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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): October 2, 1996
SPECIALTY CHEMICAL RESOURCES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 1-11013 34-1366838
(State or Other (Commission File (IRS Employer
Jurisdiction of Number) Identification No.)
Incorporation)
9100 Valley View Road, Macedonia, Ohio 44056
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (216) 468-1380.
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Item 5. Other Events.
(a) The Company is one of several defendants in two personal
injury lawsuits. HAMRICK V. COASTAL LUMBER COMPANY, DONALD MEGERT,
MONONGAHELA POWER COMPANY, LAWSON PRODUCTS, INC. AND SPECIALTY CHEMICAL
RESOURCES, INC. was filed in 1995 and is currently pending in the
Circuit Court of Webster County, West Virginia. The lawsuit alleges
that the plaintiff was injured due to unsafe working conditions and
that his injury was caused, in part, by his use of one of the Company's
products. The lawsuit asks for unspecified damages. RENFRO, SPEARS ET
AL V. SPECIALTY CHEMICAL RESOURCES, INC., GOODYEAR TIRE AND RUBBER
COMPANY AND SANDRA VOGLER was filed in 1994 and is currently pending in
the District Court of Harris County, Texas. The lawsuit alleges that
the injuries suffered by plaintiffs were caused, in part, by their use
of one of the Company's products. The lawsuit asks for unspecified
damages.
The Company believes that each of these lawsuits is without
merit. The Company had aggregate applicable insurance coverage of
$2,000,000 at the time of these lawsuits. The Company has recently been
contacted by its insurer respecting the possible need to utilize the
full amount of insurance coverage in connection with these two
lawsuits. In such event, the Company could have liability exposure
which would not be covered by insurance. At this time, the Company is
unable to predict what exposure, if any, it has in connection with
these lawsuits.
(b) On October 3, 1996, the Company issued a press release
announcing that it has extended the expiration date of its current
Rights Offering from October 4, 1996 to October 11, 1996. The Company
has distributed to the record holders of shares of its Common Stock
nontransferable subscription rights to subscribe for and purchase its
6% Convertible Subordinated Notes due 2006. A copy of the press release
is attached hereto as Exhibit A.
Item 7(c). Exhibits.
Exhibit A - Press Release of Specialty Chemical Resources, Inc.
dated October 3, 1996
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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.
SPECIALTY CHEMICAL RESOURCES, INC.
Dated: October 2, 1996 By: /s/ Corey B. Roth
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Corey B. Roth, Vice President,
Treasurer and Assistant Secretary
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SPECIALTY CHEMICAL RESOURCES, INC.
PRESS RELEASE
FOR IMMEDIATE RELEASE
For further information contact:
Corey B. Roth
Vice President, Treasurer
and Assistant Secretary
(216) 468-1380
CLEVELAND, OHIO, October 3rd, 1996 -- Specialty Chemical Resources, Inc.
(AMEX:CHM), announced today that it has extended the expiration date of its
current rights offering from October 4, 1996 to October 11, 1996. In September
1996, the Company distributed to the record holders of its common stock
subscription rights ("Rights") to subscribe for and purchase an aggregate
principal amount of $4,000,000 of the Company's 6% Convertible Subordinated
Notes due 2006. Stockholders received one Right for each 100 shares of common
stock held by them as of the close of business on September 3, 1996.
Stockholders now have until the close of business on October 11, 1996 to
exercise their Rights.
Specialty Chemical Resources is a leading formulator and packager of aerosol
products primarily for industrial maintenance and automotive service
professionals. The Company's aerosol products include cleaners, sealants, gasket
compounds, lubricants, waxes, adhesives, paints, coatings, degreasers, polishes,
anti-statics and tire inflators.
October 3, 1996 9:49am -- -- EC1
CLE1: 15179\1 -- 227533 Ver1
