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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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):
June 22, 1999
COMPOSITECH LTD.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-20701 11-2710467
(Commissioner File Number) (IRS Employer Identification Number)
120 Ricefield Lane
Hauppauge, New York 11788
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (516) 436-5200
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Item 5. Other Events.
On June 22,1999, Compositech Ltd. issued the press release attached
hereto as Exhibit 99 and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits. The following exhibits accompany this Report:
Exhibit
Number Exhibit Description
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99 Compositech Ltd. press release dated June 22, 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.
COMPOSITECH LTD.
By: /s/ Samuel S. Gross
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Samuel S. Gross
Executive Vice President,
Secretary and Treasurer
Date: June 29, 1999
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Index to Exhibits
Exhibit Sequentially
Number Description of Exhibit Numbered Page
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99 Compositech Ltd. press release dated June 22, 1999. 3
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EXHIBIT 99
FOR: COMPOSITECH LTD.
FROM: Martin Skala, V.P.
Bill Gordon, Sr. V.P.
Porter, LeVay & Rose, Inc.
(212) 564-4700
COMPANY Christopher F. Johnson, President & CEO Christopher Van Veen
CONTACT: Compositech Ltd. Marketing Communications
(516) 436-5200 Manager
Teradyne, Inc.-Connection
System Div.
603/879-3446
FOR IMMEDIATE RELEASE
COMPOSITECH LTD. SIGNS SUPPLY AND JOINT PRODUCT DEVELOPMENT AGREEMENT WITH
TERADYNE
Teradyne Adopts CL200+ Laminates As An Enabling Technology For Complex
Backplane Designs
HAUPPAUGE, NY, June 22 -- Compositech Ltd. (NASDAQ: CTEK), which
manufactures high-tech laminates for the printed circuit fabrication industry,
announced at its annual meeting today that it has entered into a supply
agreement with Teradyne Inc.'s (NYSE: TER) Connection Systems Division in
Nashua, New Hampshire. The agreement, effective June 1, 1999, is the result of
Teradyne's extensive production testing and customer qualification of Teradyne
complex backplanes incorporating Compositech's unique CL200+ filament wound
laminates.
The electronic materials supply agreement, which is renewable, includes a
minimum annual purchase commitment for the first year, a joint development
program for high
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performance laminates and documentation of CL200+ performance in a high volume
backplane manufacturing environment.
"This agreement marks the first large customer commitment to the use of
CL200+ laminates and we look forward to the opportunity to serve Teradyne's most
advanced backplane requirements. Sales resulting from the Teradyne agreement,
combined with the recently announced qualification of CL200+ by Sun
Micro-Systems (NASDAQ: SUNW) and other sources, should enable Compositech to
reach an annualized sales rate in excess of $8.0 million by the end of 1999,
with continued rapid growth in fiscal year 2000," said Chris Johnson, President
and CEO of Compositech.
"CL200+ laminates deliver superior dimensional stability and lot-to-lot
consistency compared with conventional copper-clad laminates and meet the most
demanding requirements of printed circuit board designers and fabricators. We
are focusing on the high-density, multilayer portion of the laminates market
which we estimate to be currently in excess of $500 million worldwide with an
annual growth rate of more than 25 percent," Johnson added.
Commenting on the significance of adopting new technologies such as
Compositech's CL200+ laminates, Tom Pursch, Teradyne's Backplane Business
Manager said, "Our OEM customers increasingly require higher performance, higher
speeds, higher layer counts and higher densities from their electronic
interconnection systems. In the next generation of backplane technology,
connectors represent part of the solution, but innovative printed circuit board
materials will also play an important role. Compositech's CL200+ laminates are
an enabling technology to help us meet our customers demand for increased
performance."
About Teradyne
Teradyne is the world's largest manufacturer of automatic test equipment
(ATE) for the electronics industry. Products include systems to test
semiconductors, circuit boards and modules, telephone lines, computerized
telephone systems and software. The company is also a
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leading manufacturer of backplanes and associated high density connectors used
in electronic systems. Headquartered in Boston, Massachusetts, Teradyne had 1998
sales of approximately $1.5 billion.
About Compositech
Compositech Ltd. develops, produces and markets innovative copper-clad and
fiberglass epoxy laminates used to make printed circuit boards which are
essential components of personal computers, workstations, data communication,
Internet servers and telecommunications equipment.
The statements made in this press release contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Act of 1934 that involve a number of risks and
uncertainties. Actual events or results may differ from the Company's
expectations. In addition to the matters described in this press release, risk
factors listed from time to time in the Company's SEC reports and filings,
including, but not limited to, its report on Form 10-QSB for the quarter ended
March 31, 1999 and its report on Form 10-KSB for the year ended December 31,
1998, may affect the results achieved by the Company.
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1999
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