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AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 23, 1996
REGISTRATION NO. 333-
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
---------------
AMERIQUEST TECHNOLOGIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 33-0244136
(STATE OF INCORPORATION) (I.R.S. EMPLOYER
IDENTIFICATION NO.)
---------------
3 IMPERIAL PROMENADE, SUITE 300
SANTA ANA, CALIFORNIA 92707
(714) 445-5000
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER,
INCLUDING AREA CODE, OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
---------------
HOLGER HEIMS
SECRETARY
AMERIQUEST TECHNOLOGIES, INC.
3 IMPERIAL PROMENADE, SUITE 300
SANTA ANA, CALIFORNIA 92707
(714) 445-5000
(NAME, ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER,
INCLUDING AREA CODE, OF AGENT FOR SERVICE OF PROCESS)
---------------
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: From time-to-
time after the effective date of this Registration Statement.
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the
following box. [_]
If any of the securities being registered on this Form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or
interest reinvestment plans, check the following box. [X]
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [_] __________
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [_] __________
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. [_]
---------------
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
==========================================================================================
PROPOSED MAXIMUM
TITLE OF EACH CLASS OF PROPOSED MAXIMUM AGGREGATE
SECURITIES AMOUNT TO BE OFFERING PRICE OFFERING AMOUNT OF
TO BE REGISTERED REGISTERED(1) PER SHARE(1) PRICE(1) REGISTRATION FEE
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock, $0.01 par
value.................. 3,074,287 shs. $.8125(1) $2,497,858(1) $861.33
==========================================================================================
</TABLE>
(1) Estimated solely for the purpose of calculating the amount of the
registration fee in accordance with Rule 457(c) and based upon the average
of the high and low price of the Registrant's Common Stock as reported by
the New York Stock Exchange on April 17, 1996.
---------------
THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT
SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS
REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH
SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT
SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID
SECTION 8(a), MAY DETERMINE.
===============================================================================
<PAGE>
PROSPECTUS
4,292,760 SHARES
AMERIQUEST TECHNOLOGIES, INC.
COMMON STOCK
----------------
The 4,292,760 shares of Common Stock, $.01 par value per share (the "Common
Stock"), of AmeriQuest Technologies, Inc., a Delaware corporation (the
"Company"), offered hereby will be sold by certain shareholders of the Company
(the "Selling Shareholders").
All of such shares have been issued to, and will be sold by, the Selling
Shareholders identified herein under "Selling Shareholders." The Company will
not receive any part of the proceeds from the sale of any of these shares.
All of such shares are being offered on a continuous basis pursuant to Rule
415 under the Securities Act of 1933, as amended (the "Securities Act"). No
underwriting discounts, commissions or expenses are payable or applicable in
connection with the sale of such shares.
On April 17, 1996, the closing price of the Company's Common Stock, as
reported on the New York Stock Exchange under the symbol "AQS", was $.8125.
THE SHARES OFFERED BY THE SELLING SHAREHOLDERS PURSUANT TO THIS PROSPECTUS
CONSTITUTES ON THE DATE OF THIS PROSPECTUS APPROXIMATELY 7% OF THE TOTAL
ISSUED AND OUTSTANDING SHARES OF THE COMPANY. FOR A DISCUSSION OF THIS AND
CERTAIN OTHER FACTORS TO CONSIDER BEFORE PURCHASING ANY OF THE SECURITIES
OFFERED HEREBY, SEE "RISK FACTORS" COMMENCING ON PAGE 4 OF THIS PROSPECTUS.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Certain of the Selling Shareholders may be deemed to be "affiliates" of the
Company, as that term is defined under the Securities Act. The Selling
Shareholders acquired the shares offered hereby in private transactions not
registered under the Securities Act. Consequently, in connection with this
offering, the Selling Shareholders may be deemed to be "underwriters" of the
Company's Common Stock offered hereby, as that term is defined under the
Securities Act. The Selling Shareholders intend to sell the shares offered
hereby from time-to-time for their own accounts in the open market at the
prices prevailing therein or in individually negotiated transactions at such
prices as may be agreed upon. Although there are no current arrangements
therefor, commissions equal to or in excess of normal brokerage commissions
may be paid to brokerage firms in connection with such sales. The Selling
Shareholders will bear all expenses with respect to the offering of shares
except the costs associated with registering shares under the Securities Act
and preparing this Prospectus.
The date of this Prospectus is April , 1996.
<PAGE>
AVAILABLE INFORMATION
The Company is subject to the informational requirements of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in
accordance therewith files reports, proxy statements and other information
with the Securities and Exchange Commission (the "SEC"). Such reports,
proxy statements and other information filed by the Company can be
inspected and copied at the public reference facilities maintained by the
SEC at 450 Fifth Street N.W., Washington, D.C. 20549, and at the following
Regional Offices of the SEC: New York Regional Office, 7 World Trade
Center, New York, New York 10048 and Chicago Regional Office, 500 West
Madison Street, Suite 1400, Chicago, Illinois 60661. Copies of such
material can also be obtained from the Public Reference Section of the SEC,
450 Fifth Street N.W., Washington, D.C. 20549, at the SEC's prescribed
rates. Such material can also be inspected and copied at the offices of the
New York Stock Exchange, located at 20 Broad Street, New York, New York
10005, on which the Company's Common Stock is listed.
The Company has filed with the SEC a registration statement on Form S-3
(together with any amendments and exhibits thereto, the "Registration
Statement") under the Securities Act, with respect to the shares of Company
Common Stock to be offered pursuant to this Prospectus. This Prospectus
does not contain all the information set forth in the Registration
Statement, certain portions of which have been omitted in accordance with
the rules and regulations of the SEC. For further information with respect
to the Company and the Common Stock offered hereby, reference is made to
the Registration Statement. Statements in this Prospectus as to the
contents of any contract or other document referred to herein are not
necessarily complete, and in each instance in which a copy of such contract
is filed as an exhibit to the Registration Statement, reference is made to
such copy, and each such statement shall be deemed qualified in all
respects by such reference. A copy of the Registration Statement may be
inspected without charge at the principal offices of the SEC in Washington
D.C., or obtained at prescribed rates from the Public Reference Section of
the SEC in Washington D.C.
NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY
REPRESENTATION NOT CONTAINED OR INCORPORATED BY REFERENCE IN THIS
PROSPECTUS IN CONNECTION WITH THE OFFERING MADE HEREBY, AND IF GIVEN OR
MADE, SUCH INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING
BEEN AUTHORIZED BY THE COMPANY OR ANY SELLING SHAREHOLDER. THIS PROSPECTUS
DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY
ANY SECURITIES OTHER THAN THE REGISTERED SECURITIES TO WHICH IT RELATES, OR
AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY TO ANY PERSON IN ANY
JURISDICTION WHERE SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. THE
DELIVERY OF THIS PROSPECTUS AT ANY TIME DOES NOT IMPLY THAT THE INFORMATION
HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO ITS DATE.
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INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents filed by the Company with the SEC are incorporated
herein by this reference:
(1) The Company's Current Report on Form 8-K dated November 14, 1994
(including Amendment Nos. 1 through 6), the most recent of which was
filed with the SEC on May 26, 1995.
(2) The Company's Current Report on Form 8-K dated August 7, 1995, filed
with the SEC on August 16, 1995.
(3) The Company's Current Report on Form 8-K dated August 9, 1995, filed
with the SEC on August 16, 1995.
(4) The Company's Registration Statement on Form S-4 (File No. 33-57611),
declared effective by the SEC on August 16, 1995.
(5) The Company's Current Report on Form 8-K dated November 13, 1995, filed
with the SEC on November 27, 1995.
