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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): NOVEMBER 14, 1996
FUISZ TECHNOLOGIES LTD.
(Exact name of registrant as specified in its charter)
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DELAWARE 0-27082 52-1579474
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
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3810 CONCORDE PARKWAY, SUITE 100
CHANTILLY, VIRGINIA 20151
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (703) 803-3260
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ITEM 5. OTHER EVENTS.
On November 14, 1996, Fuisz Technologies Ltd., (the "Company") announced
that its Board of Directors had authorized the repurchase of up to 1,000,000
shares of its Common Stock, par value $.01, in public or private transactions.
The repurchased shares will be made available to satisfy the Company's
obligations to issue shares of Common Stock under options and other employee
benefit plan arrangements currently outstanding or authorized in the future. A
copy of the press release issued by the Company is attached as an exhibit
hereto.
On December 17, 1996, the Company announced the appointment of Kenneth
W. McVey to the Board of Directors of the Company and to the positions of
President and Chief Executive Officer of Fuisz International Ltd., a subsidiary
of the Company. A copy of the press release issued by the Company is attached
as an exhibit hereto.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibit.
99.1 Press Release dated November 14, 1996.
99.2 Press Release dated December 17, 1996.
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SIGNATURE
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 hereunto duly authorized.
FUISZ TECHNOLOGIES LTD.
Dated: December 23, 1996
By: /s/ Patrick D. Scrivens
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Patrick D. Scrivens
Executive Vice President and
Chief Financial Officer
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EXHIBIT LIST
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Exhibit No. Description Sequentially Numbered
Page
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99.1 Press Release dated November 14, 1996
99.2 Press Release dated December 17, 1996
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EXHIBIT 99.1
PRESS RELEASE, DATED NOVEMBER 14, 1996
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FUISZ
TECHNOLOGIES LTD.
AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD
Richard C. Fuisz, M.D. Doug DeLieto, Judith Sylk-Siegel or Brian Gill
Chairman and CEO (general) (media) (analysts)
703-803-3260 212-661-8030
FOR IMMEDIATE RELEASE
November 14, 1996
FUISZ TECHNOLOGIES ANNOUNCES STOCK REPURCHASE PLAN
CHANTILLY, VIRGINIA, NOVEMBER 14, 1996 -- Fuisz Technologies, Ltd. (NASDAQ
National Market: FUSE) announced today that its Board of Directors has
authorized the repurchase of up to 1,000,000 shares of the Company's common
stock from time to time in public or private transactions. According to Dr.
Richard Fuisz, Chairman and CEO of Fuisz Technologies, "The Board's
implementation of a repurchase program reflects continued confidence in our
growth prospects. We believe the stock is extremely undervalued and represents
a very attractive investment opportunity."
Fuisz Technologies Ltd. is engaged in the development and commercialization of
a wide range of drug delivery, nutraceutical, food and confectionery
applications.
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FOR MORE INFORMATION ON FUISZ TECHNOLOGIES LTD, AT NO CHARGE VIA FAX,
PLEASE CALL 1-800-PRO-INFO, AND ENTER CODE #203 OR STOCK TICKER SYMBOL FUSE.
3810 CONCORDE PARKWAY * SUITE 100 * CHANTILLY, VA 20151
TELEPHONE: (703) 803-3260 * FACSIMILE: (703) 803-6460
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EXHIBIT 99.2
PRESS RELEASE, DATED DECEMBER 17, 1996
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FUISZ
TECHNOLOGIES LTD.
AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD
Richard C. Fuisz, M.D. Doug DeLieto, Judith Sylk-Siegel or Brian Gill
Chairman and CEO (general) (media) (analysis)
703-803-3260 212-661-8030
FOR IMMEDIATE RELEASE
December 17, 1996
FUISZ TECHNOLOGIES LTD. APPOINTS KENNETH W. McVEY AS PRESIDENT, CEO OF
FUISZ INTERNATIONAL LTD. AND MEMBER OF THE BOARD OF FUISZ TECHNOLOGIES LTD.
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Building Capabilities for In-House Drug Commercialization
CHANTILLY, VIRGINIA, DECEMBER 17, 1996 -- Fuisz Technologies Ltd. (Nasdaq
National Market FUSE) today announced the appointment of Kenneth W. McVey to
the positions of President and Chief Executive Officer of Fuisz International
Ltd., and member of the Board Of Directors of Fuisz Technologies Ltd. Fuisz
International is a subsidiary of Fuisz Technologies, established to
commercialize Fuisz proprietary products outside North America.
Mr. McVey has spent more than thirty years in the pharmaceutical
industry. Most recently he was President of Elan Pharma International, a
division of Elan Corporation PLC, which coordinated international marketing
activities following Elan's acquisition of Athena Neurosciences Inc.
Previously, Mr. McVey served as Executive Vice President of Elan Corporation
PLC, responsible for commercial and business development, licensing and
intellectual property. From 1992 to 1996, he also served as a director of Elan
Corporation PLC. Prior to joining Elan, Mr. McVey spent fifteen years with Eli
Lilly & Co.. His last position at Eli Lilly was Director of Licensing and
European Affairs.
In making the announcement, Richard C. Fuisz, M.D., Chairman and CEO of
Fuisz Technologies, said, "Fuisz Technologies has emerged as a promising and
innovative company, as evidenced by our growing portfolio of collaborative
agreements and, of particular importance, our August 1996 decision to
accelerate Fuisz's transition into product commercialization on our own behalf.
Considering his proven managerial ability and extensive experience in worldwide
pharmaceutical commerce, Mr. McVey is uniquely qualified to guide our efforts
to commercialize our own products, opening the possibility of significantly
higher profit margins."
3810 CONCORDE PARKWAY * SUITE 100 * CHANTILLY, VA 20151
TELEPHONE: (703)803-3280 * FACSIMILE: (703)803-6460
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"This is a tremendous achievement for a Company our size; Mr. McVey's
appointment should underscore how committed Fuisz Technologies is to becoming a
worldwide pharmaceutical and drug delivery technology company."
Said Mr. McVey, "Beginning in the new year, I intend to focus on
growing the infrastructure that will allow us to launch products outside the
United States. Initially, that will include the construction of manufacturing
facilities dedicated to high throughput production of Fuisz proprietary
products, as well as the facilities necessary for product formulation,
development, and stability testing. Longer term, we will be developing the
sales network required to commercialize Fuisz products around the world."
Fuisz Technologies Ltd. is engaged in the development and
commercialization of a wide range of drug delivery and food applications.
TO RECEIVE ADDITIONAL INFORMATION ON FUISZ TECHNOLOGIES, LTD., VIA FAX AT NO
CHARGE, DIAL 1-800-PRO-INFO AND ENTER CODE 203 OR TICKER SYMBOL FUSE
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