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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 (Date of earliest event reported):
April 4, 2000
Bikers Dream, Inc.
(Exact name of issuer as specified in its charter)
California
(State or other jurisdiction of incorporation)
0-15501 33-0140149
(Commission File Number) (IRS Employer Identification No.)
3810 Wacker Drive, Mira Loma, CA 91752
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (909) 360-2500
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11631 Sterling Avenue, Riverside CA 92503
(Former name or former address, if changed since last report)
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ITEM 5. Other Events
Attached hereto as Exhibit 99.1 is a copy of a press release issued by the
Registrant on April 4, 2000.
ITEM 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) The following exhibit is provided in accordance with the
provisions of Item 601 of Regulation S-K:
99.1 Press Release dated April 4, 2000
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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 hereunto duly authorized.
BIKERS DREAM, INC.
(Registrant)
By: /s/ Harold Collins
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Harold Collins
Interim Chief Operating Officer, and
General Counsel
Dated: April 4, 2000
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EXHIBIT 99.1
HERM ROSENMAN RESIGNS AS PRESIDENT AND CEO OF BIKERS DREAM INC.
MIRA LOMA, Calif.--(BUSINESS WIRE)--April 4, 2000, Bikers Dream Inc. (Nasdaq:
BIKR-NEWS), which operates under the name Ultra Motorcycle Co., Tuesday
announced that Herm Rosenman has resigned from his positions as president and
chief executive officer of the company effective immediately.
Rosenman also resigned from his position as a member of the company's Board of
Directors. The remaining members of the Board of Directors have appointed
Harold Collins, vice president and general counsel of the company, to serve as
interim chief operating officer of the company until the Board identifies a new
CEO. Collins will report to an executive committee of the Board of Directors.
The Board of Directors Tuesday appointed Kenneth Schwartz to fill the Board
seat created by Rosenman's resignation. Schwartz formerly was a director of
Deloitte & Touche LLP.
The company also announced the following on Tuesday.
In connection with a lawsuit brought against the company and two former members
of its management by a former franchisee, a judgment was entered on March 20,
2000 against the company in the amount of $683,601. There is currently in
effect a stay, which would prevent enforcement of this judgment against the
company until 10 days after the last day on which the company may file an
appeal. Currently, the stay will expire on May 29, 2000.
However, the company is in the process of filing certain post trial motions
which may have the effect of extending the time for appeal, and which in turn
may extend the stay of the enforcement of the judgment beyond May 29, 2000.
The company currently is inquiring of its insurance carrier whether it will
post an appeal bond to stay enforcement of the judgment after the expiration of
the original stay period. If an appeal bond is posted, enforcement of the
judgment will be stayed during the pendency of the appeal. It is uncertain at
this time whether the company will be able to post the appeal bond, and if it
cannot post the appeal bond, what effect the unsatisfied portion of any
judgment may have on the company.
The company currently is indebted under three promissory notes in the principal
amounts of $300,000, $156,638 and $150,000, respectively, plus accrued interest
thereon. The notes bear interest at the rate of 18%, 12% and 12%, respectively,
and became due on March 31, 2000. The company is in the process of negotiating
a possible conversion of these notes into a equity interest in the company. It
is uncertain at this time whether the company will be able to repay the notes
if these negotiations are not successful.
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The company is a manufacturer and distributor of quality-built American
heavyweight cruiser motorcycles. Corporate headquarters and manufacturing
operations are located in Mira Loma. Its common stock traded on the Nasdaq
SmallCap Market under the ticker symbol "BIKR."
Certain matters discussed herein are "forward-looking" statements intended to
qualify for the safe harbors from liability in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
certain risks and uncertainties, which could cause actual results to differ
materially from those anticipated as of the date hereof. Specific factors that
might cause such a difference might include, but not be limited to, those
referenced in the company's filings with the Securities and Exchange
Commission. The forward-looking statements contained herein are only made as of
the date hereof and the company undertakes no obligation to publicly update
such forward-looking statements to reflect subsequent events or circumstances.
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Contact:
Bikers Dream Inc., Mira Loma
Investor Relations, 877/62BIKER
