SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): March 26, 1998
TOUCHSTONE APPLIED SCIENCE ASSOCIATES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-20303 13-2846796
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
P.O. Box 382, 4 Hardscrabble Heights, Brewster, New York 10509
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(Address of Principal Executive Offices) Zip Code
Registrant's telephone number, including area code: (914) 277-8100
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Former name or former address, if changed since last report
Item 5. Other Events.
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Pending Acquisition of Drake Training Services
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Corporation and Drake Business Schools Corporation. On March 26,
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1998, Touchstone Applied Science Associates, Inc. entered into a
letter of intent to purchase all of the issued and outstanding
capital stock of each of Drake Training Services Corporation and
Drake Business Schools Corporation for an aggregate purchase
price equal to approximately $2,500,000. The acquisition is
currently scheduled for closing on or about July 1, 1998 and is
subject to the execution of definitive documentation and the
satisfaction of conditions precedent.
SIGNATURE
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, thereunto duly
authorized.
TOUCHSTONE APPLIED SCIENCE ASSOCIATES, INC.
By: /s/ ANDREW L. SIMON
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Andrew L. Simon
President
Date: April 9, 1998