(6) The Company's Transition Report on Form 10-Q for the three months ended
September 30, 1995, filed with the SEC on November 20, 1995.
(7) The Company's Quarterly Report on Form 10-Q for the three months ended
December 31, 1995, filed with the SEC on February 14, 1996.
(8) The Company's Annual Report on Form 10-K for the fiscal year ended June
30, 1995 (including Amendment Nos. 1 and 2), the most recent of which
was filed with the SEC on February 15, 1996.
(9) The Company's definitive Proxy Statement dated February 23, 1996
pertaining to the 1996 Annual Meeting of Stockholders to be held on
March 29, 1996, filed with the SEC on February 27, 1996.
(10) Robec, Inc.'s Annual Report on Form 10-K for the fiscal year ended
December 31, 1994 (including Amendment No. 1), the most recent of
which was filed with the SEC on May 10, 1995.
In addition, all reports and other documents subsequently filed by the
Company pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act
after the date of this Prospectus and prior to the termination of this
offering, shall be deemed to be incorporated by reference herein and shall be
deemed to be a part hereof from the date of the filing of each such report or
document.
Any statement contained in a document incorporated or deemed to be
incorporated herein shall be deemed to be modified or superseded for purposes
of this Prospectus to the extent that a statement contained herein or in any
other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Prospectus. Subject to the
foregoing, all information appearing in this Prospectus is qualified in its
entirety by the information appearing in the documents incorporated herein by
reference.
The Company will furnish without charge to each person, including any
beneficial owner, to whom this Prospectus is delivered, upon written or oral
request, a copy of any or all of the documents referred to above which have
been or may be incorporated in this Prospectus by reference, other than
exhibits to such documents unless such exhibits are specifically incorporated
by reference into the information incorporated herein by reference. Request
should be addressed to: Corporate Secretary, AmeriQuest Technologies, Inc., 3
Imperial Promenade, Suite. 300, Santa Ana, California 92707; telephone (714)
445-5000.
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<PAGE>
RISK FACTORS
The shares of Common Stock offered hereby involve a substantial degree of
risk and only persons who are financially able to sustain the loss of their
total investment should consider purchasing such shares. Prospective
purchasers should carefully review this entire Prospectus, including the
information incorporated by reference herein, and consider, the risks
associated with such purchase, including without limitation the risks
summarized below prior to purchasing the shares of Common Stock offered
hereby.
DEBT BURDEN; NEED FOR ADDITIONAL FINANCING
In December 1995, Computer 2000 AG issued guarantees to its lenders to
secure up to $66 million of lines of credit such lenders might extend to the
Company. As of March 8, 1996, the Company had borrowed approximately $57
million from such lenders under such lines of credit. These borrowings were
used in part to reduce the Company's indebtedness under its previously
outstanding lines of credit from approximately $52 million to approximately $7
million, resulting in a reduction, as of March 8, 1996, in the average
interest rate on the Company's total outstanding indebtedness from
approximately 11.0% per annum to approximately 6.3% per annum. In return for
the guarantees, AmeriQuest provided Computer 2000 AG with a security interest
in all of the Company's assets, and agreed to seek refinancing of its
outstanding debt as soon as reasonably practicable. Computer 2000 AG's
guarantees expire on September 30, 1996, and the lines of credit guaranteed by
Computer 2000 AG mature on September 30, 1996, except as to $7 million which
matures on September 13, 1996. No assurance can be given that the Company will
be able to obtain replacement financing from other sources on or before such
date; and even if such financing is available, it might not be available to
the Company on terms as favorable as those resulting from the Computer 2000 AG
guarantees. As of March 8, 1996, the Company and its subsidiaries were
indebted to third party lenders in the amount of approximately $64 million.
The Company's payment of debt service on these borrowings has a material
effect on its results of operations. Additionally, should the Company
ultimately be unable to service its indebtedness, the Company may trigger the
default provisions of such indebtedness. In such event, even if Computer 2000
AG were to pay the indebtedness guaranteed by it, such payment would not
satisfy the Company's obligations under the Company's other indebtedness,
which might also be in default, and the Company would have an immediate
obligation to repay Computer 2000 AG for the amounts paid by Computer 2000 AG
under its guarantees. Should the Company be unable to meet its immediate
obligations (as would be likely), the Company and its minority stockholders
may be adversely affected. Computer 2000 AG and/or the other lenders might
exercise their security interests and other creditors' remedies, thereby
adversely affecting the Company's ability to continue in business; or they
might renegotiate the terms of the Company's outstanding indebtedness,
increasing the Company's debt service costs and, possibly, further restricting
the Company's operations; or all or a portion of such indebtedness might be
converted into equity on terms negotiated with the Company that might cause
substantial dilution for the Company's current stockholders; or other adverse
consequences might result from such defaults.
CONTINUING LOSSES; NEED FOR ADDITIONAL CAPITAL
The Company has experienced significant operating losses during recent
fiscal years and recorded a net loss of $67.6 million in fiscal 1995. The
fiscal 1995 loss included the write-off of approximately $23.8 million of
intangible assets associated with its termination of its entertainment
software business. The fiscal 1995 loss also included significant costs
associated with the liquidations of inventory and the recovery of receivables
related to the terminated entertainment software business. In addition, the
fiscal 1995 loss included costs associated with the integration of the
significant acquisitions which took place during that fiscal year. The Company
recorded a net loss of $7 million during the three months ended September 30,
1995 and a net loss of $8.3 million during the three months ended December 31,
1995, including lease termination costs of $3.7 million.
The Company continues to incur operating losses due to significant declines
in sales volumes experienced during the past year and very competitive pricing
that has reduced gross margins. Management continues to seek to increase sales
and gross margins, integrate recent acquisitions and streamline the Company's
cost structure. There can be no assurance that the Company will be able to
achieve future profitability. In view of the Company's continuing significant
losses, its substantial debt burden and the lack of assurance that the Company
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will achieve profitability in the near term, the Company will be required to
extend or refinance its lines of credit and may seek additional financing. The
Company is presently exploring alternatives to raise such financing. There can
be no assurance that any such financing will be available on terms acceptable
to the Company, or that such additional financing, if obtained, will not
result in substantial dilution of the equity interests of existing
stockholders.
INTEGRATION OF ACQUIRED COMPANIES
The Company has pursued a strategy of growth through acquisitions. In fiscal
1993 and 1994, it acquired several regional distributors; in June and
September 1995, it acquired (in a two-step acquisition) Kenfil, Inc.
("Kenfil"), a distributor of microcomputer software; in November 1994, it
acquired National Computer Distributors ("NCD"), a distributor of computer
products and services specializing in systems and connectivity applications;
in September 1994, it acquired 50.1% of Robec, Inc. ("Robec"), a distributor
of computer products and services specializing in UNIX applications; and in
November 1995, it acquired the balance of Robec's capital stock as well as
effective operating control. The Company has pursued this acquisition strategy
with the goal of establishing the Company as a national distributor of value-
added computer products. The success of this strategy is dependent on the
ability of the Company to effectively consolidate and integrate the operations
of the acquired businesses, combine differing corporate cultures and obtain
adequate financing to absorb the substantial restructuring costs incurred in
the consolidation and integration process and to fund working capital
requirements and continuing cash flow shortfalls. There can be no assurance
that the acquisitions will generate the anticipated benefits, that the
substantial restructuring costs will not continue or that the necessary
financing will be achieved on terms that are advantageous for the Company and
its current stockholders. The integration of the various organizations have
required and will continue to require the dedication of management resources
which may detract from the day-to-day business of the combined company. The
integration process has necessarily been complicated by the recent acquisition
of control of the Company by Computer 2000 AG and its wholly-owned affiliate
(collectively, "Computer 2000") and the resulting significant changes that
have been made in the Company's senior management team and directors. The
process of combining the acquired companies has also involved difficulties in
coordinating internal record keeping and information management that are
critical to the efficient operation of the integrated businesses. While
substantial expenditures have been made to resolve these and other integration
problems, there can be no assurance that the integration and coordination
process will be accomplished smoothly or successfully.
