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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):
April 1, 1999
UTILX CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
0-16821 91-1171716
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(Commission File Number) IRS Employer Identification No.
22820 Russell Road
P.O. Box 97009
Kent, Washington 98064-9709
(Address of principal executive offices)
Registrant's telephone number, including area code: (253) 395-0200
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ITEM 5. OTHER EVENTS
On April 1, 1999, UTILX Corporation (the "Company"), announced that
Seafirst Bank of Washington has extended the maturity date of the Company's
line of credit from April 4 to May 4, 1999 to accommodate the finalization of
the Company's refinancing. The Company is selecting one of two asset-based
lenders' proposals and expects to close the refinancing by mid-April, subject
to the final negotiation of a definitive agreement.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial statements.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
99 Press release issued by Company, dated April 1, 1999.
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.
Dated: April 8, 1999
UTILX CORPORATION
By: /s/ Darla V. Norris
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Name: Darla V. Norris
Title: Senior Vice President/Chief
Financial Officer
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EXHIBIT 99
[LOGO]
UTILX Corporation
22820 Russell Road Darla Vivit Norris
P.O. Box 97009 Senior Vice President &CFO
Kent, Washington 98064-9709 (253) 395-4596
Tel: 253/395-0200 http://www.businesswire.com/cnn/utlx.htm
Fax: 253/395-1040
PRESS RELEASE
UTILX REPORTS EXTENSION OF FINANCING
Kent, WA - April 1, 1999 - UTILX Corporation (NASDAQ: UTLX) announced today
that Seafirst Bank of Washington has extended the maturity date of the
Company's line of credit from April 4th to May 4th, 1999 to accommodate the
finalization of UTILX's refinancing. UTILX is selecting from one of two
asset-based lenders' proposals and expects to close the refinancing by
mid-April, subject to the final negotiation of a definitive agreement.
UTILX Corporation provides critical services for the installation and
rejuvenation of aged underground utility infrastructure with proprietary
CableCure-R- solution, in the U.S. and Canada through a network of regional
sales and service centers. The Company also provides CableCure services
throughout Europe and Asia.
This release contains forward-looking statements relating to the Company's
existing and future products and services and future operating results that
are subject to certain risks and uncertainties that could cause actual results
to differ materially from those projected. The words "believe", "expect",
"intend", "plan", variations of such words, and similar expressions identify
forward-looking statements, but their absence does not mean that the statement
is not forward-looking. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and assumptions
that are difficult to predict. Factors that could affect the Company's actual
results include competitive pressures, levels of work received from key
customers, weather, regulatory, other matters affecting the utility industry
in general, and any matters that could cause sudden changes in customers'
demand for the Company's services. The Company's contracts typically allow for
cancellation on short notice. Reference is made to the Company's latest Annual
Report on Form 10-K filed with the SEC for a more detailed description of such
factors. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this release.
The Company undertakes no obligation to update publicly any forward-looking
statements to reflect new information, events or circumstances after the date
of this release or to reflect the occurrence of unanticipated events.
TRANSMITTED ON BUSINESSWIRE ON APRIL 1, 1999 AT 11:32 A.M. PST
