THIS DOCUMENT IS A COPY OF THE SCHEDULE 13D FILED ON FEBRUARY 18, 1997
PURSUANT TO A RULE 201 TEMPORARY HARDSHIP EXEMPTION.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.__)*
Brunswick Technologies, Inc.
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(Name of Issuer)
Common Stock, par value $0.0001
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(Title of Class of Securities)
117394 10 6
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(CUSIP Number)
John R. Mesher, Esq.
CertainTeed Corporation
750 E. Swedesford Road
Valley Forge, Pennsylvania 19482
(610) 341-7108
------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
February 4, 1997
-------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box .
Check the following box if a fee is being paid with the statement.|X| (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
- ---------------------------
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
<TABLE>
SCHEDULE 13D
<S> <C>
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CUSIP No. 117394 10 6 Page 2 of 29 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Compagnie de Saint-Gobain
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
France
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7 SOLE VOTING POWER
710,327
NUMBER OF ------------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ------------------------------------------------------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 710,327
------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ------------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
710,327
- ------------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* |_|
- ------------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.3%
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14 TYPE OF REPORTING PERSON*
CO, HC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
</TABLE>
<PAGE>
<TABLE>
<S> <C>
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CUSIP No. 117394 10 6 Page 3 of 29 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CertainTeed Corporation
IRS No. 23-2510893
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
- ------------------------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
710,327
NUMBER OF ------------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ------------------------------------------------------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 710,327
------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ------------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
710,327
- ------------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* |_|
- ------------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.3%
- ------------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
</TABLE>
<PAGE>
<TABLE>
<S> <C>
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CUSIP No. 117394 10 6 Page 4 of 29 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Vetrotex CertainTeed Corporation
IRS No. 23-2644476
- ------------------------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
- ------------------------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ------------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_|
- ------------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
710,327
NUMBER OF ------------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ------------------------------------------------------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 710,327
------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ------------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
710,327
- ------------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* |_|
- ------------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.3%
- ------------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
</TABLE>
<PAGE>
Page 5 of 29 Pages
ITEM 1. SECURITY AND ISSUER.
This statement on Schedule 13D (this "Statement") relates to the common
stock, par value $0.0001 per share ("Common Stock") of Brunswick Technologies,
Inc., a Maine corporation ("BTI"). The address of the principal executive
offices of BTI is 43 Bidder Parkway, Brunswick, Maine 04011.
ITEM 2. IDENTITY AND BACKGROUND.
(a), (b), (c) and (f). This Statement is filed on behalf of:
(i) Compagnie de Saint- Gobain, a French corporation ("Saint-Gobain"), the
principal business address of which is Les Miroirs, 18, avenue d'Alsace, 92400
Courbevoie, France (Postal Address Cedex 27, 92096 Paris La Defense); (ii)
CertainTeed Corporation, a Delaware corporation and an indirect, wholly-owned
subsidiary of Saint-Gobain ("CertainTeed"), the principal business address of
which is 750 East Swedesford Road, Valley Forge, Pennsylvania 19482; and (iii)
Vetrotex CertainTeed Corporation, a Delaware corporation and a wholly-owned
subsidiary of CertainTeed ("Vetrotex"), the principal business address of which
is 4515 Allendale Road, Wichita Falls, Texas 76310. Saint-Gobain, CertainTeed
and Vetrotex are hereinafter collectively referred to as the "Reporting
Persons."
Saint-Gobain is a publicly-owned holding company whose shares are
listed for trading on the monthly settlement market of the Paris Stock Exchange
and on the principal European stock exchanges. Its principal business is holding
interests in other companies. Saint-Gobain has worldwide interests in businesses
involving the manufacture of flat glass, fiber glass insulation and
reinforcements, building materials, pipe, glass containers, industrial ceramics
and abrasives.
The principal business of CertainTeed is the manufacture of building
materials (roofing, vinyl siding, vinyl windows, ventilation products and piping
products) and fiber glass products (insulation and reinforcements). The
principal business of Vetrotex is the manufacture of fiber glass reinforcement
products.
The name, business address, present principal occupation or employment
and citizenship of each executive officer and director of the Reporting Persons
is set forth in Schedule I hereto and incorporated herein by reference.
(d) and (e). During the last five years, none of the Reporting Persons,
nor, to the best knowledge of the Reporting Persons, any person named in
Schedule I hereto has been (i) convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors) or (ii) a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws.
<PAGE>
Page 6 of 29 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
In August, 1993, certain stockholders of BTI sold an aggregate of 1,420
shares of Series AA Preferred Stock of BTI ("Series AA Preferred") and 180
shares of Series BB Preferred Stock of BTI ("Series BB Preferred") to Vetrotex
for an aggregate cash purchase price of $176,000. Concurrently with such sale,
certain stockholders of BTI sold 2,142 shares of Common Stock to Vetrotex for a
purchase price equal to $50.00 per share. At the same time, BTI sold 16,000
shares of Series D Convertible Preferred Stock of BTI ("Series D Preferred" and
with the Series AA Preferred and the Series BB Preferred, the "Preferred Stock")
to Vetrotex for an aggregate cash purchase price of $1,760,000. The funds used
to purchase the shares of Common Stock and Preferred Stock came from the working
capital of Vetrotex. The numbers of shares of BTI stock referenced in this
paragraph reflect the number of shares prior to the 33:1 stock split effected on
February 4, 1997.
