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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 report) September 18, 1995
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Audre Recognition Systems Inc.
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(Exact name of registrant as specified in its charter)
British Columbia, Canada
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(State or other jurisdiction of incorporation)
00-15440 33-0257463
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(Commission File Number) (IRS Employer Identification Number)
11021 Via Frontera, San Diego, California 92127
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (619) 451-2260
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n/a
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(Former name or former address, if changed since last report)
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Item 3. Bankruptcy or Receivership
On September 18, 1995, the Company filed for legal protection under Chapter
11 of the U.S. Bankruptcy code. The action was a result of the $11 million
judgment against the Company issued by the Orange County Superior Court in the
Casey v Casey lawsuit, previously reported, in which the Company was a
claimant. The Company's ability to appeal the judgment required the posting
of a bond for approximately $17 million. As the Company was unable to finance
the required bond, it had to seek shelter under the U.S. Bankruptcy Code in
order to stay the judgment and allow the Company to appeal the decision.
The Company and its subsidiary filed voluntary petitions for reorganization
under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy
Court, Southern District of California (Case numbers 95-10046-A11 and
95-10048-M11, respectively) on September 18, 1995. The Company believes that
this is the only reasonable course of action. The Company was disappointed
that its efforts to resolve and settle this controversy without resorting to a
Chapter 11 were not successful. AUDRE still maintains that it has been
wrongly involved in the lawsuit and believes that it will be successful in the
appeal of the judgment.
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SIGNATURE
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, thereto duly authorized.
Date: September 29, 1995 AUDRE RECOGNITION SYSTEMS INC.
By: Thomas F. Casey
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Thomas F. Casey
Chairman and Chief Executive Officer
(Signing as both authorized officer and
Chief Financial Officer)