The Company's acquisitions have involved substantial costs. To complete the
acquisitions, the Company issued in excess of 17.6 million shares of Common
Stock, agreed to repurchase certain shares at a cost in excess of $2.3
million, assumed the substantial liabilities of the acquired companies and
incurred transaction costs of several million dollars. In addition, the
Company has incurred significant restructuring costs in connection with the
consolidation of the acquired businesses, including restructuring costs of
$5.7 million in fiscal 1994, as well as additional integration costs in fiscal
1995. The acquisitions have also resulted in the closure of redundant or
uneconomic operations of the acquired business. In fiscal 1995, the Company
wrote off approximately $23.8 million of intangible assets associated with
termination of the entertainment software business acquired in the Kenfil
acquisition and incurred significant costs associated with the liquidation of
inventories and the recovery of receivables related to the terminated
entertainment business. Further, in fiscal 1995, the Company closed certain
distributors that had been acquired in fiscal 1993 and 1994 and that had
become redundant as a result of subsequent acquisitions, resulting in a write
off of the distributors' intangibles of approximately $3.4 million. In the
three months ended December 31, 1995, the Company recorded non-recurring costs
of $3.7 million attributable to the termination of leases that were entered
into related to the Company's acquisition integration program. Delays in
completing certain of these acquisitions, particularly the Robec acquisition,
have caused a loss of momentum, have hindered the effective integration of the
combined businesses and have significantly increased the Company's acquisition
costs. Such delays have forced the Company to continue to operate with
duplicative overhead costs and infrastructures. In addition, due to
acquisition delays and other factors, substantial portions of the customer
bases of certain of the acquired operations could not be maintained and sales
of the acquired businesses deteriorated. In order to avoid incurring redundant
costs in the future and to improve operating efficiencies, the Company's new
management is implementing a cost reduction and efficiency program
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intended to centralize administrative operations, achieve product procurement
efficiencies and improve the allocation of resources. There can be no
assurance that this program will be successful in achieving its goals. To
date, the Company has not achieved increases in sales volume sufficient to
overcome the substantial costs of its acquisition program. There can be no
assurance that the Company will achieve the increase in sales necessary to
enable the combined businesses to operate at a profit.
NEED TO INCREASE SALES VOLUME
As a distributor, the Company must operate on small gross margins. Further,
the Company must incur operating expenses to maintain a sufficient level of
inventory, facilities, sales staff and support personnel necessary to support
sales of products. As a result of these and other factors, the Company must
achieve substantially greater sales volumes than it has in the past in order
to achieve profitability. While the Company's new management is attempting to
increase sales, there can be no assurance that sales will increase or that any
increases will be of sufficient magnitude or will occur soon enough to permit
the Company to achieve profitability without substantial further business or
financial restructuring.
NEED TO EXPAND VENDOR BASE; DEPENDANCE ON VARS AND VALUE-ADDED DEALERS
The Company principally distributes computer products manufactured by other
vendors. Accordingly, the Company's relationships with its existing vendors is
critical to its ability to purchase on a favorable basis the products that it
resells. At the same time, in order to achieve the substantial sales increases
necessary for successful operations, the Company must be able to initiate
relationships with additional vendors, without jeopardizing the Company's
existing vendor relationships. Any inability of the Company to add new vendors
and preserve its existing vendor relationships will have a material, adverse
effect on its future results of operations. The Company is also dependent upon
its vendors' willingness or ability to make timely shipment of the products
ordered by the Company. The failure of vendors to make shipments on a timely
basis could cause a material disruption of the Company's sales. In the past,
the Company has at times experienced delays in its ability to fill customer
orders, due to the inability of certain suppliers to meet their volume and
schedule requirements and more recently, due to the Company's shortages in
available cash. Delays in shipments from suppliers can cause fluctuations in
the Company's short term results and contribute to order cancellations.
Most of the Company's sales are to VARs and value-added dealers. Any
deterioration of the Company's relationship with these customers, or any
material diminution in the customers' sales volumes, would adversely affect
the Company's business. Due in part to the historical volatility of the
computer industry, certain of the Company's customers have from time-to-time
experienced declining profit margins, cash flow shortages and other financial
difficulties. The future growth and success of the Company will continue to
depend in large part upon its reseller channels. If resellers experience
financial difficulties, the Company's results of operations could be adversely
affected.
RAPID CHANGES IN TECHNOLOGY AND MARKETS
The computer industry in general, and the specific markets in which the
Company competes, are characterized by rapidly changing technology, often
resulting in short product life cycles, rapid price declines, oversupply of
inventory and significant shifts in market dynamics. The Company believes its
success is highly dependent upon its ability to react to technological changes
and shifts in market demand by continuing to provide cost-competitive products
that respond to current market needs. As a value-added wholesale distributor,
the Company is particularly vulnerable to changes caused by technological
innovation. The introduction of new products and the phasing out of old
products requires the Company to carefully manage its inventory to minimize
inventory obsolescence. There can be no assurance that the Company's inventory
reserves will adequately cover the amount of the Company's inventory which may
become obsolete for the period covered by the reserves. Should the Company
fail to provide new products on a timely basis that respond to industry
demands, the Company's operating results could be affected.
COMPETITION
The Company competes in an industry characterized by intense and increasing
competition. Principal national distributors with which the Company competes
include Ingram Micro D, Inc., Tech Data Corporation
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<PAGE>
and Merisel, Inc. The Company also competes with numerous manufacturers,
resellers and regional distributors. Most of the Company's major competitors
have substantially greater financial, marketing and other resources than the
Company.
Competition in the computer products distribution industry is based
primarily on price and product availability, and to a lesser extent on speed
of delivery, convenience and the level of marketing and technical support
services provided. Because of the intense competition within the industry, the
gross and operating profit margins on products traditionally sold by the
Company have been reduced. As technological changes occur, the Company's
products have had shorter and shorter product life cycles, and new competing
products are introduced by other vendors and resellers. Moreover, the manner
in which computer products are distributed and sold is changing, and new
methods of distribution and sale may emerge or expand. Software publishers and
other providers have intensified their efforts to sell their products directly
to resellers and end-users, by-passing the Company and other distributors. In
addition, certain major publishers have implemented programs for master copy
distribution of software (site licenses), which reduces sales available to the
Company and other distributors. The availability of products over the
Internet, and the affect of the Internet in changes in the market for computer
products and services, may have an adverse effect on the Company's business.
Recently, some industry participants have indicated that they believe the
total demand for personal computers may be lessening and that the market for
such computers may be becoming saturated. These factors, among others, may
cause increased competitive pressures on the Company in the future.
DEPENDENCE UPON KEY PERSONNEL
The Company's success depends to a significant degree upon the continued
contributions of its key management, marketing, product development and
operational personnel and the Company's ability to retain and continue to
attract highly skilled personnel. Competition for employees in the computer
industry is intense, and there can be no assurance that the Company will be
able to attract and retain qualified employees. The Company has recently made
a number of management changes, and has had substantial layoffs and other
employee departures. If the Company continues to experience financial
difficulties, it may become increasingly difficult for it to hire new
employees and retain current employees. The Company does not carry any key
person life insurance with respect to any of its personnel.
POSSIBLE SALES BY STOCKHOLDERS
The shares of Common Stock offered hereby represent approximately 7% of the
outstanding Common Stock as of the date of this Prospectus. Sale of the shares
offered may have the effect of substantially depressing the market price of
the Company's Common Stock. In addition, approximately 10.4 million shares
(17%) are the subject of three separate Registration Statements on Form S-3.