On February 4, 1997, the shares of Preferred Stock held by Vetrotex
were converted into an aggregate of 580,800 shares of Common Stock. On the same
date, BTI issued an additional 58,841 shares of Common Stock to Vetrotex in
payment of accrued dividends on the Preferred Stock.
ITEM 4. PURPOSE OF TRANSACTION.
Vetrotex purchased the Common Stock and Preferred Stock from BTI for
investment purposes. BTI has a corporate collaboration with Vetrotex. This
collaboration includes a significant equity ownership by Vetrotex in BTI and a
supply relationship whereby BTI purchases a majority of its fiber glass needs
from Vetrotex. BTI is currently developing products and processes to take
advantage of a new product developed by Vetrotex and its affiliates.
(a-j). The Reporting Persons have no specific plans or proposals that
relate to or would result in any of the actions or matters described in
subparagraphs (a) through (j) of Item 4 of Schedule 13D (although, the Reporting
Persons reserve the right to develop such plans or proposals).
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) and (b). Vetrotex beneficially owns 710,327 shares of Common Stock
(or approximately 14.3% of the shares that are deemed to be outstanding under
the Rules of the Securities and Exchange Commission). Vetrotex owns outright and
has sole voting and dispositive power with respect to the shares of Common Stock
it beneficially owns.
CertainTeed directly owns Vetrotex and, as the sole shareholder of
Vetrotex, could be considered a beneficial owner of the 710,327 shares of Common
Stock owned of record by Vetrotex (or approximately 14.3% of the shares that are
deemed to be outstanding under the Rules of the Securities and Exchange
Commission). Saint-Gobain indirectly owns CertainTeed and also
<PAGE>
Page 7 of 29 Pages
could be considered a beneficial owner of the 710,327 shares of Common Stock
owned of record by Vetrotex (or approximately 14.3% of the shares that are
deemed to be outstanding under the Rules of the Securities and Exchange
Commission). CertainTeed and Saint-Gobain also have sole voting and dispositive
power with respect to the shares of Common Stock of BTI which they could be
considered to beneficially own through Vetrotex.
(c). On February 4, 1997, BTI effected a 33:1 stock split which
included the 2,142 shares of Common Stock originally acquired by Vetrotex in
August 1993. On the same date, 580,800 shares of Common Stock were issued to
Vetrotex pursuant to the conversion of its Preferred Stock and 58,841 additional
shares of Common Stock were issued to Vetrotex in payment of accrued dividends
on the Preferred Stock.
(d). Not applicable.
(e). Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
Loan Agreement between Vetrotex and BTI, dated March 31, 1992. Pursuant
to the Loan Agreement, Vetrotex loaned BTI $300,000, on an interest-free basis,
to finance the purchase and modification of one stitchbonding machine. Vetrotex
obtained a purchase money security interest in the machine. BTI has been making
quarterly payments of $17,500 to Vetrotex to reduce the debt. The final payment
in the amount of $15,000 is due on April 1, 1997.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1: Loan Agreement, dated March 31, 1992, between BTI and
Vetrotex. Although certain of the principal provisions of the Loan Agreement are
described in Item 6 of this Statement, such description does not purport to be
complete and is qualified by the text of the Agreement, which is attached as
Exhibit 1 to this Statement.
Exhibit 2: Security Agreement, dated March 31, 1992 between BTI and
Vetrotex.
Exhibit 3: Agreement among Vetrotex, CertainTeed and Saint-Gobain that
this Statement is, and subsequent amendments will be, filed on behalf of each of
them.
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Page 8 of 29 Pages
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Statement is true, complete and
correct.
Date: February 4, 1997 COMPAGNIE DE SAINT-GOBAIN
By: /s/ Gianpaolo Caccini
---------------------------------
Name: Gianpaolo Caccini
Title: Senior Vice President
CERTAINTEED CORPORATION
By: /s/ John R. Mesher
---------------------------------
Name: John R. Mesher
Title: Vice President
VETROTEX CERTAINTEED
CORPORATION
By: /s/ David E. Sharpe
---------------------------------
Name: David E. Sharpe
Title: Vice President, Sales and Marketing
<PAGE>
Page 9 of 29 Pages
Exhibit 1
INSTALLMENT PROMISSORY NOTE
$300,000.00 March 31, 1992
FOR VALUE RECEIVED, the Undersigned (hereinafter the "Debtor")
promises (jointly and severally, if more than one) to pay to the order of
VETROTEX CERTAINTEED CORPORATION (hereinafter "Vetrotex CertainTeed") at its
offices in Valley Forge, Pennsylvania, or at such other place as may be
designated by Vetrotex CertainTeed, the principal sum of THREE HUNDRED THOUSAND
DOLLARS ($300,000.00).
Principal (on the unpaid principal balance at the aforesaid rate)
shall be payable in nineteen (19) consecutive installments commencing on October
1, 1992, and continuing on the first day of each third month thereafter until
the final installment which is payable on April 1, 1997; said installments to be
payable as shown on Exhibit "A" attached hereto and incorporated herein by
reference.
