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) December 13, 1999
ADVANCED MACHINE VISION CORPORATION
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of incorporation)
0-20097 33-0256103
(Commission File Number) (IRS Employer Identification No.)
3709 Citation Way #102
Medford, Oregon 97504
(Address of principal executive offices) (Zip Code)
541-776-7700
(Registrant's telephone number, including area code)
Total Number of Pages: 2
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Item 5. Other Events
Restructuring of Debt: On December 13, 1999, Advanced Machine Vision
Corporation ("AMV" or the "Company") effected a restructuring of two notes owed
by AMV to Veneer Technology, Inc. ("Veneer"), a company owned by the four former
stockholders of Ventek, Inc. (a subsidiary of AMV), all of whom are current
employees of the Company.
On December 13, 1999, the notes were amended, and the following actions
were taken:
1. The maturity date of a $250,000 note was extended one year to July 23,
2001 and the interest rate was increased by 1% to 7.75% per annum.
2. The maturity date of a $2,250,000 note was extended one year to July 23,
2001 and the interest rates was increased by 1% to 7.75% per annum.
3. The maturity date of a $250,000 note due to AMV from Rodger A. Van
Voorhis, a shareholder of Veneer, president of Ventek and a director of AMV, was
extended one year to July 23, 2001.
Issuance of Restricted Stock: On December 13, 1999, the Company's Board of
Directors awarded 100,000 shares of restricted stock to Veneer in consideration
for past services and to retain the four shareholders of Veneer, who are also
employees of Ventek, including Mr. Van Voorhis. The shares were issued under the
Company's 1997 Restricted Stock Plan. The shares cannot be transferred or traded
unless Veneer pays AMV $.75 per share before July 23, 2002. Absent such payment,
the shares will be forfeited and returned to the Company.
Item 7. Financial Statements and Exhibits
None
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.
ADVANCED MACHINE VISION CORPORATION
Date: December 15, 1999 By: /s/ Alan R. Steel
-----------------------------------
Vice President, Finance and
Chief Financial Officer
