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) JULY 29, 1999
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PSI INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
FLORIDA 0-29802 59-2736501
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(State or other jurisdiction (Commission File (IRS Employer
or incorporation) Number) Identification No.)
1160 B SOUTH ROGERS CIRCLE, BOCA RATON, FL 33487
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (561) 997-1133
__________________________
___________________________________________________________________________
(Former name or former address, if changed since last report)
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ITEM 3. BANKRUPTCY OR RECEIVABLE.
On July 29, 1999, PSI Industries, Inc. (the "Company") filed a
Voluntary Petition for Relief under Chapter 11 of the United States Bankruptcy
Code in the United States Bankruptcy Court for the Southern District of Florida
(West Palm Beach Division). The case has been assigned Docket No.
99-33737-BKC-SHF.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
The following exhibits are filed with this report:
EXHIBIT NO. TITLE
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99 Press Release
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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.
PSI INDUSTRIES, INC.
By: /S/ BENJAMIN COHEN
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Benjamin Cohen, President
DATED: July 30, 1999
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EXHIBIT INDEX
EXHIBITS DESCRIPTION
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99 Press Release
PSI INDUSTRIES, INC.
1160 South Rogers Circle
Boca Raton, Florida 33487
561 997-1133
Fax 561 997-8979
e-mail [email protected]
web site WWW.THEMESSAGECAMERA.COM
PRESS RELEASE
PSI INDUSTRIES FILES CHAPTER 11
Boca Raton, Florida, July 29, 1999 - PSI Industries, Inc. [NASDAQ OTC Bulletin
Board: PSII] maker of the Message Camera PLUS(TM), today announced it has filed
for protection under Chapter 11 of the Federal Bankruptcy code.
The filing became necessary as management continued to find substantial
accounting irregularities. On June 2, 1999, the International Trade Commission
(ITC) issued a general exclusion order prohibiting members of the photographic
industry from importing certain lens-fitted film packages, also known as
one-time use cameras covered by Fuji patents. As a result of this ruling, the
Company took a $2.9 million write down of inventory, resulting in the Company
becoming out of covenant with LaSalle National Bank, its primary lender.
Management has retained Silverman Korenthal & Company of Skokie, IL, a
management consulting firm, to assist as financial advisor to PSI. In addition,
an Audit Committee comprised of two outside Board Members, has been established
and approved by the Board of Directors. The Company plans to retain the firm of
Crisis Management, Inc. of Miami, FL to conduct a complete investigation of the
accounting irregularities.
PSI has retained the law firm of Kluger, Peretz, Kaplan & Berling, PA of Miami,
FL as bankruptcy counsel.
The Message Camera PLUS(TM) is available in 32 Occasion Specific Events, each
having 24 exposures and each exposure having a different pre exposed design and
message on the bottom of every photo. Available Event Cameras: Happy Birthday,
Wedding, It's a Boy, It's a Girl, Party, Baby's First Birthday, Baby Shower,
Bridal Shower, Friendship, Bible, Bar - Bat Mitzvah, Pet Dog, Pet Cat, Fishing,
IGFA Salt Water Fishing, IGFA Fresh Water Fishing, IGFA Junior Angler, Golf,
Soccer, Boating, Little League, Sports, New York, California, San Francisco,
Florida, Hawaii, Las Vegas, Graduation, Halloween, Seasons Greetings, New Years
Millennium.
CONTACT PERSON: BEN COHEN
PHONE: 561 997-1133
FAX: 561 997-8979