PREPAYMENT: This Note may be prepaid at any time, in whole or in part, without
premium or penalty; provided, however, that partial prepayments shall be applied
to unpaid principal balance in the inverse order of the installments thereof.
DEFAULTS: The Debtor shall be in default hereunder upon the occurrence of any of
the following events: (a) the nonpayment when due of any amount payable on the
indebtedness evidenced by this Note and said default continues for a period of
thirty (30) days; (b) if the Debtor becomes insolvent or makes an assignment for
the benefit of creditors, or if any petition is filed by or against the Debtor
under any provision of any law or statue alleging that such Debtor is insolvent
or unable to pay debts as they mature; (c) any information heretofore or
hereafter furnished to Vetrotex CertainTeed by the Debtor in connection herewith
should be materially false; (d) the failure of the Debtor to furnish such
financial and other information as Vetrotex CertainTeed may reasonably request;
(e) if the Debtor or the presently existing shareholders of the Debtor shall
enter into an agreement for the sale or transfer of shares representing
ownership in the Debtor or if a transfer of shares or ownership interests shall
take place, other than a transfer of shares between existing shareholders or
family members of existing shareholders, without the prior written consent of
Vetrotex CertainTeed; (f) the Debtor shall default in the performance of any
material obligation under a certain Security Agreement of even date herewith
between the Debtor and payee hereof and such default continues for a period of
thirty (30) days after written notice thereof.
<PAGE>
Page 10 of 29 Pages
RIGHTS AND REMEDIES OF VETROTEX CERTAINTEED: Whenever the Debtor shall be
in default hereunder, unless Vetrotex CertainTeed elects otherwise, the entire
unpaid amount of the indebtedness evidenced by this Note shall become
immediately due and payable without notice to, or demand on the Debtor. Vetrotex
CertainTeed shall thereupon have the immediate right to enforce or realize on
any collateral security granted for the indebtedness evidenced by this Note in
any manner or order which Vetrotex CertainTeed deems expedient and without
regard to any equitable principles of marshaling or otherwise. In addition to
any rights granted hereunder or in any documents executed or delivered in
connection herewith, Vetrotex CertainTeed shall have all of the rights and
remedies granted by any applicable law, all of which shall be cumulative in
nature.
WAIVERS BY THE DEBTOR: The Debtor waives presentment for payment, demand and
notice of demand, notice of nonpayment or dishonor, protest and notice of
protest, and any and all other notices in connection with the delivery,
acceptance, performance, default or enforcement of the payment of this Note, and
the Debtor agrees that the liability of such Debtor shall be unconditional,
without regard to the liability of any other party, and shall not be affected in
any manner by any indulgence, extension of time, renewal waiver or modification
granted or consented to by Vetrotex CertainTeed. The Debtor further waives and
releases all errors, defects and imperfections in any proceedings instituted by
Vetrotex CertainTeed in exercising its rights and remedies against such Debtor,
as well as all benefits that might accrue to such Debtor by virtue of any
present or future laws exempting the collateral security for the indebtedness
evidenced by this Note, or any other property, real or personal, including the
proceeds thereof, of the Debtor from attachment, levy or sale under execution or
providing for any stay of execution, exemption from civil process or extension
of time for payment.
WAIVERS BY VETROTEX CERTAINTEED: Vetrotex CertainTeed shall not be deemed, by
any act of omission or commission, to have waived any of its rights or remedies
hereunder, unless such waiver is in writing and signed by Vetrotex CertainTeed,
and then only to the extent specifically set forth in writing. If Vetrotex
CertainTeed shall have waived any right or remedy hereunder, such waiver shall
not be deemed to be a waiver upon a later occurrence of recurrence of the event
originally giving rise to such waiver.
MISCELLANEOUS: All issues arising hereunder shall be governed by the laws of the
State of Maine, without giving effect to the principles thereof relating to
conflict of laws, if any. This Note shall be binding upon the Debtor and the
respective heirs, personal representatives, successors and assigns of the
Debtor, and shall inure to the benefit of Vetrotex CertainTeed and its
successors and assigns. The Debtor hereunder agrees to pay all cost of
collection, including reasonable attorneys' fees in the event that any action is
taken by Vetrotex CertainTeed to collect pursuant to a default by Debtor.
This Promissory Note is secured by the collateral described in a Security
Agreement executed herewith.
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Page 11 of 29 Pages
IN WITNESS WHEREOF, the Debtor has executed and sealed this Note as of
the day and year first written above.
Name of Corporation: BRUNSWICK TECHNOLOGIES, INC.
Attest or Witness: BRUNSWICK TECHNOLOGIES, INC.
By: /s/ David M. Coit By: /s/ William Dubay
------------------------- -------------------------
Name David M. Coit Name: William Dubay
------------------------ -----------------------
Title: Title: President
---------------------- -----------------------
(Corporate Seal)
<PAGE>
Page 12 of 29 Pages
EXHIBIT "A" TO
PROMISSORY NOTE FROM BRUNSWICK TECHNOLOGIES, INC.
