<PAGE> 1
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 1, 2000
(January 28, 2000)
ITEQ, INC.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 1-10668 41-1667001
(State of Incorporation) (Commission File Number) (IRS Employer Identification No.)
</TABLE>
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)
<PAGE> 2
ITEM 5. OTHER EVENTS.
On January 28, 2000, ITEQ, Inc. (the "Company") entered into a
definitive agreement for the sale of its HMT operating unit to a company
organized by Nassau Point Investors LLC, a private equity firm, for
approximately $40 million. Closing of the transaction is subject to normal
closing conditions, including the successful completion of the buyer's
financing. The Company expects to complete the sale by March 15, 2000. The HMT
division is engaged in the business of above ground storage tank repair and
maintenance, tank services, tank inspection and engineering and the design,
manufacture, assembly, sale and installation of tank products. The sale of the
HMT division is part of the Company's previously announced restructuring plan.
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.
EXHIBIT NO. EXHIBIT
----------- -------
99.1 Press Release issued by the Company on
January 28, 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.
DATED this 1st day of February, 2000.
ITEQ, INC.
By: /s/ William P. Reid
-------------------------
William P. Reid
President and
Acting Chief Executive Officer
2
<PAGE> 3
EXHIBIT INDEX
EXHIBIT NO. EXHIBIT
- ----------- -------
99.1 Press Release issued by the Company on
January 28, 2000.
<PAGE> 1
1999." Johnson went on to say, "We expect to consummate additional asset sales
over the next several months to complete the plan. With a lower debt level and
more focused strategy, the Company should be well position to capitalize on the
expected industry recovery in its customers' markets."
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, filtration equipment and related
services.
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All forward-looking statements
are subject to certain risks, uncertainties and assumptions. These risks and
uncertainties, which are more fully described in ITEQ's Annual and Quarterly
Reports filed with the Securities and Exchange Commission, include changes in
market conditions in the industries in which the Company operates. Should one or
more of these risks or uncertainties materialize, or should the assumptions
prove incorrect, actual results may vary in material aspects from those
currently anticipated.
# # #
