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 9, 1996
KURZWEIL APPLIED INTELLIGENCE, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-20256 04-2815079
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
411 Waverley Oaks Road
Waltham, Massachusetts 02154
(Address of principal (Zip code)
executive offices)
Registrant's telephone number, including area code: (617) 893-5151
Exhibit Index at Page 3
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Item 5. Other Events
On May 9, 1996 the Company closed the sale of 1,320,050 shares of its common
stock in a private placement at a sale price of $2.00 per share, and announced
that it is seeking additional funds through sales of its common stock, as
described in the press release attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits. Press Release Dated May 10, 1996
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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 thereunto duly authorized.
Kurzweil Applied Intelligence, Inc.
Date: May 15, 1996 By: /s/ Thomas E. Brew, Jr.
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Thomas E. Brew, Jr.
President & Chief Executive Officer
<PAGE>
EXHIBIT INDEX
Exhibit No. Description At Page
99 Press Release Dated May 10, 1996 4
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EXHIBIT 99
FOR IMMEDIATE RELEASE
Contact: Thomas E. Brew, Jr.
Kurzweil Applied Intelligence, Inc.
617-893-5151
KURZWEIL APPLIED INTELLIGENCE, INC. ANNOUNCES
CLOSING OF PRIVATE PLACEMENT
WALTHAM, Mass, May 10, 1996 Kurzweil Applied Intelligence, Inc.
(NASDAQ: KURZ) today announced the closing of the sale of 1.32 million
shares of its common stock in a private placement at a sale price of $2.00
per share to a New York-based investment fund. Net proceeds to the Company
are approximately $2.37 million and will be used for working capital and
general corporate purposes.
The Company also announced that it will seek additional working capital funds
through the sale of common stock over the next several months in a private
placement. In this connection, at its 1996 Annual Meeting the Company intends
to request shareholders to approve an increase in the Company's authorized
common stock and, in accordance with Nasdaq National Market Listing rules, to
approve the sale of shares in excess of 20% of the Company's outstanding
common stock at a discount to the market. The Company indicated that there can
be no assurance that it will be successful in raising additional funds.
This announcement is neither an offer to sell nor a solicitation of an offer
to buy any securities of the Company. Neither the securities sold nor those
anticipated to be offered have been registered under the Securities Act of
1933 and may not be offered or sold in the United States or to US persons
absent registration under the Securities Act of 1933 and except in accordance
with applicable state securities laws or an exemption from the registration
requirements thereof.
Kurzweil Applied Intelligence, Inc., headquartered in Waltham, Mass., was
founded in 1982. The Company develops, markets, and supports automated speech
recognition systems used to create documents and interact with computers by
voice. The Company's medical reporting systems, VoiceMED and Kurzweil Clinical
Reporter, are used in over 500 healthcare institutions nationwide; and,
Kurzweil VOICE is an easy-to-use voice recognition system for Windows-based
PCs.
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This release and other information related to Kurzweil Applied Intelligence,
Inc. can be referenced on the Company's home page on the World Wide Web at
http://www.kurz-ai.com, or by calling 1-800-380-1234.