TO VETROTEX CERTAINTEED CORPORATION
<TABLE>
<CAPTION>
PAYMENT QUARTERLY BALANCE AFTER-
DUE DATE PRINCIPAL INTEREST PAYMENT PAYMENT
- -------- --------- ------- -------
<C> <C> <C> <C> <C>
10/01/92 $10,000.00 --- $10,000.00 $290,000.00
01/01/93 $10,000.00 --- $10,000.00 $280,000.00
04/01/93 $10,000.00 --- $10,000.00 $270,000.00
07/01/93 $10,000.00 --- $10,000.00 $260,000.00
10/01/93 $17,500.00 --- $17,500.00 $242,500.00
01/01/94 $17,500.00 --- $17,500.00 $225,000.00
04/01/94 $17,500.00 --- $17,500.00 $207,500.00
07/01/94 $17,500.00 --- $17,500.00 $190,000.00
10/01/94 $17,500.00 --- $17,500.00 $172,500.00
01/01/95 $17,500.00 --- $17,500.00 $155,000.00
04/01/95 $17,500.00 --- $17,500.00 $137,500.00
07/01/95 $17,500.00 --- $17,500.00 $120,000.00
10/01/95 $17,500.00 --- $17,500.00 $102,500.00
01/01/96 $17,500.00 --- $17,500.00 $85,000.00
04/01/96 $17,500.00 --- $17,500.00 $67,500.00
07/01/96 $17,500.00 --- $17,500.00 $50,000.00
10/01/96 $17,500.00 --- $17,500.00 $32,500.00
01/01/97 $17,500.00 --- $17,500.00 $15,000.00
04/01/97 $15,000.00 --- $15,000.00 0
</TABLE>
<PAGE>
Page 13 of 29 Pages
Exhibit 2
SECURITY AGREEMENT
AGREEMENT made as of the 31st day of March, 1992 by and between
BRUNSWICK TECHNOLOGIES, INC., a Maine corporation with offices at Brunswick,
Maine (hereinafter "Debtor") and VETROTEX CERTAINTEED CORPORATION, a
Pennsylvania corporation with offices at Valley Forge, Pennsylvania (hereinafter
"Secured Party").
Section 1. Security Interest.
A. The Debtor hereby grants to the Secured Party a security
interest in the Collateral described in Section II.
B. The security interest hereby granted is to secure the
performance of the obligations of the Debtor to the Secured Party arising under
a Promissory Note of substantially even date herewith in the principal amount of
Three Hundred Thousand Dollars U.S. ($300,000) (the "Note").
Section II. Collateral.
The collateral consists of a binderless mat production system using
a Malimo Model #14016 as more particularly described on Exhibit A hereto.
Section III. Representations and Warranties.
A. Debtor's Obligations Relating to Collateral:
(i) Care and Preservation of Collateral: Debtor shall take such
measures as it deems appropriate to properly care for and
preserve the collateral against all hazards. Debtor will not
waste, destroy, or voluntarily damage the collateral, nor shall
Debtor use the collateral in violation of any law. The Secured
Party may pay for the care and preservation of the collateral.
The Debtor shall reimburse the Secured Party, on demand, for any
payment made by the Secured Party, to care for or preserve the
collateral, and all such payments and expenses shall be secured
by this Agreement.
(ii) Inspection of Collateral: Debtor shall allow Secured Party
to inspect the collateral upon reasonable written request from
the Secured Party.
<PAGE>
Page 14 of 29 Pages
(iii) Taxes and Levies Imposed on Collateral: The Debtor shall
pay and discharge when due all taxes and levies imposed on the
collateral. If the Debtor fails to make adequate discharge of
any lien or levy, the Secured Party may discharge such
encumbrance and Debtor shall reimburse the Secured Party, on
demand, for any payment made to discharge such encumbrance.
Debtor shall notify the Secured Party of any seizure of, levy
upon, loss of possession of, or destruction to the collateral.
All payments made and expenses incurred by the Secured Party
shall be secured by this Agreement.
(iv) Location of Collateral: During the term of this Agreement,
the collateral will be located at Debtor's place of business in
Brunswick, Maine, and Debtor shall not move or remove the
collateral without the prior written consent of the Secured
Party.
B. Compliance with Note: Debtor shall pay when due all money
obligations, and perform all covenants and obligations pursuant to the terms of
the aforementioned Note.
Section IV. Debtor's Rights.
So long as Debtor is not in default of this Security Agreement the
Debtor shall have the right to possession of the collateral, and the right to
use the collateral in any lawful manner not inconsistent with this Agreement.
Section V. Secured Party's Obligations.
Secured Party will abide by its obligations under this Security
Agreement.
Section VI. Secured Party's Rights.
A. In addition to the rights granted under the aforesaid Note and
this Agreement, the Secured Party shall have all rights and remedies granted to
a secured party under the Maine Uniform Commercial Code.
B. Secured Party may waive any of Secured Party's rights hereunder
without such waiver prohibiting later exercise of the same or similar rights.
C. Secured Party's rights and privileges shall inure to the Secured
Party's successors and assigns.
Section VII. Default.
