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
May 8, 2000
(Date of report)
STAR TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
0-13318
(Commission File No.)
93-0794452
(I.R.S. employer identification no.)
7 Pidgeon Hill Drive
Sterling, VA 20165
(Address of principal executive offices)
(Zip code)
(703) 430-8130
(Registrant's telephone number, including area code)
<PAGE>
ITEM 5: OTHER EVENT
Star Technologies, Inc. (the "Registrant") reported in a press release
dated May 1, 2000 that it has completed the sale of assets of Curran Data
Technologies, Inc. (CDT), its data entry and document imaging services
subsidiary based in Indianapolis, Indiana.
The proceeds of the sale totaled $350,000. A portion of the proceeds
was distributed to pay secured creditors and priority wage claims of CDT. The
remaining proceeds from the sale were used to affect a pro-rata distribution to
CDT creditors.
ITEM 7: EXHIBIT INDEX
Exhibit 99 - May 1, 2000 Press Release
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 hereunto duly authorized.
STAR TECHNOLOGIES, INC.
Dated: May 8, 2000 By: /s/ Robert C. Compton
Robert C. Compton
President, Chairman and Chief
Executive Officer
EXHIBIT 99 - May 1, 2000 PRESS RELEASE
NEWS RELEASE
Star Technologies, Inc.
Seven Pidgeon Hill Drive
Sterling, VA 20165
CONTACT:
Investor Relations
(703) 430-8130
FOR IMMEDIATE RELEASE
STAR ANNOUNCES SALE OF ASSETS OF
CURRAN DATA TECHNOLOGIES SUBSIDIARY
STERLING, VA, May 1, 2000 - Star Technologies, Inc. (OTCBB:STRRe), a provider of
digital capture and imaging products and services, today announced that it has
completed the sale of assets of Curran Data Technologies, Inc. (CDT), its data
entry and document imaging services subsidiary based in Indianapolis, Indiana.
The proceeds of the sale totaled $350,000. The Company stated that a portion of
the proceeds was distributed to pay secured creditors and priority wage claims
of CDT. The remaining proceeds from the sale were used to affect a pro-rata
distribution to CDT creditors.
With the completion of this sale, Star and its PowerScan subsidiary will
focus exclusively on its digital image capture and processing software products.
Concurrently, the Company will continue to aggressively pursue various
alternatives to address its continuing financial crises.
Star Technologies, Inc. is a provider of high quality products and services
for government and commercial users worldwide involved in data capture, image
capture and digital imaging. Star's PowerScan subsidiary designs, develops and
supplies a complete line of digital image capture and processing software. Star
is headquartered at Seven Pidgeon Hill Drive, Sterling, VA 20165. Telephone:
703/430-8130.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: The statements in this news release, which are not historical facts, are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those set forth in or
implied by forward-looking statements. These risks and uncertainties include the
risk of technological change, the potential inability to finance future capital
needs, operating losses and other risks described in the Company's Securities
and Exchange filings.
