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) February 22, 2000
BPI PACKAGING TECHNOLOGIES, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-10648 04-2997486
- ------------------ ------------ --------------
(State of or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
455 Somerset Avenue, North Dighton, Massachusetts 02764
------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (508) 824-8636
N/A
-----------------------------------------------------
(Former name or address, if changed since last report)
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
99.1 Press Release dated February 23, 2000.
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.
BPI PACKAGING TECHNOLOGIES, INC.
(Registrant)
Date: February 23, 2000 /s/ James F. Koehlinger
-----------------------------------
By: James F. Koehlinger
Title: Chief Financial Officer
EXHIBIT 99.1
- ------------
FOR IMMEDIATE RELEASE
Contact:
Investor Relations
BPI Packaging Technologies, Inc.
800-628-8206
[email protected]
BPI ANNOUNCES EXTENSION OF STOCKHOLDER RIGHTS
OFFERING, RESIGNATION OF HANSPETER SCHULZ AS PRESIDENT
AND PROMOTION OF JAMES F. KOEHLINGER TO ACTING CHIEF
OPERATING OFFICER
NORTH DIGHTON, MASSACHUSETTS, FEBRUARY 23, 2000 - BPI Packaging
Technologies, Inc. (the "Company") OTC BB:BPIE, a manufacturer of thin high
molecular weight, high density polyethylene films and bags, announced that
it has extended the term of its stockholder rights offering from March 7,
2000 to March 17, 2000.
The Company also announced that Hanspeter Schulz resigned as President and
as a member of the Board of Directors of the Company to pursue personal
interests. Dr. Schulz will serve as a consultant for the Company.
In conjunction with Dr. Schulz's resignation, the Board of Directors
promoted James F. Koehlinger, the Company's Chief Financial Officer and
Treasurer, to the position of Acting Chief Operating Officer. In such
capacity, Mr. Koehlinger will manage the Company's day-to-day operations.
In addition, the Board of Directors' Executive Committee has formed an
office of the President to which Mr. Koehlinger will report, and which will
coordinate the search for a new president.
Ivan J. Hughes, Chairman of the Board of Directors, stated, "On behalf of
everyone at BPI, including the Board of Directors, we thank Peter for his
commitment during the past year after our restructuring."
Since June 1999, the Company's production department had been operating 24
hours a day, 7 days a week, with 4 shifts. Because of an increase in resin
prices, a declination in commodity T-shirt bag prices and normal seasonal
declination in demand for its proprietary bag products, management
announced that certain elements of the production department will begin
operating on a 3 shift, 5 days a week schedule.
The Company converts commercially available high molecular weight, high
density polyethylene resins into thin film, which is either sold directly
into industrial or packaging applications or converted in-house into
carryout bags of "T-shirt sack" design for supermarkets, convenience stores
and other retail markets. The Company utilizes advanced, high quality
extrusion, printing and bag making equipment, which was installed between
1990 and 1999.
-- more --
<PAGE>
Statements included in this news release that are not historical in nature,
are intended to be, and are hereby identified as, "forward-looking
statements" for purposes of the safe harbor provided by Section 21E of the
Securities Exchange Act of 1934, as amended by Public Law 104-67. Forward-
looking statements may be identified by words including "anticipate,"
"believe," "intends," "estimates," "expect," and similar expressions. The
Company cautions readers that forward-looking statements including, without
limitation, those relating to the Company's future business prospects are
subject to certain risks and uncertainties that could cause actual results
to differ materially from those indicated in the forward-looking
statements, due to factors such as those relating to economic, competitive,
governmental, technological and other risks and factors, identified from
time to time in the Company's reports filed with the SEC.
-- end --
