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): December 7, 1998
Electrosource, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-16323 74-2466304
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
2809 IH 35 South 78666
San Marcos, Texas (Zip Code)
(Address of principal executive
offices)
Registrant's telephone number, including area code: (512)
753-6500
Page 1 of 4 Pages
An Exhibit Index appears on page 3
Item 5. Other Events
On December 7, 1998, the Electrosource, Inc. (the
"Registrant") Board of Directors accepted the resignation of
Michael G. Semmens as Chairman, Chief Executive Officer and
President along with two additional Board members, Dr. William F.
Graham and Mr. Earl E. Gjelde. Effective immediately Mr. William
F. Griffin and Ms. Mary Beth Koenig were appointed as the Acting
Chief Executive Officer and Acting Chief Financial Officer,
respectively. The Registrant has filed a press release relating
to these changes in management under cover of this Current Report
on Form 8-K.
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.
ELECTROSOURCE, INC.
By: /s/ Mary Beth Koenig
Mary Beth Koenig
Acting Chief Financial Officer
Date: December 11, 1998
EXHIBITS
Exhibit Page
Number
1 Press release relating to 4
resignation of CEO
EXHIBIT 1
Electrosource, Inc.
2809 Interstate 35 South, San Marcos, Texas 78666 USA
Tel: 512-753-6500 Fax: 512-353-3391
www.electrosource.comManufacturers of the HORIZONr C2M Battery
ELECTROSOURCE NEWS
SEMMENS RESIGNS AS ELECTROSOURCE CHIEF EXECUTIVE OFFICER
San Marcos, Texas (December 10, 1998) - ELECTROSOURCE, INC.
(Nasdaq: ELSI) (the "Company") today announced the resignation of
Michael G. Semmens as Chairman, CEO and President of
Electrosource, Inc. effective immediately. The resignation of
Mr. Semmens along with the resignation of two other Board members
(Dr. William R. Graham and Mr. Earl E. Gjelde) was accepted at a
meeting of the Board of Directors on Monday, December 7. The
Electrosource Board of Directors was also reduced to seven
members at the meeting.
The Board appointed Mr. William F. Griffin (Executive Vice-
President of Marketing) as the Acting Chief Executive Officer and
Ms. Mary Beth Koenig (Treasurer and Chief Accounting Officer) as
the Acting Chief Financial Officer of Electrosource effective
immediately.
Mr. Griffin stated that "The Company is refocusing its
efforts on streamlining operations and manufacture of the Horizon
12H85 battery for its key customers. The performance of this
battery in field tests within our customer base has been
impressive. The range and cycle life of the 12H85 in such tests
as hybrid electric vehicle and pure electric vehicle applications
are now consistently approaching that of other advanced battery
technologies. We believe this battery has the most immediate
potential market applications. All other programs and
applications of the core technology are being reviewed on an
individual basis."
Management is reviewing current and future business plans
with Kamkorp, a customer and equity funding partner, who has
stated that the changes in management due not change their plan
to continue making payments in amounts necessary to sustain
operations. The business review is expected to be completed in
early 1999.
Electrosource, headquartered in San Marcos, Texas, designs,
manufactures and markets proprietary advanced energy storage
technologies and systems. Additional information about the
Company is located on the internet at www.electrosource.com.
This release contains forward-looking statements that
involve risks and uncertainties. Actual results could differ
materially from those discussed in this release. Risks include
financial risks, development risks, manufacturing risks,
uncertainty of market acceptance, delay in shipment or
cancellation of orders, customer reorganization, as well as other
risks that are detailed from time to time in the company's
Securities and Exchange Commission filings.
# # #
SOURCE Electrosource, Inc.
Contact: Bill Griffin, Acting CEO of Electrosource, Inc. 512-
753-6500