The Company has also agreed to register the shares to be issued to Computer
2000 of the Common Stock of the Company issued to Computer 2000, or issuable
upon the exercise of warrants and other rights issued to Computer 2000, and
such shares of Common Stock constitute in the aggregate approximately 46
million shares (plus approximately 10 million additional shares subject to the
exercise of option or warrant rights by others). The Company may grant
additional registration rights when it issues securities in the future. The
public sale of the foregoing shares, or the perception that such shares may be
sold, may have the effect of substantially depressing the market price of the
Company's Common Stock and causing substantial fluctuations in the price of
the Company's Common Stock.
VOLATILITY OF STOCK PRICE; TRADING VOLUME
The price of the Company's Common Stock has been subject to significant
price fluctuations. There can be no assurance that the price of the Company's
Common Stock will stabilize at any time or at a price equal to or above the
offering price of the shares offered hereby. In addition, the trading volume
for the Company's Common Stock has generally been relatively small. A large
increase in share trading volume in a short period of time could cause a
significant reduction in share trading prices. The Company's Common Stock is
currently listed on the New York Stock Exchange (the "NYSE") pursuant to an
agreement containing certain financial and other
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requirements. To the extent that the NYSE determines that the Company is not
in compliance with these requirements, the Company's Common Stock could be
delisted from the NYSE thereby adversely affecting the public market for the
Common Stock. The Company's issuance of additional securities (which will
occur when the Company obtains additional equity financing) and the sale of
additional shares of Common Stock pursuant to existing registration rights
(see "--Possible Sales by Stockholders") could exert downward pressure on the
price of the Company's Common Stock.
THE COMPANY
The Company markets and sells, as a distributor, products for the personal
computer market, and is a supplier of hard disk drive subsystems for IBM
compatible and other leading personal and business computers, including Apple,
Compaq and others. Hard disk drives allow personal computers, which otherwise
often lack sufficient data storage capacity, to perform many widely used,
sophisticated business applications. The Company also offers disk array,
magneto optical, CD-ROM, floppy disk drives and magnetic tape back-up
subsystems having a variety of data storage capacities as well as personal
computers, networking, graphics, communications and connectivity and accessory
products. AmeriQuest currently markets more than 2,000 products to original
equipment manufacturers, value-added resellers and dealers throughout the
United States and in many foreign countries, including national and regional
distributors and large reseller computer chains such as ComputerLand,
Intelligent Electronics and InaCom.
The Company's principal executive offices are currently located at 3
Imperial Promenade, Ste. 300, Santa Ana, California, and its telephone number
is (714) 445-5000.
USE OF PROCEEDS
All of the securities covered by this Prospectus are being offered by the
Selling Shareholders. As a consequence, the Company will not receive any of
the proceeds of sales of such securities.
8
<PAGE>
SELLING SHAREHOLDERS
An aggregate of 4,292,760 shares of the Company's Common Stock is being
offered pursuant to this Prospectus by the persons whose names appear below
(the "Selling Shareholders"). The following table sets forth the name of the
Selling Shareholders, the nature of any position, office or other material
relationship between the Selling Shareholders (and any of its directors,
officers, partners or affiliates) and the Company, the number of shares of
Common Stock beneficially owned by each of them prior to the offering to be
made by this Prospectus, the maximum number of shares to be offered hereby for
the account of each Selling Shareholder, and the number and percentage of the
outstanding shares of Common Stock to be beneficially owned by each Selling
Shareholder after completion of this offering, assuming all shares offered
hereby are in fact sold.
<TABLE>
<CAPTION>
% OF
SHARES
SHARES OWNED SHARES OWNED % OF SHARES
BEFORE OFFERED BY BEFORE OWNED AFTER
NAME OFFERING PROSPECTUS OFFERING OFFERING/(1)/
---- ------------ ---------- -------- -----------
<S> <C> <C> <C> <C>
Manufacturers Indemnity and
Insurance Company of America.. 1,683,473(2)(3) 1,683,473 2.76% 0%
Norman Siegel.................. 270,000(2)(4) 270,000 * 0%
John S. Stafford, Jr........... 285,714(2) 285,714 * 0%
Codell Holdings, Ltd........... 285,714(2) 285,714 * 0%
NuSwift Ltd.................... 300,000(2) 300,000 * 0%
First Apollo Corp.............. 100,000(2) 100,000 * 0%
Banque SCS Alliance SA,
Geneva ....................... 171,429(2) 171,429 * 0%
Neval Management Ltd........... 285,715(2) 285,715 * 0%
Foundation Zocal............... 285,715(2) 285,715 * 0%
Richard M. Terrell............. 221,084(5)(6) 221,084 * 0%
Robb Cason..................... 100,250(5)(7) 100,250 * 0%
Douglas R. Antone.............. 100,777(5)(8) 100,777 * 0%
Patrick Terrell................ 78,220(5)(9) 78,220 * 0%
Michael Terrell................ 41,320(5)(10) 41,320 * 0%
Micro Investments.............. 54,974(5)(11) 54,974 * 0%
Novell, Inc.................... 18,100(5) 18,100 * 0%
Kaz Perry...................... 7,542(5) 7,542 * 0%
Lou Manrique................... 1,141(5) 1,141 * 0%
Bruce Parsons.................. 568(5) 568 * 0%
Scott Shadle................... 391(5) 391 * 0%
Dave Colesante................. 214(5) 214 * 0%
Nick Futter.................... 214(5) 214 * 0%
Don Young...................... 205(5) 205 * 0%
</TABLE>
- --------
* Denotes less than 1%
(1) The percentages are based upon 61,086,902 shares of Common Stock issued
and outstanding onApril 17, 1996.
(2) Over the months of May, June and July in 1995, the Company sold to various
investors in a private placement (the "1995 Private Placement") units
consisting of an aggregate of 2,574,287 shares of AmeriQuest Common Stock
and 2,574,287 warrants to purchase an aggregate of 5,148,574 shares of
AmeriQuest Common Stock (collectively, the "1995 Private Placement Common
Shares"). The aggregate purchase price for the units was $4,505,002.25.
Each unit was sold for $1.75 and consisted of one share of AmeriQuest
Common Stock and one warrant to purchase two shares of AmeriQuest Common
Stock. Each such warrant is exercisable for a three year period at $1.05
per share (subject to proportional adjustment in the event of stock
splits, stock combinations, stock dividends, recapitalizations and
mergers). In the event the Company sells shares of its Common Stock in
financings to third parties (which the Board of Directors
9
<PAGE>
believes excludes, among other parties, Computer 2000 AG and Computer 2000
Inc.) at a price per share less than $1.75 at any time during a certain
period beginning in July 1995 and ending in December 1996, including,
without limitation, shares issued upon the conversion of outstanding debt
or equity securities, the Company must issue additional shares to the
Selling Shareholders who purchased Common Stock as part of the units in
such a number as to effectively reduce the purchase price of the units to
the same price per share as the shares sold to the other parties during
such period. This anti-dilution protection does not apply to any
outstanding securities, any outstanding rights to acquire securities or any
securities issued upon exercise of options or warrants granted, previously
or in the future, to employees or consultants.
(3) Manufacturers Indemnity and Insurance Company of America has shares
registered pursuant to other registration statements on Form S-3 for
public resale in the aggregate amount of 1,003,473, which amounts are also
included in the above table.
(4) Norman Siegel has shares registered pursuant to another registration
statement on Form S-3 for public resale in the amount of 90,000, which
amount is also included in the above table.
