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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): October 9, 1998
Media Logic, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-9605 04-2772354
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
310 South Street
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Plainville, MA 02194
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (508) 695-2006
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Exhibit Index on page 4.
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Item 5. Other Events.
The Company issued a press release on October 9, 1998 announcing:
"Company institutes cost reduction program to reduce operating losses." A copy
of the press release is attached and filed as Exhibit 99.1 to this Form 8-K and
is incorporated herein by reference as though fully set forth herein.
Item 7. Exhibits.
(c) Exhibits.
99.1 The Registrant's Press Release dated October 9, 1998.
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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.
MEDIA LOGIC, INC.
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(Registrant)
Date: October 9, 1998 /s/ Gregory Scorziello
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Gregory Scorziello
President and
Chief Executive Officer
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EXHIBIT INDEX
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Exhibit Sequential
Number Description Page Number
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99.1 The Registrant's Press Release 5
dated October 9, 1998
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EXHIBIT 99.1
Company institutes cost reduction program to reduce operating losses
Plainville, Mass, Friday 9th October 1998, MediaLogic, Inc. (Amex TST)
announced that it has instituted immediate measures to reduce costs and
operating losses and improve cash flow. The Company has today implemented a
layoff of nine employees, approximately 33% of its workforce.
The layoffs will result in SG&A savings of approximately $400,000 annually and
were made by the Company by starting a cost reduction program to enable it to
focus on strategic revenue opportunities.
Greg Scorziello, President and Chief Executive Officer said, "We are pursuing
a number of key strategic sales opportunities which are essential to our
future with a view to closing them in the current quarter." He added, "We
have implemented a cost reduction program and have instituted a plan to
concentrate on our core competencies of sales, marketing design and
electronic assembly. We anticipate that mechanical component manufacturing
will be sub-contracted out to a partner organization."
MediaLogic continues to be confident that its Ionic Series Scalable Data Library
System possesses the features to meet the changing needs of users of tape
library products.
MediaLogic wishes to take advantage of the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995 with respect to statements that
may be deemed forward-looking statements under the Act. Such forward looking
statements may include, but are not limited to, statements regarding development
and sales of the Company's tape library product line. The Company cautions that
numerous factors could cause actual results to differ materially from any
forward-looking statements made by the Company.
MediaLogic does not fully satisfy all of the American Stock Exchange guidelines
for continued listing and there is no assurance that this listing will be
continued.
About MediaLogic.
MediaLogic Inc, founded in 1982, is a developer and manufacturer of
innovative storage solutions which automate and simplify the centralization
and security of business data. Located in Plainville, Massachusetts,
MediaLogic's headquarters can be reached at 508-695-2006, or
http//www.medialogicinc.com.
Company names and/or product names are acknowledged as being trademarks
or registered trademarks of their respective holder.
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