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As filed with the Securities and Exchange Commission on June 21, 2000
Reg. No. 33
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
___________________________________
IMAGING TECHNOLOGIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 33-0021693
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification No.)
15175 Innovation Drive
San Diego, California 92128
(858) 613-1300
(Address of principal executive offices)
________________________________________________
ADVISORY AND CONSULTING AGREEMENTS, and
2000 EMPLOYEE COMPENSATION PLAN
(Full title of plan)
________________________________
Brian Bonar
President
15175 Innovation Drive
San Diego, CA 92128
(Name and address of agent for service)
(858) 613-1300
(Telephone number, including area code of agent for service)
Copy to:
Owen Naccarato, Esq.
19600 Fairchild, Suite 260
Irvine, CA 92612
(949) 300-2487
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Proposed maximum Proposed maximum
Title of securities Amount to be offering price Aggregate offering Amount of
to be registered Registered per share Price Registration fee
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<S> <C> <C> <C> <C>
Common Stock 6,250,000 .40 $2,500,000 $661.00
($.005 par value)
---------------------------------------------------------------------------------------------------------
</TABLE>
Estimated solely for the purpose of determining the amount of registration fee
and pursuant to Rules 457(c) and 457 (h) of the General Rules and Regulations
under the Securities Act of 1993, based upon the exercise price of 2,370,000
shares for consultants at $.40 per share.
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PART I
INFORMATION REQUIRED IN THIS SECTION 10(a) PROSPECTUS
Item 1. Plan Information.*
Item 2. Registrant Information and Employee Plan Annual Information.*
*Information required by Part 1 to be contained in the Section
10(a) prospectus is omitted from the registration statement in
accordance with Rule 428 under the Securities Act of 1933 and the
Note to Part I of Form S-8.
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PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents filed by Imaging Technologies Corporation (the
"Company") with the Securities and Exchange Commission (the "Commission") are
incorporated by reference herein:
(a) the Company's annual report on Form 10-K for the fiscal year ended June
30, 1998 and June 30, 1999;
(b) all other reports filed by the Company pursuant to Section 13(a) or
Section 15 (d) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), since June 30, 1999 through the date hereof;
(c) the Registrant's Form 8-A filed on July 6, 1984 pursuant to Section 12
of the Exchange Act, in which there is described the terms, rights and
provisions applicable to the Registrant's outstanding Common Stock, and
(d) any document filed by the Company with the Commission pursuant to
Sections 13(a), 13( c), 14 or 15(d) of the Exchange Act subsequent to the date
hereof, but prior to the filing of a post-effective amendment to this
Registration Statement which Indicates that all shares of Common Stock
registered hereunder have been sold or that deregisters all such shares of
common Stock then remaining unsold, such documents being deemed to be
incorporated by reference herein and to be part hereof from the date of filing
of such documents.
Item 4. Description of Securities
Not applicable.
Item 5. Interests of Named Experts and Counsel
Not applicable.
Item 6. Indemnification of Directors and Officers
Section 145 of the General Corporation Law of the State of
Delaware provides, in general, that a corporation incorporated
under the laws of the State of Delaware, such as the registrant,
may indemnify any person who was or is a party or is threatened
to be made a party to any threatened, pending or completed
action, suit or proceeding (other than a derivative action by or
in the right of the corporation) by reason of the fact that such
person is or was a director, officer, employee or agent of the
corporation, or is or was serving at
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the request of the corporation as a director, officer, employee
or agent of another enterprise, against expenses (including
attorney's fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by such person in connection
with such action, suit or proceeding if such person acted in good
faith and in a manner such person reasonably believed to be in or
not opposed to the best interests of the corporation, and, with
respect to any criminal action or proceeding, had no reasonable
cause to believe such person's conduct was unlawful. In the case
of a derivative action, a Delaware corporation may indemnify any
such person against expenses (including attorneys' fees) actually
and reasonably incurred by such person in connection with the
defense or settlement of such action or suit if such person acted
in good faith and in a manner such person reasonably believed to
be in or not opposed to the best interests of the corporation,
except that no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been
adjudged to be liable to the corporation unless and only to the
extent that the Court of Chancery of the State of Delaware or any
other court in which such action was brought determines such
person is fairly and reasonable entitled to indemnity for such
expenses.
Our certificate of incorporation provides that
directors shall not be personally liable for monetary damages to
our company or our stockholders for breach of fiduciary duty as a
director, except for liability resulting from a breach of the
director's duty of loyalty to our company or our stockholders,
intentional misconduct or willful violation of law, actions or
inactions not in good faith, an unlawful stock purchase or
payment of a dividend under Delaware law, or transactions from
which the director derives improper personal benefit. Such
limitation of liability does not affect the availability of
equitable remedies such as injunctive relief or rescission. Our
certificate of incorporation also authorizes us to indemnify our
officers, directors and other agents to the fullest extent
permitted under Delaware law. Our bylaws provide that the
registrant shall indemnify our officers, directors and employees.
The rights to indemnity thereunder continue as to a person who
has ceased to be a director, officer, employee or agent and shall
inure to the benefit of the heirs, executors, and administrators
of the person. In addition, expenses incurred by a director or
officer in defending any action, suit or proceeding by reason of
the fact that he or she is or was a director or officer of our
company shall be paid by the registrant unless such officer,
director or employee is adjudged liable for negligence or
misconduct in the performance of his or her duties.
