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): May 31, 1996
PMC International, Inc.
(Exact Name of registrant as specified in its charter)
Colorado 0-14937 84-0627374
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
555-17th Street, 14th Floor, Denver, CO 80202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 292-1177
(Former name or former address, if changed since last report.)
Item 5. Other Events.
On May 31, 1996, PMC International, Inc. announced that it
has obtained funding totaling $2,007,500 during the second
quarter of 1996. The announcement is attached hereto as
Exhibit A and incorporated herein by reference.
On June 12, 1996, the Company announced that it has
selected Schwab Institutional as custodian for a new private
wealth management program. The announcement is attached
hereto as Exhibit B and incorporated herein by reference.
SIGNATURES
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.
PMC International, Inc.
(Registrant)
Date: June 19, 1996 /s/ David L. Andrus
David L. Andrus
Executive Vice President
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EXHIBIT A
PMC INTERNATIONAL OBTAINS FUNDING
Denver, Colorado, May 31, 1996 --- PMC International, Inc.
(NASDAQ Bulletin Board: PMCI), the parent company of
Portfolio Management Consultants, Inc., has obtained funding
totaling $2,007,500 during the second quarter of 1996. The
funds are primarily intended to be used to meet working
capital requirements in connection with the Company's new
products and services and expansion of existing product
distribution channels.
Ken Phillips, President and CEO, stated: "The Company has
been aggressively pursuing the development and market
rollout of new products and services and expanding product
distribution channels. Significant commitment of our
resources has been made towards Allocation Manager, a
computer based asset allocation product primarily using
mutual funds, Managed Account Reporting Service, our
performance reporting service, and Style Manager, a
proprietary equity style rotation strategy. We believe this
funding will enable us to complete the process of rolling
out these products into the market."
The funding was obtained through several sources. The
Company completed a private offering whereby $1,067,500 was
raised. The unit offering was structured as subordinated
debt with warrants to purchase shares of the Company's
common stock. The subordinated debt is payable by the
Company in December 1997, with interest only payments due
quarterly commencing in June. The warrants issued are
callable by the Company upon the meeting of defined
conditions.
Also during the second quarter, Bedford Capital Financial
Corporation ("Bedford"), a principal shareholder of the
Company, lent the Company a total of $940,000 pursuant to
the terms of an existing loan option. The loans occurred in
a series of three transactions, one in May and two in April.
The debt is structured substantially similar to prior loans
made to the Company by Bedford, and is payable in July 2000.
Monthly payments of interest only commence in August.
Bedford received warrants to purchase shares of the
Company's common stock in connection with the loans. The
warrants issued are subject to mandatory exercise upon the
Company reaching defined earnings requirements.
PMC International, Inc. is a diversified financial services
company with three wholly owned subsidiaries: Portfolio
Management Consultants, Inc., Portfolio Technology Services,
Inc., and Portfolio Brokerage Services, Inc. Founded in
1985, PMC is one of the industry's largest independent
providers of privately managed account wrap fee services and
provides investment product management and development
services to banks, insurance companies, financial planning
firms and regional broker-dealers. The Company serves
institutional and private clients in eleven countries.
For further information contact:
Kenneth S. Phillips
President and CEO
PMC International, Inc.
303-292-1177
<PAGE>
EXHIBIT B
PMC SELECTS SCHWAB INSTITUTIONAL AS CUSTODIAN FOR NEW
PRIVATE WEALTH MANAGEMENT PROGRAM
Denver, Colorado, June 12, 1996 _ Portfolio Management
Consultants, Inc. (PMC), the investment advisor subsidiary
of PMC International, Inc. (NASDAQ Bulletin Board: PMCI),
has selected Schwab Institutional, a division of Charles
Schwab & Co., Inc., to administer a PMC individually managed
wrap account program. The program, which is largely similar
to PMC's flagship Private Wealth Management Program(TM), will
be available to the more than 4,500 independent Registered
Investment Advisors utilizing the custodial and brokerage
services of Schwab Institutional. The program will not be
offered to Schwab's retail clients, but rather exclusively
through Registered Investment Advisors.
Schwab Institutional will provide securities custody,
brokerage, and clearing services. PMC will provide asset
allocation, money manager and fund evaluation, tax lot
domestic and multi currency portfolio accounting, and
performance reporting consistent with AIMR standards.
The program will target the affluent segment of the wrap
account market, with minimum account relationships in the
$500,000 range and individual account minimums of $200,000.
The program will feature a competitive fee structure. PMC
will provide its comprehensive, full-color performance
reporting including performance attribution and
comprehensive index comparisons for performance evaluation
and measurement. PMC will also provide its expertise in the
areas of investment policy development, asset allocation,
and manager and fund evaluation.
PMC International, Inc. is a diversified financial services
company with three wholly owned subsidiaries; Portfolio
Management Consultants, Inc., Portfolio Technology Services,
Inc., and Portfolio Brokerage Services, Inc. Founded in
1985, PMC is one of the industry's largest independent
providers of privately managed account services and provides
investment product management and development services to
banks, insurance companies, financial planning firms and
regional broker-dealers. The company serves institutional
and private clients in eleven countries.
For further information contact:
Kenneth S. Phillips
President and CEO
PMC International, Inc.
303-292-1177
