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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 16, 1999
Synthetic Industries, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 33-11479 58-1049400
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(State of or Other (Commission File Number) (IRS Employer
Jurisdiction Incorporation) Identification No.)
309 LaFayette Road
Chickamauga, Georgia 30707
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (706) 375-3121
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On April 16, 1999, the United States District Court for the Northern
District of California granted preliminary approval of a settlement agreement
relating to two civil suits involving Synthetic Industries, Inc. (the
"Registrant") and the general partner of Synthetic Industries L.P., the
majority stockholder of the Registrant. In connection with the Court's decision,
the Registrant filed a press release on April 19, 1999, a copy of which is
attached as Exhibit 99.1.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.1 Text of Press Release of Synthetic Industries, Inc.
dated April 19, 1999.
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SIGNATURES
Pursuant to the requirements of the Security Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: April 30, 1999 SYNTHETIC INDUSTRIES, Inc.
By: /s/ Joseph Sinicropi
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Joseph Sinicropi
Chief Financial Officer
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
No. Exhibit
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<S> <C>
99.1 Text of Press Release of Synthetic
Industries, Inc. dated April 19, 1999.
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EXHIBIT 99.1
NEWS RELEASE
FOR: SYNTHETIC INDUSTRIES, INC.
CONTACT: Synthetic Industries, Inc. Chickamauga
Joe Sinicropi, 706/375-3121
or
Morgen-Walke Associates, New York
Cheryl Schneider, John Blackwell
Press Contact: Merridith Ingram
212/850-5600
For Immediate Release
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(BW) (SYNTHETIC-INDUSTRIES) (SIND) Synthetic Industries Inc.
Announces Filing of Limited Partnership Settlement Proposal
CHICKAMAUGA, GA.--(BUSINESS WIRE)--April 19, 1999--Synthetic
Industries, Inc. (Nasdaq:SIND) today announced that preliminary approval
of a settlement agreement has been granted by the United States District Court
for the Northern District of California relating to two civil suits involving
the Company and the general partner of Synthetic Industries, L.P. Synthetic
Industries L.P., a limited partnership, currently owns 66% of Synthetic
Industries, Inc.
The lawsuits were brought by two limited partners in connection
with a 1997 proposal to dissolve the Partnership. If after a hearing, the
settlement is approved by the court, an independent committee of the Company's
Board of Directors will commence a six-month sale process during which the
Committee, with the help of a financial advisor will seek offers from qualified
buyers to purchase the Company. The primary objective of the sale process will
be to maximize value for the Company's shareholders. If an acceptable offer to
acquire the Company is not received during the process, the Partnership will be
liquidated and its shares of the Company's common stock will be distributed in
an orderly manner (after satisfaction of liabilities).
The Company's financial advisor in this process is The Beacon Group
Capital Services, LLC.
This news release contains forward-looking statements that are
subject to certain risks, uncertainties and assumptions. Should one or more of
these risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated, estimated
or projected. Among the key factors that could cause actual results to differ
materially from expectations, estimates of costs or projected or anticipated
results are changes in the price of polypropylene, the continued availability
of polypropylene, changes to cost estimates relating to specific projects,
changes in technology, success in developing and implementing new technologies
and processes, competitive pressure on prices, success in integrating and
operating acquired businesses, changes in economic and industry conditions and
changes in regulatory requirements (including changes in environmental
regulatory requirements). These and other risks and assumptions are described
in the Company's reports that are available from the United States Securities
and Exchange Commission.
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[Morgen-Walke Associates, Inc. Letterhead]
