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): January 6, 2000
IMAGING TECHNOLOGIES CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware 0-12641 33-0021693
- --------------------------------------------------------------------------------
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation) Identification
No.)
15175 Innovation Drive
San Diego, California 92128
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(Registrant's telephone number, including area code): (619) 613-1300
Not Applicable
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events.
-------------
On January 3, 2000, 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
- -------------- ------------
99.1 Press release dated January 3, 2000 issued
by the registrant.
<PAGE>
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: January 6, 2000 IMAGING TECHNOLOGIES CORPORATION
By: /s/ Brian Bonar
-------------------------------
Name: Brian Bonar
Title: President and Chief
Executive Officer
<PAGE>
EXHIBIT INDEX
-------------
Exhibit
Number Description
- ------ -----------
99.1 Imaging Technologies Corporation's press release dated
January 3, 2000.
EXHIBIT 99.1
------------
ITEC TM
Imaging Technologies Corporation
CONTACT: ITEC, Inc.
Mr. Philip Englund
Sr. Vice President
P# (858) 613-1300
F# (858) 613-1311
[email protected]
For Immediate Release
ITEC Signs Loan Agreement for Operations; Appoints Two New Board Members to
Implement Strategic Growth Plan
San Diego, California - January 3, 2000 - Imaging Technologies
Corporation (ITEC: NASDAQ), a pioneer in the development of digital imaging
solutions, today announced it has signed a Loan Agreement that will provide
funds to the company. The timing of the receipt of the funds has not been
committed.
"It has been a very difficult period for ITEC but this anticipated
funding will allow ITEC to quickly deploy its new products and technology as
well as implementing our strategic growth plan," said Brian Bonar, ITEC CEO.
"Upon receipt of the funds, our first priority will be to resolve our dispute
with Imperial Bank, thus removing the Operational Receiver".
ITEC also announced that Bonar has replaced Dr. Harry Saal as Chairman
of the Board, who has resigned. Robert A. Dietrich, President and CEO of
Cyberair Communications Inc., a privately held telecommunications company, and
Keith George Meadows, Chairman of Continua Ltd., a large printer installation
and maintenance company in Europe, have been elected to ITEC's Board of
Directors.
<PAGE>
"Mr. Dietrich brings to ITEC extraordinary financial skills and
background and Mr. Meadows has significant contacts throughout Europe. We are
very pleased that these two gentlemen have joined ITEC and are dedicated to its
future," Bonar said.
Cyberair Communications has strategic interests in, Internet
communications and bandwidth expansion technologies as well as domestic and
international telephone services. Mr. Dietrich previously was President and CEO
of Semper Resources Corp., Irvine, Ca., a public natural resources company and
Managing Director and Chief Financial Office for Ventana International, Ltd.,
the merger and acquisition and investment banking unit of this venture capital
firm.
Mr. Meadows was also Managing Director of D.P.C.E., which pioneered
large-scale independent computer maintenance throughout Europe. He took the
Company public on the London Stock Exchange and subsequently sold it to Granada
PLC. Mr. Meadows has served on the Board of Directors for various technology
companies.
Mr. Meadows and Mr. Dietrich replace David Carver and A.L. Dubrow, who
have resigned from the Board.
................................................................................
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
------------
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
<PAGE>
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.