A. Events of Default. Debtor shall be in default under this
Agreement upon the happening of any of the following events:
<PAGE>
Page 15 of 29 Pages
(i) Default in the payment or performance of any obligation,
covenant or liability contained or referred to herein, or in the
aforesaid Note, provided the same continues for a period of at
least thirty (30) days after written notice of the same is given
to Debtor;
(ii) The dissolution, insolvency, or business failure of the
Debtor, appointment of a receiver, assignment for the benefit of
creditors, the commencement of a voluntary proceeding under
bankruptcy or the commencement of an involuntary proceeding in
bankruptcy if not dismissed within sixty (60) days;
(iii) Any other termination of Debtor's existence; or
(iv) Merger, consolidation, reorganization of the Debtor's
business, or a change in voting control of the Debtor.
B. Secured Party's Remedies.
(i) Upon default, the Secured Party may declare all obligations
secured hereby immediately due and payable. Secured Party may
proceed to enforce Debtor's payment of the obligations, and may
exercise all rights under this Agreement, and under the Maine
Uniform Commercial Code.
(ii) Secured Party shall give Debtor reasonable notice of the
time and place of any public sale of the collateral or of the
time after which any private sale or other intended disposition
is to be made. Debtor is entitled to any surplus remaining from
the sale of the collateral after all obligations have been
satisfied. If the sale of the collateral does not generate
sufficient value to pay for all obligations, Debtor shall be
liable to the Secured Party for all remaining obligations.
(iii) Notices. All notices required hereunder shall be addressed
as follows or otherwise as the Debtor and Secured Party may
designate in writing to each other.
<PAGE>
Page 16 of 29 Pages
Debtor: Brunswick Technologies, Inc.
One Maine Street
P.O. Box 516
Brunswick, Maine 04011
Secured Party: Vetrotex CertainTeed Corporation
750 E. Swedesford Road
P.O. Box 860
Valley Forge, PA 19482
Section VIII. Rules of Construction.
A. The Secured Party's acceptance of late or partial payment or the
failure of the Secured Party to exercise any rights or remedy available to it is
not a waiver of any obligation of the Debtor or right of the Secured Party.
B. This Agreement shall be binding upon the successors and assigns
of the Debtor. The Debtor's obligations hereunder may not be assigned except
upon the written consent of the Secured Party.
C. The parties to this Agreement shall be discharged only by a
release or discharge of the security interest upon the full payment of the
obligations secured by this Agreement.
D. If any provisions of this Agreement are declared invalid or
ineffective, all other provisions shall continue in full force and effect, and
the Debtor shall continue to be liable under this Agreement.
<PAGE>
Page 17 of 29 Pages
E. This Agreement shall be governed and construed for all purposes
in accordance with the laws in effect in the State of Maine.
IN WITNESS WHEREOF, the parties hereto have caused this instrument
to be executed under seal as of the day and year first above written.
DEBTOR:
WITNESS: BRUNSWICK TECHNOLOGIES, INC.
- --------------------------- By: /s/ William Dubay
-------------------------------
Its: President
SECURED PARTY:
WITNESS: VETROTEX CERTAINTEED CORPORATION
/s/ Iris Demas By: /s/ David E. Sharpe
- -------------------------- -------------------------------
Its: Vice President, Sales and
Marketing
------------------------------
<PAGE>
Page 18 of 29 Pages
EXHIBIT A
---------
One BTI Stitchbonding Machine, 102" wide, consisting of:
* One Malimo model 14016/C stitchbonding machine 2400mm working width
modified to a model #2 BTI stitching unit
* One BTI fiber orientation unit which includes:
- 2 mat production modules
- One each 0 degree and 90 degree carriage modules
* One continuous take up system
<PAGE>
Page 19 of 29 Pages
EXHIBIT 3
Agreement
The undersigned agree that the Schedule 13D with respect to Common Stock,
$0.0001 par value, of Brunswick Technologies, Inc. to which this Agreement is
attached as an Exhibit is, and that amendments to such Schedule 13D will be,
filed on behalf of each of us.
COMPAGNIE DE SAINT-GOBAIN
By: /s/ Gianpaolo Caccini
-----------------------------------------
Name: Gianpaolo Caccini
Title: Senior Vice President
CERTAINTEED CORPORATION
By: /s/ John R. Mesher
-----------------------------------------
Name: John R. Mesher
Title: Vice President
VETROTEX CERTAINTEED CORPORATION
By: /s/ David E. Sharpe
-----------------------------------------
Name: David E. Sharpe
Title: Vice President, Sales and Marketing
Date: February 4, 1997
-----------------------
<PAGE>
Page 20 of 29 Pages
Schedule I
Directors and Executive Officers of
Compagnie de Saint-Gobain
-------------------------
All directors and officers listed below are citizens of the Republic of France,
unless otherwise noted.
