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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
Date of Report (date of earliest event reported): June 15, 1999
Commission file number 0-8485
Grip Technologies, Inc.
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(Exact name of Registrant as specified in its charter)
California 95-1980894
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(State or other jurisdiction (I.R.S Employer
of incorporation or organization) Identification No.)
10 Corporate Park Suite 130
Irvine, California 92606
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(Address of principal executive offices) (Zip Code)
(949) 252-8500
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(Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report)
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ITEM 5. OTHER EVENTS
Registrant filed for reorganization under Chapter 11 of the Federal
Bankruptcy Act on June 10, 1999. Registrant has continued to experience severe
ongoing liquidity problems due to months of declining sales, its inability to
obtain financing, and the failure to close a certain transaction wherein
Registrant would have transferred inventory to E-Z Sport Grip Company, Inc. for
cash and notes. As a result of the foregoing, Registrant has been unable to pay
certain vendors or to complete Registrant's delinquent filings.
Registrant is preparing a reorganization plan wherein Registrant
intends to outsource all of its manufacturing operations, including the
lasering, buffing and painting of its golf grips, thereby reducing labor and
other operating costs to allow Registrant to operate profitably. There is no
guarantee that the Bankruptcy Court will approve the plan, or that Registrant
will be able to operate profitably if the plan is approved. Failure to obtain
Bankruptcy Court approval for the plan of reorganization or failure by
Registrant to implement a reorganization plan may result in Registrant filing
for liquidation under Chapter 7 of the Federal Bankruptcy Act.
This report includes statements, which may be forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements, including, but not limited to, risks related to the
golf equipment business in general, and market acceptance of the Registrant's
product in particular; liquidity issues and constraints affecting Registrant;
seasonality of the golf equipment business; Registrant's dependence on a few
major customers; scheduling, delivery and cost of tooling; use of third party
manufacturers and suppliers; supply delays; and other factors detailed in
Registrant's other periodic reports on Forms 10-K, 10-Q and 8-K filed with the
Securities and Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking !statements, which speak only as of the date
hereof. Registrant undertakes no obligation to republish revised forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GRIP TECHNOLOGIES, INC.
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(Registrant)
Date: June 15, 1999 /s/ Sam G. Lindsay
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Sam G. Lindsay
President and
Chief Executive Officer
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