(5) Reflects the shares issued as partial consideration for the vacation of a
$15.9 million default judgement entered against the Company in a case
styled as Richard M. Terrell et. al. vs. AmeriQuest Technologies, Inc. et.
al., Washington County Circuit Court, State of Oregon, Case No. C941228CV,
and for the ultimate settlement of that case.
(6) Richard M. Terrell has shares registered pursuant to another registration
statement on Form S-3 for public resale in the amount of 50,918, which
amount is also included in the above table.
(7) Robb Cason has shares registered pursuant to another registration
statement on Form S-3 for public resale in the amount of 20,840, which
amount is also included in the above table.
(8) Douglas R. Antone has shares registered pursuant to another registration
statement on Form S-3 for public resale in the amount of 20,155, which
amount is also included in the above table.
(9) Patrick Terrell has shares registered pursuant to another registration
statement on Form S-3 for public resale in the amount of 20,117, which
amount is also included in the above table.
(10) Michael Terrell has shares registered pursuant to another registration
statement on Form S-3 for public resale in the amount of 8,445, which
amount is also included in the above table.
(11) Micro Investments has shares registered pursuant to another registration
statement on Form S-3 for public resale in the amount of 4,525, which
amount is also included in the above table.
10
<PAGE>
PLAN OF DISTRIBUTION
DISTRIBUTION OF SHARES
To the Company's knowledge, no Selling Shareholder has entered into any
agreement, arrangement or understanding with any particular broker or market
maker with respect to the shares offered hereby, nor does the Company know the
identity of the brokers or market makers which will participate in the
offering.
The Selling Shareholders' shares of Common Stock covered hereby may be
offered and sold from time-to-time by the Selling Shareholders. The Selling
Shareholders will act independently of the Company in making decisions with
respect to the timing, manner and size of each sale. Pursuant to the Exchange
Agreement, the Selling Shareholders may only sell the shares of Common Stock
offered hereby in brokers' transactions, as defined in Rule 144 promulgated
under the Securities Act. In general, brokers' transactions are ones in which
the broker merely executes the sell order, receives no more than the customary
commission and does not solicit orders to buy the shares. No assurances can be
given that the Selling Shareholders will sell any of the shares that are
subject to this Prospectus or that any Selling Shareholder will not sell such
shares in a private transaction or other transaction that is exempt from the
registration requirements of the Securities Act. The Company has been advised
by the Selling Shareholders that they have not, as of the date hereof, entered
into any arrangement with a broker-dealer for the sale of shares. In effecting
sales, broker-dealers engaged by the Selling Shareholders may arrange for
other broker-dealers to participate. Broker-dealers will receive commissions
or discounts from the Selling Shareholders in amounts to be negotiated
immediately prior to the sale.
In offering the shares, the Selling Shareholders and any broker-dealers who
execute sales for the Selling Shareholders may be deemed to be "underwriters"
within the meaning of the Securities Act in connection with such sales, and
any profits realized by the Selling Shareholders and the compensation of such
broker-dealer may be deemed to be underwriting discounts and commissions.
The Selling Shareholders have advised the Company that, during such time as
they may be engaged in a distribution of the shares of Common Stock included
herein, they will comply with Rules 10b-6 and 10b-7 under the Exchange Act,
and, in connection therewith, the Selling Shareholders have agreed not to
engage in any stabilization activity in connection with any securities of the
Company, to furnish copies of this Prospectus to each broker-dealer through
which the shares of Common Stock included herein may be offered, and not to
bid for or purchase any securities of the Company or attempt to induce any
person to purchase any securities of the Company except as permitted under the
Exchange Act. The Selling Shareholders have also agreed to inform the Company
and broker-dealers through whom sales may be made hereunder when the
distribution of the shares is completed.
Rule 10b-6 under the Exchange Act prohibits participants in a distribution
from bidding for or purchasing for an account in which the participant has a
beneficial interest, any of the securities that are the subject of the
distribution. Rule 10b-7 under the Exchange Act governs bids and purchases
made to stabilize the price of a security in connection with a distribution of
the security.
This offering will terminate as to each Selling Shareholder on the date that
none of the Selling Shareholders continues to hold any of the shares offered
hereby. There can be no assurance that any of the Selling Shareholders will
sell any or all of the shares of Common Stock offered hereby.
11
<PAGE>
EXPERTS
The financial statements and schedules of the Company incorporated by
reference in this Prospectus and elsewhere in the Registration Statement to
the extent and for the periods indicated in their reports, have been audited
by Arthur Andersen LLP, independent public accountants, as indicated in their
reports with respect thereto, and are included herein in reliance upon the
authority of said firm as experts in giving said reports.
The consolidated balance sheets of Robec as of December 31, 1993 and 1994
and the consolidated statements of operations, shareholders' equity, and cash
flows for each of the three years in the period ended December 31, 1994, have
been incorporated herein in reliance on the report of Coopers & Lybrand
L.L.P., independent accountants, with respect thereto, given on the authority
of that firm as experts in accounting and auditing.
The financial statements and schedule of Ross White Enterprises, Inc. (d/b/a
National Computer Distributors) as of March 31, 1994 and 1993, and for each of
the years in the two year period ended March 31, 1994 have been incorporated
by reference herein and in the Registration Statement in reliance upon the
report of KPMG Peat Marwick LLP, independent certified public accountants,
incorporated by reference herein, and upon the authority of said firm as
experts in accounting and auditing.
The statements of operations, shareholders' equity, and cash flows of Ross
White Enterprises, Inc. (d/b/a National Computer Distributors) for the three-
months ended March 31, 1992, included in this Prospectus/Registration
Statements, have been incorporated herein in reliance on the report of Hansen,
Barnett & Maxwell, independent accountants, with respect thereto, given on the
authority of that firm as experts in accounting and auditing.
The statements of operations, shareholders' equity, and cash flows of Ross
White Enterprises, Inc. (d/b/a National Computer Distributors) for the year in
the period ended December 31, 1991, have been incorporated herein in reliance
on the report of Coopers & Lybrand L.L.P., independent accountants, with
respect thereto, given on the authority of that firm as experts in accounting
and auditing.
LEGAL MATTERS
Raymond L. Ridge, Esq. has rendered an opinion to the Company (a copy of
which has been filed as an exhibit to the Registration Statement), to the
effect that the shares of Common Stock offered hereby have been legally issued
and are fully-paid and nonassessable.
12
<PAGE>
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
The Company anticipates that the expenses incurred or to be incurred by the
Company in connection with the preparation and filing of this Registration
Statement and the transactions contemplated hereby will be approximately as
follows:
<TABLE>
<CAPTION>
DESCRIPTION AMOUNT
----------- -------
<S> <C>
Printing and duplication costs................................... $10,000
Registration and "blue sky" filing fees and expenses............. 1,000
Transfer agent and registrar cost................................ 1,000
Legal fees and expenses.......................................... 30,000
Accounting fees and expenses..................................... 12,500
Miscellaneous costs.............................................. 7,000
-------
Total............................................................ $61,500
=======
</TABLE>
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS
As permitted by Section 145 of the Delaware General Corporation Law (the
"DGCL"), the Company's Certificate of Incorporation includes a provision that
eliminates the personal liability of its directors to the Company or its
stockholders for monetary damages for breach of fiduciary duty as a director,
except for liability (i) for any breach of the director's duty of loyalty to
the corporation or its stockholders; (ii) for acts or omissions not in good
faith or which involve intentional misconduct or a knowing violation of law;
(iii) under section 174 of the DGCL; or (iv) for any transaction from which
the director derived an improper personal benefit. In addition, as permitted
by Section 145 of the DGCL, the Company's Bylaws provide that (i) the Company
must indemnify and hold harmless its directors and officers to the fullest
extent permitted by applicable law; (ii) the Company must indemnify any
director or officer in connection with a proceeding initiated by such person
if such proceeding was authorized by the Company's Board of Directors; (iii)
the Company must pay expenses incurred by a director or officer in defending
any proceeding in advance of its final disposition if such director or officer
undertakes to repay all amounts advanced if indemnification is determined to
be unavailable; (iv) the rights conferred in the Bylaws are not exclusive; and
(v) the Company may not retroactively amend the Bylaw provisions relating to
indemnity.
