout the
world. Prab, Inc. is a public company with its stock (symbol:
PRAB) regularly quoted on the OTC Bulletin Board (OTCBB).
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.
Date: January 6, 2000 PRAB, INC.
By: /s/ Gary A. Herder
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Gary A. Herder
Its: President
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