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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: NOVEMBER 2, 2000
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(DATE OF EARLIEST EVENT REPORTED)
BALLISTIC RECOVERY SYSTEMS, INC.
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(Exact name of registrant as specified in its charter)
MINNESOTA 0-15318 41-1362079
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
300 AIRPORT ROAD
SO. ST. PAUL, MN 55075
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(Address of principal executive offices)
Registrant's telephone number, including area code: (651) 457-7491
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Item 5. OTHER EVENTS
Upon satisfaction of contingencies on November 2, 2000, a tentative agreement
between the Registrant and Charles F. Parsons (d.b.a. Millennium Aerospace)
dated October 26, 2000 became effective. The purpose of the agreement was to
provide specific funding for a new product to be developed by the Registrant.
The Agreement called for an investment by Parsons of $200,000. The investment
took the form of an equity infusion valued at $110,000 for 200,000 restricted
shares of the Registrant's Common Stock and $90,000 for research and
development. The funding will be used towards research and development for the
BRS GARD-172 product, which is expected to be carried out over the next 12 to 18
months. Following completion of the product, the Registrant will seek Federal
Aviation Administration (FAA) approval, which will allow the product to be
installed on certified Cessna 172 series aircraft. Once certified by the FAA,
the Registrant will begin production and distribution of the product and Parsons
will market and distribute the product.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) EXHIBITS
10.1 Agreement dated October 26, 2000 between the Registrant and
Charles F. Parsons.
99.1 Press Release dated November 9, 2000 titled "Millennium Aerospace
Signs Development and Marketing Agreement with Parachute Maker,
BRS"