The Company's policy is to enter into indemnification agreements with each
of its directors. Each indemnification agreement provides that the Company
will indemnify the applicable director by reason of the fact that he is or was
an agent of the Company, or by reason of anything done or not done by him in
such capacity, (1) against all expenses and liabilities of any type actually
and reasonably incurred by him in connection with the investigation, defense,
settlement, trial, litigation or appeal of such proceeding if he acted in good
faith and in a manner he reasonably believed to be in or not opposed to the
best interests of the Company, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful and
(2) if the director is a party to any proceeding brought by or on behalf of
the Company, then against any amounts paid in the defense or settlement of
such proceeding and all expenses and other liabilities actually and reasonably
incurred by him in connection with the investigation, defense, settlement, or
appeal of such proceeding if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the
Company and he is not finally adjudged by a court to be liable to the Company
due to willful misconduct of a culpable nature in the performance of his duty
to the Company, unless the court determines the director is nonetheless
entitled to indemnity.
II-1
<PAGE>
Each indemnification agreement provides that the Company must advance all
expenses incurred by the applicable director in connection with the
investigation, defense, settlement or appeal of any proceeding to which the
director is a party or is threatened to be made a party by reason of the fact
that the director is or was an agent of the Company or by reason of anything
done or not done by him in any such capacity. Each indemnification agreement
provides further that the director must repay such amounts advanced to the
extent that it is ultimately determined that the director is not entitled to
be indemnified by the Company under the provisions of the indemnification
agreement, the Company's Certificate of Incorporation or Bylaws, the DGCL or
otherwise. Each indemnification agreement provides also that the Company is
not obligated to advance any expenses to a director arising from a lawsuit
filed directly by (but not derivatively on behalf of) the Company against the
director if the Board of Directors determines that the director acted in bad
faith or in a manner that the director did not believe to be in, or not
opposed to, the best interests of the Company. If such a determination is
made, then the director may have such decision reviewed by another forum.
Each indemnification agreement provides that the Company is not obligated to
indemnify the applicable director in the following circumstances: (1) with
respect to proceedings or claims initiated or brought voluntarily by the
director and not by way of defense (the Company is also not obligated under
this circumstance to advance expenses to the director), except with respect to
proceedings specifically authorized by the Board of Directors or brought to
establish or enforce a right to indemnification and/or advancement of expenses
under the indemnification agreement, the Company's or any subsidiary's charter
documents, any statute or law or otherwise; (2) for any amounts paid in
settlement of a proceeding unless the Company consents in advance in writing
to such settlement; (3) if a court determines that indemnification is not
lawful; (4) for any acts or omissions or transactions from which a director
may not be lawfully indemnified under the DGCL; (5) for any expenses incurred
by the director with respect to any proceeding instituted by the director to
enforce or interpret the indemnity agreement, if a court determines that each
of the material assertions made by the director was not made in good faith or
was frivolous; (6) for expenses and the payment of profits arising from the
purchase and sale by the director of securities in violation of Section 16(b)
of the Securities Exchange Act of 1934; or (7) for expenses or liabilities to
the extent they have been paid directly to the director by Directors &
Officers Insurance.
Each indemnification agreement provides that it is not exclusive of any
other rights which the applicable director may have under any provision of
law, the Company's Certificate of Incorporation or Bylaws, the vote of the
Company's stockholders or disinterested directors, other agreements, or
otherwise.
The indemnification provision in the Bylaws, and the indemnification
agreements entered into between the Company and its directors, may be
sufficiently broad to permit indemnification of the Company's officers and
directors for liabilities arising under the Securities Act.
The Company, with Board approval, has purchased director and officer
liability insurance.
II-2
<PAGE>
ITEM 16. EXHIBITS
The following documents are filed herewith or incorporated by reference
herein:
<TABLE>
<CAPTION>
EXHIBIT
NO. TITLE OF DOCUMENT
------- -----------------
<C> <S>
4.01 Specimen Certificate for shares of Common Stock of the Company
(incorporated herein by reference to Exhibit 4.02 to the Company's
Registration Statement on Form S-4 (File No. 33-81726) declared
effective by the SEC on August 17, 1994).
5.01 Opinion of Raymond L. Ridge, Esq. regarding the legality of the
securities being issued.
23.01 Consent of Raymond L. Ridge, Esq., Counsel to the Registrant.
23.02 Consent of Arthur Andersen LLP, Auditors for the Registrant.
23.03 Consent of Coopers & Lybrand L.L.P., Auditors for Robec, Inc.
23.04 Consent of KPMG Peat Marwick LLP, Auditors for Ross White
Enterprises, Inc. (d/b/a National Computer Distributors).
23.05 Consent of Hansen, Barnett & Maxwell, Auditors for Ross White
Enterprises, Inc. (d/b/a National Computer Distributors).
23.06 Consent of Coopers & Lybrand L.L.P., Auditors for Ross White
Enterprises, Inc. (d/b/a National Computer Distributors).
24.01 Powers of Attorney for Messrs. D. Stephen DeWindt, Marc C. Mulford,
Dr. Harry Krischik,
Marc L. Werner, Holger Heims and Harold L. Clark.
</TABLE>
ITEM 17. UNDERTAKINGS
(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 of 1933;
(ii) to reflect in the prospectus any facts or events arising after the
effective date of the 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 the
Registration Statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the
Securities and Exchange Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20
percent change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective Registration
Statement;
(iii) to include any material information with respect of the plan of
distribution not previously disclosed in the Registration Statement or
any material change to such information in the Registration Statement;
Provided, however, that Paragraphs (a)(1)(i) and (a)(1)(ii) do not apply
if the Registration Statement is on Form S-3 or Form S-8 and the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Securities and Exchange Commission by the registrant pursuant to Section 13
or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment 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.
II-3
<PAGE>
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.
(b) The undersigned registrant hereby undertakes that, for the purpose of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities 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 Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
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 Registrant of expenses incurred or paid by a director, officer, or
controlling person of the Registrant in 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 Registrant
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.
II-4
<PAGE>
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 ON FORM S-3 AND HAS DULY CAUSED THIS REGISTRATION
STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY
AUTHORIZED, IN THE CITY OF SANTA ANA, STATE OF CALIFORNIA, ON THE 19TH DAY OF
APRIL, 1996.
AMERIQUEST TECHNOLOGIES, INC.
By /s/ D. Stephen DeWindt
___________________________
D. Stephen DeWindt
Chief Executive Officer
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.
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
--------- ----- ----
<S> <C> <C>
/s/ D. Stephen DeWindt Chairman of the Board, Chief April 19, 1996
____________________________________ Executive Officer and
D. Stephen DeWindt Director (Principal
Executive Officer)
/s/ Mark C. Mulford President, Chief Operating April 19, 1996
____________________________________ Officer, Interim Chief
Mark C. Mulford Financial Officer
(Principal Financial and
Accounting Officer)
/s/ Holger Heims Secretary and Director April 19, 1996
____________________________________
Holger Heims
/s/ Dr. Harry Krischik Co-Chairman of the Board April 19, 1996
____________________________________
Dr. Harry Krischik**
/s/ Marc L. Werner Vice Chairman of the Board April 19, 1996
____________________________________
Marc L. Werner**
/s/ Harold L. Clark Director April 19, 1996
____________________________________
Harold L. Clark**
Director April , 1996
____________________________________
Robert H. Beckett
</TABLE>
*By /s/ D. Stephen DeWindt
__________________________
D. Stephen DeWindt
Attorney-in-Fact
**By /s/ Mark C. Mulford
________________________
Mark C. Mulford
Attorney-in-Fact
II-5
<PAGE>
REGISTRATION STATEMENT ON FORM S-3
REGISTRATION NO. 333-
AMERIQUEST TECHNOLOGIES, INC.