<TABLE>
<CAPTION>
Principal Occupation
Name/Title Business Address or Employment
- ---------- ---------------- --------------------
<S> <C> <C>
Jean-Louis Beffa Compagnie de Saint-Gobain Chairman and Chief Executive
Chairman and Chief Les Miroirs Officer of Compagnie de
Executive Officer 92096 La Defense Cedex Saint-Gobain
France
Rolf E. Breuer Deutsche Bank AG Member of the
Director Taunusanlage 12 Management Board of
(Nationality: German) 60262 Frankfort Deutsche Bank AG
Germany
James Bunoust Compagnie de Saint-Gobain Coordinator of
Director Les Miroirs Transport at
92096 La Defense Cedex Compagnie de Saint-Gobain
France
Gilles de Cambronne Compagnie de Saint-Gobain Deputy Manager at the
Director Les Miroirs Direction of the Legal and
92096 La Defense Cedex Tax Department at
France Compagnie de Saint-Gobain
Guy Dejouany Compagnie Generale Chairman and Chief Executive
Director des Eaux Officer of Compagnie
52 rue d'Anjou Generale des Eaux
75008 Paris, France
</TABLE>
<PAGE>
Page 21 of 29 Pages
<TABLE>
<CAPTION>
Principal Occupation
Name/Title Business Address or Employment
- ---------- ---------------- --------------------
<S> <C> <C>
Michel Doze Compagnie de Saint-Gobain President of the Employees'
Director Les Miroirs and Former Employees'
92096 La Defense Cedex Shareholders Association
France
Bernard Esambert Group Bollore Vice-Chairman of the Bollore
Director Tour Delmas Group
31-32 quai De Dion-Bauton
92811 Puteaux
France
Pierre Faurre SAGEM Chairman and Chief
Director 6, avenue d'Iena Executive Officer of SAGEM
75783 Paris, Cedex 16
France
Olivier Lecerf Societe Lafarge Coppee Honorary Chairman of
Director 28 rue Emile Menier Lafarge Coppee
75116 Paris, France
Jacques-Louis Lions College de France Professor at the College de
Director 3 rue d'Ulm France, Vice President of
75005 Paris the Academie des Sciences
France
Gerard Mestrallet Compagnie de Suez Chairman and CEO of
Director 1, rue d'Astorg Compagnie de Suez
75007 Paris, France
Michel Pebereau Banque Nationale de Paris Chairman and Chief Executive
Director 16, boulevard des Italiens Officer of Banque Nationale
75009 Paris, France de Paris
Didier Pfeiffer Groupe GAN Chairman and Chief
Director 2 rue Pillet-Will Executive Officer of
75009 Paris Groupe GAN
France
</TABLE>
<PAGE>
Page 22 of 29 Pages
<TABLE>
<CAPTION>
Principal Occupation
Name/Title Business Address or Employment
- ---------- ---------------- --------------------
<S> <C> <C>
Bruno Roger Lazard Freres & Cie. Managing Partner of
Director 121, boulevard Haussmann Lazard Freres & Cie.
75008 Paris, France
Rene Thomas Banque Nationale de Paris Honorary Chairman of
Director 16 boulevard des Italiens Banque Nationale de Paris
75009 Paris
France
Eric d'Hautefeuille Compagnie de Saint-Gobain Executive Vice President of
Executive Vice President Les Miroirs Compagnie de Saint-Gobain
92096 La Defense Cedex
France
Bernard Field Compagnie de Saint-Gobain Corporate Secretary of
Corporate Secretary Les Miroirs Compagnie de Saint-Gobain
92096 La Defense Cedex
France
Jean-Francois Phelizon Compagnie de Saint-Gobain Finance Director of
Finance Director Les Miroirs Compagnie de Saint-Gobain
92096 La Defense Cedex
France
Michel Besson Compagnie de Saint-Gobain Senior Vice President of
Senior Vice President Les Miroirs Compagnie de Saint-Gobain
92096 La Defense Cedex
France
Gianpaolo Caccini Saint-Gobain Corporation Senior Vice President of
Senior Vice President 750 E. Swedesford Road Compagnie de Saint-Gobain;
(Nationality: Italian) Valley Forge, PA 19482 Vice Chairman, President and
CEO of Saint-Gobain
Corporation
Jean-Gerard Claudon Poliet Senior Vice President of
Senior Vice President 21-23, rue des Ardennes Compagnie de Saint-Gobain;
75019 Paris, France President of the Directoire
of Poliet
</TABLE>
<PAGE>
Page 23 of 29 Pages
<TABLE>
<CAPTION>
Principal Occupation
Name/Title Business Address or Employment
- ---------- ---------------- --------------------
<S> <C> <C>
Claude Picot Saint-Gobain Emballage Senior Vice President of
Senior Vice President Les Miroirs Compagnie de Saint-Gobain,
92096 La Defense Cedex Director of Containers Division
France
Robert Pistre Compagnie de Saint-Gobain Senior Vice President of
Senior Vice President Les Miroirs of Human Resources of
92096 La Defense Cedex Compagnie de Saint-Gobain
France
Jacques Aschenbroich Compagnie de Saint-Gobain President of the Flat Glass
Member, Group Les Miroirs Branch of Compagnie de
Management Committee 92096 La Defense Cedex Saint-Gobain
France
