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): November 25, 1996
Commission file number 0-20309
TAPISTRON INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
GEORGIA 58-1684918
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
6203 Alabama Highway
P.O. Box 1067
Ringgold, Georgia
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(Address of principal executive offices)
30736-1067
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(Zip Code)
(706) 965-9300
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(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events.
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Tapistron International today announced that it has filed a Plan of
Reorganization with the United States Bankruptcy Court.
Tapistron also announced that, in order to implement its Plan of Reorganization,
it has entered into an investment banking agreement with Avonwood Capital
Corporation of Philadelphia, Pennsylvania. Under the agreement, Avonwood will
advise and assist Tapistron with its efforts to raise a total of $2.5 million to
implement its Plan of Reorganization and to re-capitalize the company.
Tapistron also announced that it has entered into an agreement with Avonwood,
pursuant to which Avonwood will assist Tapistron in obtaining a $500,000 credit
facility to provide Tapistron with working capital, pending confirmation of
Tapistron's Plan of Reorganization.
<PAGE>
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.
Tapistron International, Inc.
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(Registrant)
Date: 11/25/96 /s/ J. Darwin Poe
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J. Darwin Poe
(Signing on behalf of the registrant
as President and Chief Financial Officer)
FOR IMMEDIATE RELEASE
November 25, 1996
TAPISTRON INTERNATIONAL ANNOUNCES THE FILING
OF ITS PLAN OF REORGANIZATION; INVESTMENT BANKING
AGREEMENT WITH AVONWOOD CAPITAL CORPORATION
RINGGOLD, Georgia - Tapistron International, Inc. (Symbols: TAP1Q and TAPIWQ)
Tapistron International today announced that it has filed a Plan of
Reorganization with the United States Bankruptcy Court.
Tapistron also announced that, in order to implement its Plan of Reorganization,
it has entered into an investment banking agreement with Avonwood Capital
Corporation of Philadelphia, Pennsylvania. Under the agreement, Avonwood will
advise and assist Tapistron with its efforts to raise a total of $2.5 million to
implement its Plan of Reorganization and to re-capitalize the company.
Tapistron also announced that it has entered into an agreement with Avonwood,
pursuant to which Avonwood will assist Tapistron in obtaining a $500,000 credit
facility to provide Tapistron with working capital, pending confirmation of
Tapistron's Plan of Reorganization.
CONTACT:
Darwin Poe
President
(706) 965-9300
