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): December 22, 1997
PRESSTEK, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-17541 02-0415170
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
8-9 Commercial Street, Hudson, New Hampshire 03051-3907
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (603) 595-7000
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Former name or former address, if changed since last report
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Item 5. Other Events
The Company has entered into a settlement with the Securities and Exchange
Commission of all matters relating to the Company arising from an investigation
by the agency which began in 1994. Under the terms of the agreement, the
Company, without admitting or denying certain findings of the Commission
contained in the settlement documents, has consented to the entry of an order
that it cease and desist from committing or causing any violation of certain
provisions of the federal securities laws. The settlement does not involve the
payment of civil or criminal fines or penalties by the Company.
In May of this year, the Company's Board of Directors adopted a series of
recommendations by the Company's legal department concerning its public affairs
and regulatory compliance programs.
The Company believes that since its direct-imaging products are new to the
graphic arts industry, sales and production predictions are difficult, if not
impossible, to make. This is particularly true given the rapidly changing nature
of the graphic arts industry and ongoing developments in printing technology.
These conditions may lead to continued volatility of the price of the Company's
common stock.
As previously noted by the Company, the backlog that existed for the
Quickmaster DI's has been filled by Heidelberger Druckmaschinen AG and the
Company's order input rate for direct imaging products used in the Quickmaster
should now be based on Heidelberg's inventory levels and ability to continue
successful marketing. Although the Company and Heidelberg have not finalized
1998 production schedules, the Company expects that sales of Quickmaster DI
systems may slow considerably during 1998, but the Company anticipates that
sales of its other products and revenues from new product development should
offset the reduction.
Due to contract obligations with its strategic partners, in the future the
Company will not unilaterally make public announcements that include the details
of its pricing and royalty data, production levels, shipping schedules or other
sensitive information the release of which could create a competitive
disadvantage. The Company will continue to make prompt disclosure of information
which could reasonably be expected to effect the investment decisions of its
shareholders in accordance with NASD guidelines and SEC requirements.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995:
The statements which are not historical facts contained in this report are
forward looking statements that involve a number
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of known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by such forward looking statements. Such factors include, but are not
limited to, the risks of uncertainty of patent protection, the impact of supply
and manufacturing constraints or difficulties, possible technological
obsolescence, uncertainties relating to customer plans and comittments, the
ability of the Company to continue to market its consumables and other products
through the Company and its strategic alliances, the ability to successfully
develop and market new products, the highly competitive environment in which the
Company operates and potential entry of new competitors into the Company's
markets, uncertainties relating to economic conditions in the markets in which
the Company operates, the ability to hire and retain key personnel, the ability
to obtain additional capital if required and other risks detailed in the
Company's Securities and Exchange Commission filings.
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 thereunto duly authorized.
PRESSTEK, INC.
By: /s/ Richard A. Williams
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Richard A. Williams
Chief Executive Officer
(Duly Authorized Officer)
Date: December 22, 1997
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