Patrice de Cailleux Compagnie de Saint-Gobain President of the Building
Member, Group Les Miroirs Materials Branch of
Management Committee 92096 La Defense Cedex Compagnie de Saint-Gobain
France
Roberto Caliari Compagnie de Saint-Gobain President of the Reinforcements
Member, Group Miroirs Branch of Compagnie de
Management Committee 92096 La Defense Cedex Saint-Gobain
(Nationality: Italian) France
Pierre-Andre de Chalendar Compagnie de Saint-Gobain President of the Abrasives
Member, Group Les Miroirs Branch of Compagnie de
Management Committee 92096 La Defense Cedex Saint-Gobain
France
Philippe Crouzet Compagnie de Saint-Gobain President of the Industrial
Member, Group Miroirs Ceramics Branch of Compagnie
Management Committee 92096 La Defense Cedex de Saint-Gobain
France
Peter Dachowski Compagnie de Saint-Gobain President of the Insulation
Member, Group Les Miroirs Group of Compagnie de
Management Committee 92096 La Defense Cedex Saint-Gobain
(Nationality: Great Britain) France
</TABLE>
<PAGE>
Page 24 of 29 Pages
<TABLE>
<CAPTION>
Principal Occupation
Name/Title Business Address or Employment
- ---------- ---------------- --------------------
<S> <C> <C>
Christian Streiff Pont a Mousson SA President of the Pipe
Member, Group Management 91 Avenue de la Liberation Branch of Compagnie
Committee 54000 Nancy de Saint-Gobain
France
Gilles Colas Compagnie de Saint-Gobain Vice President, Corporate
Member, Group Les Miroirs Planning of Compagnie de
Management Committee 92096 La Defense Cedex Saint-Gobain
France
Emile Francois Poliet Managing Director of
Member, Group 21-23 rue des Ardennes Poliet
Management Committee 75019 Paris
France
Jean-Claude Lehmann Compagnie de Saint-Gobain Vice President-Research of
Member, Group Les Miroirs Compagnie de Saint-Gobain
Management Committee 92096 La Defense Cedex
France
Pierre Tracol Compagnie de Saint-Gobain Vice President-International
Member, Group Les Miroirs Development of Compagnie
Management Committee 92096 La Defense Cedex de Saint-Gobain
France
</TABLE>
<PAGE>
Page 25 of 29 Pages
Directors and Executive Officers of
CertainTeed Corporation
-----------------------
<TABLE>
<CAPTION>
Principal Occupation
Name/Title Business Address or Employment Citizenship
- ---------- ---------------- -------------------- -----------
<S> <C> <C> <C>
Gianpaolo Caccini Saint-Gobain Corporation Vice Chairman, President Italy
Chairman, Pres. & 750 E. Swedesford Road and CEO of Saint-Gobain
CEO; Director Valley Forge, PA 19482 Corporation; Senior Vice
President of Compagnie
de Saint-Gobain
Peter R. Dachowski Saint-Gobain Corporation Executive Vice President, Great Britain
Executive Vice Pres., 750 E. Swedesford Road Insulation of CertainTeed
Insulation Valley Forge, PA 19482 Corporation; Vice President
of Saint-Gobain Corporation
Bradford C. Mattson Saint-Gobain Corporation Executive Vice President, U.S.A.
Executive Vice Pres., 750 E. Swedesford Road Exterior Building Products
Exterior Building Valley Forge, PA 19482 of CertainTeed Corporation;
Products Vice President of Saint-Gobain
Corporation
Lloyd C. Ambler CertainTeed Corporation President, Pipe & Plastics U.S.A.
Vice President 750 E. Swedesford Road Group of CertainTeed
Valley Forge, PA 19482 Corporation
George B. Amoss Saint-Gobain Corporation Vice President, Finance of U.S.A.
Vice President, 750 E. Swedesford Road Saint-Gobain Corporation
Finance Valley Forge, PA 19482
Dennis J. Baker Saint-Gobain Corporation Vice President of U.S.A.
Vice President 750 E. Swedesford Road Saint-Gobain Corporation
Valley Forge, PA 19482
Bruce H. Cowgill CertainTeed Corporation President, Insulation Group U.S.A.
Vice President 750 E. Swedesford Road of CertainTeed Corporation
Valley Forge, PA 19482
</TABLE>
<PAGE>
Page 26 of 29 Pages
<TABLE>
<CAPTION>
Principal Occupation
Name/Title Business Address or Employment Citizenship
- ---------- ---------------- -------------------- -----------
<S> <C> <C> <C>
Jean-Paul Dalle Vetrotex CertainTeed President and Chief France
Vice President Corporation Operating Officer of
4515 Allendale Road Vetrotex CertainTeed
Wichita Falls, TX 76310 Corporation
F. Lee Faust Saint-Gobain Corporation Vice President of U.S.A.
Vice President 750 E. Swedesford Road Saint-Gobain Corporation
Valley Forge, PA 19482
James F. Harkins, Jr. Saint-Gobain Corporation Vice President and U.S.A.
Vice President and 750 E. Swedesford Road Treasurer of
Treasurer Valley Forge, PA 19482 Saint-Gobain Corporation
James E. Hilyard CertainTeed Corporation President, Roofing U.S.A.
