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
OCTOBER 7, 1997
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(Date of Report)
FI-TEK VI, INC.
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(Exact Name of Registrant as specified in its charter)
DELAWARE
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(State or other jurisdiction of incorporation)
33 - 37513 - D 84-1148204
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(Commission File Number) (IRS Employer Identification Number)
12600 WEST COLFAX, SUITE C-500, LAKEWOOD, CO 80215
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(Address of principal executive offices including zip code)
(303) 233-0400
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(Registrant's telephone number including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report)
This report consists of 5 sequentially numbered pages.
<PAGE>
ITEM 5. OTHER EVENTS.
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On October 10, 1997, Fi-Tek VI, Inc. ("the Company") announced that
its wholly owned subsidiary, Psychrometric Systems, Inc. ("PSI"), had
agreed to acquire certain assets of Texas Cooling Tower Company, located in
Bulverde, Texas. The assets to be acquired include casts/dies, furniture
and equipment and other inventory, for which the Company has agreed to pay
$70,000. Closing is scheduled to occur on November 1, 1997.
On October 16, 1997, the Company announced that PSI, in conjunction
with two non-affiliated companies, had entered into agreements with the
inventor of certain patented state-of-the-art electro-disinfection
technology in the non-chemical water treatment industry to market this
technology in fiberglass modular cooling towers and industrial cooling
towers. This technology is expected to provide cleaner water and provide
better control over biological hazards such as legionella and tuberculosis,
and improve "sick building syndrome".
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(a) Financial Statements: None
(b) Exhibits:
(i) Press Release, dated October 10, 1997
(ii) Press Release, dated October 16, 1997
SIGNATURES
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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.
Date: October 20, 1997 FI-TEK VI, INC.
By /s/ GEORGE A. KAST
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George A. Kast
President and Chief Executive Officer
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE: October 10, 1997
PSYCHROMETRIC SYSTEMS, INC. ACQUIRES
TEXAS COOLING TOWER ASSETS
Denver, CO -- Fi-Tek VI (OTCBB-FITK) announced today that its wholly
owned subsidiary, Psychrometric Systems, Inc. (PSI), had signed a
definitive agreement to acquire certain assets of Texas Cooling Tower,
located in Bulverde, Texas.
Texas Cooling Tower is in the business of selling industrial fiberglass
cooling towers to customers throughout the United States. "Their product
line is utilized in specific process applications in the cooling tower
industry and will enable PSI to expand its product lines into these
complementary cooling tower designs," said George Kast, President and CEO
of Fi-Tek VI.
"The acquisition of these assets will help PSI increase our revenue base,
continue to provide the highest quality products to our cooling tower
customers and create additional value and opportunities for our
shareholders," stated Mr. Kast.
Texas Cooling Tower had revenues of $1.6 million for the year ended
December 31, 1996. PSI will continue to utilize the trade name of Texas
Cooling Tower for the product line acquired from the company.
Fi-Tek VI management intents to change Fi-Tek VI's name to "GLOBAL WATER
TECHNOLOGIES, INC." to reflect its focus on the growing water related
market opportunities. PSI will continue to operate under its current
name.
EXHIBIT 99.2
FOR IMMEDIATE RELEASE: October 16, 1997
COMPANIES TO INTEGRATE NON-CHEMICAL WATER TREATMENT
TECHNOLOGY WITH FIBERGLASS COOLING TOWERS.
DENVER, CO -- Fi-Tek VI (OTCBB-FITK) announced today that its subsidiary,
Psychrometric Systems, Inc. (PSI), in conjunction with two other
independent companies: Aqua-Asia, Ltd. (AAL) and Alpha/Omega
Environmental Inc., signed agreements to form two new corporations.
These corporations will market patented, state-of-the-art, non-chemical
electro-disinfection (EIMS) water treatment in conjunction with
Fiberglass Modular Cooling Towers and Industrial Cooling Towers. The two
new companies, Advanced Oxidation Technologies - Asia and Advanced
Oxidation Technologies - North America will market their products
primarily to the heating, ventilation and air-conditioning (HVAC)
industry and the industrial cooling tower market, currently being served
by PSI.
George A. Kast, President and CEO of PSI, said, "Estimates of the
combined HVAC cooling tower market and conventional chemical water
treatment market for these towers will exceed $1 billion in 1998. The
HVAC market has been served in the past by two separate industries:
packaged cooling tower manufacturers and the chemical water treatment
industry. Our products combine these two services and provide our
customers with 97% cleaner water through our proprietary, state-of-the-art
technology. In addition, the product greatly reduces or eliminates
our customers' need for toxic water treatment chemicals."
Alpha/Omega Environmental, in conjunction with the New York State Energy
Research and Development Authority (NYSERDA), recently issued a press
release describing the technology and product application installation at
the University of Rochester's Memorial Art Gallery Museum. The press
release, titled "Innovative New Water Treatment Technology Helps Restore
Museum Landmark", describes how the electro-disinfection technology has
been successful in eliminating corrosive chemicals from the water
treatment program at the Museum. This is the same technology that the
Advanced Oxidation Technologies (AOT) companies will use with PSI's
cooling tower products and to retrofit existing cooling towers.
Both Advanced Oxidation Technologies companies expect that their product
line will revolutionize the HVAC industry through lower costs, cleaner
water and better control over biological hazards, such as Legionella and
Tuberculosis organisms. These advancements are anticipated to improve
"sick building syndrome" where the companies' products are utilized.