EXHIBIT INDEX
The following is a list of Exhibits filed as part of the Registration
Statement:
<TABLE>
<CAPTION>
EXHIBIT
NO. TITLE OF DOCUMENT PAGE NO.
------- ----------------- --------
<C> <S> <C>
4.01 Specimen Certificate for shares of Common Stock of the
Company (incorporated herein by reference to Exhibit 4.02
to the Company's Registration Statement on Form S-4 (File
No. 33-81726) declared effective by the SEC on August 17,
1994).
5.01 Opinion of Raymond L. Ridge, Esq. regarding the legality of
the securities being issued.
23.01 Consent of Raymond L. Ridge, Esq., Counsel to the
Registrant.
23.02 Consent of Arthur Andersen LLP, Auditors for the
Registrant.
23.03 Consent of Coopers & Lybrand, L.L.P., Auditors for Robec,
Inc.
23.04 Consent of KPMG Peat Marwick LLP, Auditors for Ross White
Enterprises, Inc. (d/b/a National Computer Distributors).
23.05 Consent of Hansen, Barnett & Maxwell, Auditors for Ross
White Enterprises, Inc. (d/b/a National Computer
Distributors).
23.06 Consent of Coopers & Lybrand L.L.P., Auditors for Ross
White Enterprises, Inc. (d/b/a National Computer
Distributors).
24.01 Power of Attorney for Messrs. D. Stephen DeWindt, Marc C.
Mulford, Dr. Harry Krischik, Marc L. Werner, Holger Heims
and Harold L. Clark.
</TABLE>
<PAGE>
Exhibit 5.01
RAYMOND L. RIDGE
3901 MacArthur Blvd., Suite 200
Newport Beach, California 92660
(714) 252-5434
(714) 445-5350 (Fax)
April 17, 1996
AmeriQuest Technologies, Inc.
3 Imperial Promenade, Ste. 300
Santa Ana, California 92707
Gentlemen:
I am furnishing this opinion to you to be filed as Exhibit 5.01 to a
Registration Statement on Form S-3 (the "Registration Statement") of AmeriQuest
Technologies, Inc. (the "Company) to be filed with the Securities and Exchange
Commission. The Registration Statement relates to the proposed resale of up to
3,074,287 shares of Common Stock issued to certain holders (the "Selling
Shareholders") of the Company's common stock. All shares subject of the
Registration Statement are hereinafter referred to as the "Shares."
I am familiar with the proceedings taken by the Company in connection
with the issuance of the Shares to the Selling Shareholders and the filing of
the Registration Statement.
Upon the basis of the foregoing and such investigations as I have
deemed necessary in connection with this opinion I am of the opinion that the
Shares to be resold by the Selling Shareholders have been legally issued, and
are fully-paid and nonassessable.
I hereby consent to the filing of this opinion as Exhibit 5.01 to the
Registration Statement, and to the reference to me under the caption "Legal
Matters" in the Registration Statement.
Very truly yours,
/s/ RAYMOND L. RIDGE
----------------------
Raymond L. Ridge
<PAGE>
EXHIBIT 23.01
CONSENT OF COUNSEL
I hereby consent to the reference to myself under the caption "Legal Matters"
in the Prospectus.
RAYMOND L. RIDGE, ESQ.
Newport Beach, California
April 19, 1996
<PAGE>
EXHIBIT 23.02
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the use of our
reports and to all references to our Firm included in or made a part of this
registration statement.
Arthur Andersen LLP
Los Angeles, California
April 19, 1996
<PAGE>
EXHIBIT 23.03
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in this Registration Statement
of AmeriQuest Technologies, Inc. on Form S-3 of our report on Robec, Inc.'s
consolidated financial statements dated March 24, except as to Note 4 for
which the date is March 30, 1995, on our audits of the consolidated financial
statements and the financial statement schedule of Robec, Inc. and
Subsidiaries, as of December 31, 1994 and 1993, and for the years ended
December 31, 1994, 1993 and 1992. We also consent to the reference to our firm
under the caption "Experts."
Coopers & Lybrand L.L.P
Philadelphia, Pennsylvania
April 19, 1996
<PAGE>
EXHIBIT 23.04
INDEPENDENT ACCOUNTANTS' CONSENT
We consent to the use of our reports dated July 21, 1994, except as to notes
7, 8, 11(b) and 11(c) which are as of September 27, 1994, on the financial
statements of Ross White Enterprises, Inc. (d/b/a National Computer
Distributors) as of and for the years ended March 31, 1994 and 1993
incorporated herein by reference and to the reference to our firm under the
heading "Experts" in the Registration Statement on Form S-3 of AmeriQuest
Technologies, Inc. .
KPMG Peat Marwick LLP
Fort Lauderdale, Florida
April 19, 1996
<PAGE>
EXHIBIT 23.05
INDEPENDENT AUDITORS' CONSENT
We consent to the use of our report dated February 10, 1995 which relates to
our audit of the Financial Statements of Ross White Enterprises, Inc. d/b/a
"National Computer Distributors" for the three months ended March 31, 1992 as
contained in AmeriQuest's Current Report on Form 8-K/A (Amendment No. 6) dated
November 14, 1994 and which are incorporated herein or included in this
Registration Statement by reference and to the references to our firm under
the heading "Experts" in this Registration Statement.
HANSEN, BARNETT & MAXWELL
Salt Lake City, Utah
April 19, 1996
<PAGE>
EXHIBIT 23.06
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in this Registration
Statement of AmeriQuest Technologies, Inc. on Form S-3 of our report dated
February 5, 1992, except for Note 13 as to which the date is March 10,
1992, on our audit of the financial statements and the financial statement
schedule of Ross White Enterprises, Inc. for the year ended December 31,
1991. We also consent to the reference to our firm under the caption
"Experts."
COOPERS & LYBRAND L.L.P
Miami, Florida
April 19, 1996
<PAGE>
APPOINTMENT OF ATTORNEY-IN-FACT
AND
CONSENT OF DIRECTOR
I hereby authorize, as a director of AmeriQuest Technologies, Inc. (the
"Corporation"), the filing (1) with the Securities and Exchange Commission and
(2) with any of the respective states as may be necessary to comply with the
securities laws of such states, of a Registration Statement on Form S-3
relating to the resale of shares of Common Stock issued pursuant to (i)
private placements effected during the months of May, June and July, 1995
(2,574,287 shs.) and (ii) upon the settlement of that certain lawsuit styled
Richard Terrell, et al. vs. AmeriQuest Technologies, Inc., et al. Washington
County Circuit Court, State of Oregon, Case No. C941228CV (500,000 shs.), and
such other documents as may be required by such authorities.
I hereby consent to the filing by the Corporation of such a Registration
Statement, and to reference to my name in the Registration Statement as a
"Director" of the Corporation. I hereby appoint Mark C. Mulford as my
attorney-in-fact with power to sign any and all amendments or documents
required to complete any post-effective amendments and reports to such
Registration Statement filed on behalf of the Corporation.
DATED the 2nd day of February, 1996.