Vice President 750 E. Swedesford Road Products Group of
Valley Forge, PA 19482 CertainTeed Corporation
Thomas M. Landin Saint-Gobain Corporation Vice President of U.S.A.
Vice President 750 E. Swedesford Road Saint-Gobain Corporation
Valley Forge, PA 19482
Lawrence J. Mellon, Saint-Gobain Corporation Vice President of U.S.A.
M.D. 750 E. Swedesford Road Saint-Gobain Corporation
Vice President Valley Forge, PA 19482
John R. Mesher Saint-Gobain Corporation Vice President and U.S.A.
Vice President and 750 E. Swedesford Road Secretary of Saint-Gobain
Secretary Valley Forge, PA 19482 Corporation
John P. Mikulak CertainTeed Corporation President, Vinyl Building U.S.A.
Vice President 750 E. Swedesford Road Products Group of
Valley Forge, PA 19482 CertainTeed Corporation
Robert W. Fenton Saint-Gobain Corporation Vice President and U.S.A.
Vice President and 750 E. Swedesford Road Controller of
Controller Valley Forge, PA 19482 Saint-Gobain Corporation
Carl C. Rue Saint-Gobain Corporation President of Bay Mills U.S.A.
Vice President 750 E. Swedesford Road Limited
Valley Forge, PA 19482
</TABLE>
<PAGE>
Page 27 of 29 Pages
<TABLE>
<CAPTION>
Principal Occupation
Name/Title Business Address or Employment Citizenship
- ---------- ---------------- -------------------- -----------
<S> <C> <C> <C>
John J. Sweeney, III Saint-Gobain Corporation Vice President of U.S.A.
Vice President 750 E. Swedesford Road Saint-Gobain Corporation
Valley Forge, PA 19482
Dorothy C. Saint-Gobain Corporation Vice President of U.S.A.
Wackerman 750 E. Swedesford Road Saint-Gobain Corporation
Vice President Valley Forge, PA 19482
Michael J. Walsh Saint-Gobain Corporation Vice President of U.S.A.
Vice President 750 E. Swedesford Road Saint-Gobain Corporation
Valley Forge, PA 19482
</TABLE>
<PAGE>
Page 28 of 29 Pages
Directors and Executive Officers of
Vetrotex CertainTeed Corporation
<TABLE>
<CAPTION>
Principal Occupation
Name/Title Business Address or Employment Citizenship
- ---------- ---------------- -------------------- -----------
<S> <C> <C> <C>
Roberto Caliari Compagnie de Saint-Gobain Chairman and Chief Italy
Chairman and Chief Les Miroirs Executive Officer of
Executive Officer; 18 avenue d'Alsace Vetrotex CertainTeed
Director Cedex 27 Corporation; President
92096 Paris La Defense of the Reinforcements
France Branch of Compagnie de
Saint-Gobain
Gianpaolo Caccini Saint-Gobain Corporation Vice Chairman, President Italy
750 E. Swedesford Road and Chief Executive Officer
Valley Forge, PA 19482 of Saint-Gobain Corporation;
Senior Vice President of
Compagnie de Saint-Gobain
Jean-Paul Dalle Vetrotex CertainTeed President and Chief France
President & Chief 4515 Allendale Road Operating Officer of
Operating Officer; Wichita Falls, TX 76310 Vetrotex CertainTeed
Director Corporation
George B. Amoss Saint-Gobain Corporation Vice President, Finance of U.S.A.
Vice President 750 E. Swedesford Road Saint-Gobain Corporation
Valley Forge, PA 19482
F. Lee Faust Saint-Gobain Corporation Vice President of U.S.A.
Vice President 750 E. Swedesford Road Saint-Gobain Corporation
Valley Forge, PA 19482
James F. Harkins, Jr. Saint-Gobain Corporation Vice President and U.S.A.
Vice President and 750 E. Swedesford Road Treasurer of
Treasurer Valley Forge, PA 19482 Saint-Gobain Corporation
Fred G. Krautz Vetrotex CertainTeed Vice President, R & D of U.S.A.
Vice President, Corporation Vetrotex CertainTeed
R & D 4515 Allendale Road Corporation
Wichita Falls, TX 76310
</TABLE>
<PAGE>
Page 29 of 29 Pages
<TABLE>
<CAPTION>
Principal Occupation
Name/Title Business Address or Employment Citizenship
- ---------- ---------------- -------------------- -----------
<S> <C> <C> <C>
D. Ronald Lane Vetrotex CertainTeed Vice President, Manu. of U.S.A.
Vice President, Corporation Vetrotex CertainTeed
Manufacturing 4515 Allendale Road Corporation
Wichita Falls, TX 76310
Bruce B. Parker Vetrotex CertainTeed Vice President, Finance U.S.A.
Vice President, Corporation of Vetrotex CertainTeed
Finance 4515 Allendale Road Corporation
Wichita Falls, TX 76310
David E. Sharpe Vetrotex CertainTeed Vice President, Sales U.S.A.
Vice President, Corporation and Marketing of Vetrotex
Sales and Marketing 750 E. Swedesford Road CertainTeed Corporation
Valley Forge, PA 19482
</TABLE>
<PAGE>
