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) June 21, 1996
QUADRAX CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware 0-16052 05-0420158
(State or (Commission File Number) (IRS Employer
Other Jurisdiction Identification
of Incorporation) No.)
300 High Point Avenue, Portsmouth, RI 02871
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (401) 683-660
Not Applicable
(Former Name or Former Address, If Changed Since Last Report.)
ITEM 5. Other Events
On June 21, 1996, Registrant and its former Chairman, Pat
Hayton, jointly announced the dismissal with prejudice of a
defamation suit against Quadrax by Mr. Hayton in December, 1995.
The settlement did not involve the payment of any consideration by
either party. In reaching this agreement, the parties reaffirmed
the continuing validity of their mutual releases set forth in the
"Agreement for the Creation of the Voting Trust and Settlements
of Claims and Liabilities," dated February 13, 1995, the two written
amendments thereto dated March 17, 1995, and May 30, 1995, as well
as all related exhibits.
(c) Exhibits.
99.1 Company's press release dated June 24, 1996.
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 thereunto duly authorized.
Quadrax Corporation
July 02, 1996 /s/ James J. Palermo
(Date) James J. Palermo, Chairman
and Chief Executive Officer
July 02, 1996 /s/ Edward A. Stoltenberg
(Date) Edward A. Stoltenberg, Chief
Financial Officer and Principal
Accounting Officer
quadrax
Advanced Materials Systems
FOR IMMEDIATE RELEASE: June 24, 1996
CONTACT: Edward A. Stoltenberg, C.F.O., Quadrax Corporation,
tel. (401) 683-6600
Hal Levine/Marty Cohen, The Levine Group,
tel. (212) 682-8875
QUADRAX SETTLES DEFAMATION SUIT
PORTSMOUTH, RI--Quadrax Corporation (Nasdaq-Small Cap Issues:QDRX)
and its former Chairman, Pat Hayton, jointly announced the mutually
satisfactory resolution of litigation filed against Quadrax by Mr. Hayton
in December, 1995. The settlement did not involve the payment of any
consideration by either party. In reaching this agreement, the parties
reaffirmed the continuing validity of these mutual releases set forth
in the "Agreement for the Creation of the Voting Trust and Settlements of
Claims and Liabilities," dated February 13, 1995, the two written
amendments thereto dated March 17, 1995, and May 30, 1995, as well as all
related exhibits.
Quadrax Corporation produces thermoplastic composite materials
using its proprietary fabrication and manufacturing processes for a wide
range of high-performance commercial and consumer products.
Note: Quadrax's latest news releases are available at no charge
by dialing 1-800-758-5804, ext. 728452, or at http://www.prnewswire.com
on the Internet.
Quadrax Corporation
300 High Point Avenue, Portsmouth, RI 02871
Tel: (401)683-6600 Fax: (401)683-6606
