SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): August 20, 1999
IMAGING TECHNOLOGIES CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-12641 33-0021693
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(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation) File Number) Identification No.)
15175 Innovation Drive
San Diego, California 92128
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(Address of Principal Executive Offices) (Zip Code)
(Registrant's telephone number, including area code): (619) 613-1300
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 3. Receivership
On August 20, 1999, pursuant to an Order Appointing Receiver of
the Superior Court of the State of California for the County of San Diego,
proceeding number 728735, Imperial Bank vs. Imaging Technologies Corporation and
certain other parties, Michael D. Myers was appointed the receiver on behalf of
Imperial Bank.
Item 5. Other Events.
On August 24, 1999, the registrant issued a press release, a copy
of which is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by
reference.
Exhibit Number Description
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99.1 Press release dated August 24, 1999 issued by the
registrant.
SIGNATURES
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.
Date: August 31, 1999 IMAGING TECHNOLOGIES CORPORATION
By: /s/ Brian Bonar
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Name: Brian Bonar
Title: President and Chief
Executive Officer
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Imaging Technologies Corporation's press release dated
August 24, 1999.
EXHIBIT 99.1
ITEC(TM)
Mr. Philip Englund
Sr. Vice President
P# (619) 613-1300
F# (619) 613-1311
[email protected]
For Immediate Release
OPERATIONAL RECEIVER APPOINTED TO ASSIST ITEC WITH TURNAROUND
San Diego, CA. August 24, 1999 - Imaging Technologies Corporation
(ITEC: NASDAQ), a pioneer in the development of digital imaging color solutions,
today announced that an operational receiver has been appointed to assist the
company with its ongoing turnaround.
The operational receiver was appointed by the superior court of San
Diego, California at the request of Imperial Bank, which continues to provide
financing to the company in the form of lines of credit.
Brian Bonar, President and Chief Executive Officer of ITEC, said,
"Imaging Technologies continues to make progress on the marketing, manufacturing
and financial plans previously announced. ITEC's management looks forward to the
expected benefits from the consulting services and management experience of the
receiver, who is committed to supporting management in achieving its goal of
financial stability and profitability."
ABOUT IMAGING TECHNOLOGIES CORPORATION
Imaging Technologies Corporation (NASDAQ: ITEC) is a worldwide pioneer
in the development, manufacturing, licensing and distribution of high-quality
digital imaging solutions. Founded in 1982 and headquartered in San Diego,
California, the company produces imaging products for diverse market segments.
Beginning with a core technology in the design and development of ADOBE(R)
PostScript(R) controllers for non-impact printers and multifunction peripherals,
the company has expanded its product offerings to include monochrome and color
printers, printer controllers, external print servers, and software to improve
the accuracy of color reproduction. Information on the company is available at
the ITEC Web site at WWW.ITEC.NET.
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FORWARD-LOOKING STATEMENTS
Statements in this press release may constitute forward-looking
statements and are subject to numerous risks and uncertainties, including the
failure to complete successfully the development of new or enhanced products,
the Company's future capital needs, the lack of market demand for any new or
enhanced products the Company may develop, any actions by the Company's partners
that may be adverse to the Company, the success of competitive products, other
economic factors affecting the Company and its markets, seasonal changes, and
other risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission. The actual results may differ materially
from those contained in this press release. The Company disclaims any obligation
to update any statements in this press release.
