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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): July 6, 1999 (June 30, 1999)
ITEQ, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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DELAWARE 1-10668 41-1667001
(STATE OF INCORPORATION) (COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.)
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2727 ALLEN PARKWAY, SUITE 760
HOUSTON, TEXAS 77019
(ADDRESS OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
(713) 285-2700
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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ITEM 5. OTHER EVENTS.
William P. Reid, the current President and Chief Operating Officer
of ITEQ, Inc., a Delaware corporation (the "Company"), was given the additional
title of Acting Chief Executive Officer of the Company. Mark E. Johnson, the
former Chief Executive Officer, will continue as Chairman of the Board of
Directors of the Company.
A copy of the press release issued by the Company relating to the
foregoing matters is attached as an exhibit to this Current Report on Form 8-K.
(c) Exhibits.
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EXHIBIT NO. EXHIBIT
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99.1 Press Release issued by the Company on
July 2, 1999.
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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.
DATED this 6th day of July, 1999.
ITEQ, INC.
By: /s/ Lawrance W. McAfee
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Lawrance W. McAfee
Executive Vice President, Chief
Financial Officer and Secretary
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EXHIBIT 99.1
Company Contacts:
Mark Johnson - Chairman
Larry McAfee - Executive Vice President and Chief Financial Officer
(713) 285-2700
ITEQ NAMES WILLIAM REID
ACTING CHIEF EXECUTIVE OFFICER
HOUSTON, TEXAS July 2, 1999- ITEQ, Inc. (NASDAQ:ITEQ) today announced that
William Reid, President and Chief Operating Officer, has been given the
additional title of Acting Chief Executive Officer. Reid was also elected to the
Board of Directors at the Company's recent annual shareholders meeting. Current
Chief Executive Officer Mark Johnson will continue his active role with the
Company as Chairman of the Board of Directors.
Johnson stated, "I am excited about the new role for Bill Reid. He has been
leading the turnaround of ITEQ's operations in this difficult operating
environment. The Company's main goals for the near term are to continue to cut
operating costs and improve its operating efficiency. The Board agreed with my
recommendation that ITEQ's day to day operations management should be
consolidated under Bill, because he has extensive experience operating in this
mode." Johnson continued, " This change will allow me to focus more of my time
and efforts on strategic planning, to assure that the Company retains its strong
leadership position in each of its market niches as we anticipate the future
industry turnaround."
Prior to joining ITEQ in February 1999, Reid was the Chief Executive Officer of
Gundle/SLT Environmental, Inc., a New York Stock Exchange Company, for nine
years. Prior to that time, he managed several manufacturing subsidiaries of NL
Industries and earlier of Cameron Iron Works. Reid holds a Bachelors Degree in
Engineering from General Motors Institute and a Masters Degree in Business from
Harvard Business School.
ITEQ manufactures engineered equipment and provides after-market parts and
technical services to industrial customers worldwide. The Company's products
include heat exchangers, storage tanks and tank products, filtration equipment
and related services.
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