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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): July 8, 1998
Connectivity Technologies Inc.
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(exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 0-12113 94-2691724
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(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
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680 Mechanic Street, Ste 1201, PO Box 786, Leominster,Massachusetts 01453
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(Address of principal executive offices) (zip code)
Registrant's Telephone Number, including Area Code: (978) 537-9138
N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
In its Current Report on Form 8-K filed with the Securities and
Exchange Commission on June 30, 1998, Connectivity Technologies Inc. (the
"Registrant") referred to the provisions of its amended secured credit agreement
requiring the elimination by July 10th of an overadvance position of
approximately $5 million and the repayment of the outstanding balance of the
entire credit facility amounting to approximately $17.7 million by July 31st.
Since the Registrant does not believe it will be in a position to meet either of
those deadlines, it is in continuing discussions with its lenders with a view to
obtaining a forbearance agreement to allow the Registrant to raise additional
funds through the sale of assets or achieving other corrective action. The
lenders have informally indicated to the Registrant their present intention not
to declare a default or otherwise proceed against the Registrant or its assets
on the expiration of the July 10 or the July 31 deadlines while discussions are
proceeding in a manner satisfactory to the lenders. However, unless and until a
forbearance or other corrective agreement is concluded between the Registrant
and the lenders, the lenders have no obligation to forebear and may declare the
Registrant in default and proceed against the Registrant on the expiration of
either deadline with the consequences more fully discussed in the Registrant's
8-K of June 30, 1998.
Item 7. Financial Statements and Exhibits
None.
Safe Harbor Statements Under the Private Securities Litigation Reform Act of
1995
This Report contains, in addition to historical information,
forward-looking statements. Forward-looking statements are subject by their
nature to risks and uncertainties, and actual results could differ materially
from those set forth in the forward-looking statements. Typical risks and
uncertainties include, but are not limited to, those related to conversations
between the Registrant and its lenders and the results thereof, the Registrant's
efforts to sell its EEA division, economic conditions, changes in competition,
fluctuation in interest rates and in the price of copper, and other factors
described from time to time in the Registrant's Form 10-KSB for the year ended
December 31, 1996, and subsequent reports on Form 10-QSB and Form 8-K. Any
forward-looking statements are made pursuant to the Private Securities
Litigation Reform Act of 1995 and, as such, speak only as of the date made. The
Registrant is not undertaking to update any information in the foregoing reports
until the effective date of its future reports required by the securities laws.
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CONNECTIVITY TECHNOLOGIES INC.
(Registrant)
Dated: July 8, 1998 By: /s/ James M. Hopkins
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Name: James M. Hopkins
Title: President and Chief
Executive Officer
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