SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15 (d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) June 16, 1998
SIMTEK CORPORATION
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(Exact name of registrant as specified in its charter)
Colorado 0-19027 84-1057605
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
1465 Kelly Johnson Boulevard
Colorado Springs, Colorado 80920
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(Address of principal executive offices) Zip Code
Registrant's telephone, including area code: (719) 531-9444
Not applicable
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Former name or former address, if changed since last report
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Item 5: Other Information:
(1) The Registrant issued the following press release, dated June 16, 1998,
announcing working capital infusion:
FOR IMMEDIATE RELEASE
WORKING CAPITAL INFUSION
SIMTEK CLOSES $1.5 MILLION
FINANCING TRANSACTION WITH
RENAISSANCE CAPITAL OF DALLAS
Colorado Springs, CO, June 16, 1998 --Simtek Corporation (OTC BB:
SRAM), provider of the world's fastest reprogrammable nonvolatile semiconductor
memories, has announced the closing of a $1.5 million financing transaction with
two funds advised by Renaissance Capital Group of Dallas, TX.
Simtek plans to use the net proceeds primarily for working capital to
support the company's growth plans. Acting as a financial consultant to Simtek,
Jeff Cooper of New Venture Resources in Colorado Springs initiated the
transaction and advised the company on structuring the financing.
Simtek's funding from Renaissance consists of $1.5 million of
convertible debentures with a 7-year term at a 9 percent per annum interest
rate. The debentures are convertible at the option of the holder into Simtek
common stock at 35 cents per share, subject to anti-dilution and other
adjustment provisions. Upon certain conditions, the Company may redeem the
debentures or force conversion. Renaissance also has the right to appoint one
member to the Simtek Board of Directors.
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Renaissance Capital Group manages funds whose objectives are to invest
in private placement securities of emerging growth companies. They have a
diverse portfolio of investments with unique expertise in the semiconductor
industry.
"We think Simtek is an unrecognized story," said Robert C. Pearson, Senior
Vice President of Corporate Finance for Renaissance. "Now that the company has
brought on Doug Mitchell, a proven semiconductor marketing manager, as CEO, it
can capitalize on its proven process and product strengths.
Mitchell, who joined Simtek in July 1997 and who was appointed
president, CEO, and a director in January this year, said, "We are pleased by
the confidence that Renaissance Capital has placed in our current direction and
long-term business strategies. Now we have more fiscal muscle to put into
development of our next-generation of products, allowing us to continue leading
the industry with the fastest and densest nonvolatile SRAMs on the market."
Simtek has been honored by Deloitte & Touche on its list of America's 500
fastest-growing high technology companies, with revenue growth of 913% during
the five-year period, 1992-1996. For its fiscal year ended December 31, 1997,
Simtek reported net sales of $6.632 million, while FY1997 profits grew by more
than 400%.
For more information, contact Simtek Corporation at 1465 Kelly Johnson
Boulevard, Colorado Springs, CO 80920. Main Phone: (719) 531-9444; Fax: (719)
531-9481. Or visit Simtek's Website at http://www.simtek.com
Simtek Corporation develops, produces, and markets the world's fastest
reprogrammable nonvolatile static RAMs (SRAMs). Headquartered in Colorado
Springs, CO, the company markets its products through an international network
of distributors and sales representatives. Simtek's common stock is traded on
the OTC Bulletin Board under the symbol, "SRAM".
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<PAGE>
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 and hereunto duly authorized.
SIMTEK CORPORATION
June 16, 1998 By: /s/Douglas Mitchell
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DOUGLAS MITCHELL
Chief Executive Officer
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