/s/ D. Stephen DeWindt
-------------------------------------
D. Stephen DeWindt
<PAGE>
APPOINTMENT OF ATTORNEY-IN-FACT
AND
CONSENT OF DIRECTOR
I hereby authorize, as a director of AmeriQuest Technologies, Inc. (the
"Corporation"), the filing (1) with the Securities and Exchange Commission and
(2) with any of the respective states as may be necessary to comply with the
securities laws of such states, of a Registration Statement on Form S-3
relating to the resale of shares of Common Stock issued pursuant to (i)
private placements effected during the months of May, June and July, 1995
(2,574,287 shs.) and (ii) upon the settlement of that certain lawsuit styled
Richard Terrell, et al. vs. AmeriQuest Technologies, Inc., et al. Washington
County Circuit Court, State of Oregon, Case No. C941228CV (500,000 shs.), and
such other documents as may be required by such authorities.
I hereby consent to the filing by the Corporation of such a Registration
Statement, and to reference to my name in the Registration Statement as a
"Director" of the Corporation. I hereby appoint D. Stephen DeWindt as my
attorney-in-fact with power to sign any and all amendments or documents
required to complete any post-effective amendments and reports to such
Registration Statement filed on behalf of the Corporation.
DATED the 5th day of February, 1996.
/s/ Mark C. Mulford
-------------------------------------
Mark C. Mulford
<PAGE>
APPOINTMENT OF ATTORNEY-IN-FACT
AND
CONSENT OF DIRECTOR
I hereby authorize, as a director of AmeriQuest Technologies, Inc. (the
"Corporation"), the filing (1) with the Securities and Exchange Commission and
(2) with any of the respective states as may be necessary to comply with the
securities laws of such states, of a Registration Statement on Form S-3
relating to the resale of shares of Common Stock to be issued pursuant to (i)
private placements effected during the months of May, June and July, 1995
(2,574,287 shs.) and (ii) upon the settlement of that certain lawsuit styled
Richard Terrell, et al. vs. AmeriQuest Technologies, Inc., et al. Washington
County Circuit Court, State of Oregon, Case No. C941228CV (500,000 shs.), and
such other documents as may be required by such authorities.
I hereby consent to the filing by the Corporation of such a Registration
Statement, and to reference to my name in the Registration Statement as a
"Director" of the Corporation. I hereby appoint D. Stephen DeWindt and Mark C.
Mulford as my attorneys-in-fact with power to either of them to sign any and
all amendments or documents required to complete any post-effective amendments
and reports to such Registration Statement filed on behalf of the Corporation.
DATED the 5th day of February, 1996.
/s/ Marc L. Werner
-------------------------------------
Marc L. Werner
<PAGE>
APPOINTMENT OF ATTORNEY-IN-FACT
AND
CONSENT OF DIRECTOR
I hereby authorize, as a director of AmeriQuest Technologies, Inc. (the
"Corporation"), the filing (1) with the Securities and Exchange Commission and
(2) with any of the respective states as may be necessary to comply with the
securities laws of such states, of a Registration Statement on Form S-3
relating to the resale of shares of Common Stock to be issued pursuant
pursuant to (i) private placements effected during the months of May, June and
July, 1995 (2,574,287 shs.) and (ii) upon the settlement of that certain
lawsuit styled Richard Terrell, et al. vs. AmeriQuest Technologies, Inc., et
al. Washington County Circuit Court, State of Oregon, Case No. C941228CV
(500,000 shs.), and such other documents as may be required by such
authorities.
I hereby consent to the filing by the Corporation of such a Registration
Statement, and to reference to my name in the Registration Statement as a
"Director" of the Corporation. I hereby appoint D. Stephen DeWindt and Mark C.
Mulford as my attorneys-in-fact with power to either of them to sign any and
all amendments or documents required to complete any post-effective amendments
and reports to such Registration Statement filed on behalf of the Corporation.
DATED the 12th day of March, 1996.
/s/ Harry Krischik
-------------------------------------
Harry Krischik
<PAGE>
APPOINTMENT OF ATTORNEY-IN-FACT
AND
CONSENT OF DIRECTOR
I hereby authorize, as a director of AmeriQuest Technologies, Inc. (the
"Corporation"), the filing (1) with the Securities and Exchange Commission and
(2) with any of the respective states as may be necessary to comply with the
securities laws of such states, of a Registration Statement on Form S-3
relating to the resale of shares of Common Stock to be issued pursuant to (i)
private placements effected during the months of May, June and July, 1995
(2,574,287 shs.) and (ii) upon the settlement of that certain lawsuit styled
Richard Terrell, et al. vs. AmeriQuest Technologies, Inc., et al. Washington
County Circuit Court, State of Oregon, Case No. C941228CV (500,000 shs.), and
such other documents as may be required by such authorities.
I hereby consent to the filing by the Corporation of such a Registration
Statement, and to reference to my name in the Registration Statement as a
"Director" of the Corporation. I hereby appoint D. Stephen DeWindt and Mark C.
Mulford as my attorneys-in-fact with power to either of them to sign any and
all amendments or documents required to complete any post-effective amendments
and reports to such Registration Statement filed on behalf of the Corporation.
DATED the 2nd day of February, 1996.
/s/ Marc L. Werner
-------------------------------------
Marc L. Werner
<PAGE>
APPOINTMENT OF ATTORNEY-IN-FACT
AND
CONSENT OF DIRECTOR
I hereby authorize, as a director of AmeriQuest Technologies, Inc. (the
"Corporation"), the filing (1) with the Securities and Exchange Commission and
(2) with any of the respective states as may be necessary to comply with the
securities laws of such states, of a Registration Statement on Form S-3
relating to the resale of shares of Common Stock to be issued pursuant to (i)
private placements effected during the months of May, June and July, 1995
(2,574,287 shs.) and (ii) upon the settlement of that certain lawsuit styled
Richard Terrell, et al. vs. AmeriQuest Technologies, Inc., et al. Washington
County Circuit Court, State of Oregon, Case No. C941228CV (500,000 shs.), and
such other documents as may be required by such authorities.
I hereby consent to the filing by the Corporation of such a Registration
Statement, and to reference to my name in the Registration Statement as a
"Director" of the Corporation. I hereby appoint D. Stephen DeWindt and Mark C.
Mulford as my attorneys-in-fact with power to either of them to sign any and
all amendments or documents required to complete any post-effective amendments
and reports to such Registration Statement filed on behalf of the Corporation.
DATED the 5th day of February, 1996.
/s/ Holger Heims
-------------------------------------
Holger Heims
<PAGE>
APPOINTMENT OF ATTORNEY-IN-FACT
AND
CONSENT OF DIRECTOR
I hereby authorize, as a director of AmeriQuest Technologies, Inc. (the
"Corporation"), the filing (1) with the Securities and Exchange Commission and
(2) with any of the respective states as may be necessary to comply with the
securities laws of such states, of a Registration Statement on Form S-3
relating to the resale of shares of Common Stock to be issued pursuant to (i)
private placements effected during the months of May, June and July, 1995
(2,574,287 shs.) and (ii) upon the settlement of that certain lawsuit styled
Richard Terrell, et al. vs. AmeriQuest Technologies, Inc., et al. Washington
County Circuit Court, State of Oregon, Case No. C941228CV (500,000 shs.), and
such other documents as may be required by such authorities.
I hereby consent to the filing by the Corporation of such a Registration
Statement, and to reference to my name in the Registration Statement as a
"Director" of the Corporation. I hereby appoint D. Stephen DeWindt and Mark C.
Mulford as my attorneys-in-fact with power to either of them to sign any and
all amendments or documents required to complete any post-effective amendments
and reports to such Registration Statement filed on behalf of the Corporation.
DATED the 2nd day of February, 1996.
/s/ Harold L. Clark
-------------------------------------
Harold L. Clark