This means that our certificate of incorporation
provides that a director is not personally liable for monetary
damages to us or our stockholders for breach of his or her
fiduciary duties as a director. A director will be held liable
for a breach of his or her duty of loyalty to us or our
stockholders, his or her intentional misconduct or willful
violation of law, actions or in actions not in good faith, an
unlawful stock purchase or payment of a dividend under
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Delaware law, or transactions from which the director derives an
improper personal benefit. This limitation of liability does not
affect the availability of equitable remedies against the
director including injunctive relief or rescission. Our
certificate of incorporation authorizes us to indemnify our
officers, directors and other agent to the fullest extent
permitted under Delaware law. We have entered into
indemnification agreements with all of our officers and
directors. In some cases, the provisions of these indemnification
agreements may be broader than the specific indemnification
provisions contained in our certificate of incorporation or
otherwise permitted under Delaware law. Each indemnification
agreement may require us to indemnify an officer or director
against liabilities that may arise by reason of his status or
service as an officer or director, or against liabilities arising
from the director's willful misconduct of a culpable nature.
We maintain a directors and officers liability policy with
TIG Insurance that contains an aggregate limit of liability of
$3,000,000. Furthermore, we maintain an excess directors and
officers liability policy with Philadelphia Insurance Company for
liability in excess of $3,000,000 that contains an aggregate
limit of liability of $3,000,000 and also an excess directors and
officers liability policy with Fireman's Fund for liability in
excess of $4,000,000 that contains an aggregate limit of
$6,000,000 and Royal Indemnity Insurance for $5,000,000 in excess
of $10,000,000. All of these policies expire on October 1, 2000.
Experts
The consolidated financial statements of the company
appearing in the Company's Annual Report (Form 10-K) for the year
ended June 30, 1999 have been audited by Boros & Farrington APC,
independent public accounts, as set forth in their report thereon
included therein and incorporated herein by reference. Reference
is made to said report, which includes explanatory paragraphs
that describe the Company's ability to continue as a going
concern, discussed in Note 1 to the Company's Consolidated
Financial Statements. Such financial statements are incorporated
herein in reliance upon the reports of Boros & Farrington APC,
pertaining to such financial statements (to the extent filed with
the Commission) given upon the authority of such firm as experts
in giving such reports.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
The Exhibits to this registration statement are listed in the index to
Exhibits on page 9.
Item 9. Undertakings
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(a) The undersigned registrant hereby undertakes::
(1) To file during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the
securities Act 1933:
(ii) To reflect in the prospectus any facts or events arising after
the effective date of this Registration Statement (or the most recent post-
effective amendment thereof) which, individually or in the aggregate, represent
a fundamental change in the information set forth in this Registration
Statement:
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement; provided,
however, that paragraph (1)(i) and (1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraph is
contained in periodic reports filed by the Company pursuant to Section 13 or
Section 15 (d) of the Exchange Act that are incorporated by reference in this
Registration Statement.
(2) That for the purpose of determining any liability under the Securities
Act of 1933, each such post-effective amendments shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by mean of a post-effective amendment any
of the securities being registered hereunder that remain unsold at the
termination of the offering.
(b) The undersigned Company hereby undertakes that for purposes of determining
any liability under the Securities Act of 1933, each filing of the company's
annual report pursuant to Section 13 (a) or Section 15 (d) of the Securities and
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the Registration Statement shall be
deemed to be a new registration statement relating to the securities offered
therein and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Company pursuant to the above-described provisions or otherwise, the Company has
been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities act of 1933 and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Company of expenses incurred or
paid by a director, officer or controlling person of the Company in
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the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Company will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the
final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing a form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of San Diego, State of California on June 21, 2000.
Imaging Technologies Corporation
By /s/ Brian Bonar
----------------------------------------
Brian Bonar, President & Chief Executive
Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Brian Bonar and Philip J. Englund, each of them
acting individually as his attorney-in-fact, each with full power of
substitution and resubstitution, for him in any and all capacities, to sign any
and all amendments to this Registration Statement, and to file the same, with
exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact full
power and authority to do and perform each and every act and thing requisite and
necessary to be done in connection therewith as fully to al intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact, or their substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated.
Signature Title Date
--------- ----- ----
/s/Brian Bonar Chairman of the Board of Directors June 21, 2000
----------------------
Brian Bonar President and Chief Executive
Officer and Director
/s/ Robert A. Dietrich Director June 21, 2000
----------------------
Robert A. Dietrich
/s/ Eric W. Gaer Director June 21, 2000
----------------------
Eric W. Gaer
/s/ Stephen J. Fryer Director June 21, 2000
----------------------
Stephen J. Fryer
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INDEX TO EXHIBITS
Exhibit Sequentially
NO. Description Numbered Pages
--- ----------- --------------
4.1 Advisory and Consulting Agreements
5.1 Opinion of Counsel, regarding the legality of the securities
registered hereunder.
10(cl) 2000 STOCK COMPENSATION PLAN
23.1 Consent of Boros & Farrington PC.
23.2 Consent of Counsel (included as part of Exhibit 5.1)
24 Power of Attorney (Contained within Signature Page)
9
