<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): APRIL 9, 1997
FUISZ TECHNOLOGIES LTD.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
DELAWARE 0-27082 52-1579474
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
</TABLE>
3810 CONCORDE PARKWAY, SUITE 100
CHANTILLY, VIRGINIA 20151
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (703) 803-3260
===============================================================================
<PAGE> 2
ITEM 5. OTHER EVENTS.
On April 10, 1997, Fuisz Technologies Ltd., (the "Company")
announced that its Fuisz International Holdings Limited subsidiary completed
its acquisition of Laboratoires Murat, a pharmaceutical sales and distribution
company based in Paris, France. The transaction closed April 9, 1997, following
approval of the deal by the French Ministry of Finance. A copy of the press
release issued by the Company is attached as an exhibit hereto.
On April 18, 1997, the Company announced that the Board of
Directors apointed Kenneth W. McVey as President and Chief Executive Officer.
In assuming his new position at the Company, Mr. McVey succeeds Dr. Richard C.
Fuisz who will continue in his original role as Chairman of the Board. 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 April 10, 1997.
99.2 Press Release dated April 18, 1997.
2
<PAGE> 3
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: April 25 , 1997 By: /s/ PATRICK D. SCRIVENS
--------------- ---------------------------
Patrick D. Scrivens
Executive Vice President and
Chief Financial Officer
3
<PAGE> 4
EXHIBIT LIST
<TABLE>
<CAPTION>
Exhibit No. Description Sequentially Numbered
Page
<S> <C>
99.1 Press Release dated April 10, 1997
99.2 Press Release dated April 18, 1997
</TABLE>
<PAGE> 1
EXHIBIT 99.1
PRESS RELEASE, DATED APRIL 10, 1997
<PAGE> 2
for further information: Gary Pastorius
703-803-3260
FOR IMMEDIATE RELEASE
FUISZ TECHNOLOGIES UNIT COMPLETES ACQUISITION OF LABORATOIRES MURAT
CHANTILLY, VA., April 10, 1997 -- Fuisz Technologies, Ltd. (NASDAQ NMS: FUSE)
today announced that its Fuisz International Holdings Limited (FIHL) subsidiary
has completed its acquisition of Laboratoires Murat, a pharmaceutical sales and
distribution company based in Paris, France. The transaction closed April 9,
1997, following approval of the deal by the French Ministry of Finance.
Commenting on the deal, Dr. Richard C. Fuisz, Chairman and Chief Executive
Officer of Fuisz Technologies, said, "This is a very synergistic acquisition
for Fuisz as it is the first step in a distribution network for the European
Union as well as a source of additional products for the United States."
Fuisz Technologies, Ltd. is engaged in the development and commercialization of
a wide range of drug delivery and food applications. FIHL, based in Dublin,
Ireland, commercializes the company's products outside North America.
#####
This news release contains forward-looking statements that involve risks and
uncertainties. The actual future results of Fuisz Technologies, Ltd. may differ
materially due to a number of factors including, but not limited to, dependence
on collaborative partners, risk of manufacturing scale-up, delays in
introductions of new products or enhancements, size and timing of individual
orders, rapid technological changes, market acceptance of new products and
competition. These and other factors are more fully discussed in the Company's
annual report on Form 10-K in the section captioned "Management's Discussion
and Analysis of Financial Condition and Results of Operations."
<PAGE> 1
EXHIBIT 99.2
PRESS RELEASE, DATED APRIL 18, 1997
<PAGE> 2
for further information: Gary Pastorius
703-803-3260
FUISZ TECHNOLOGIES NAMES MCVEY PRESIDENT AND CEO
CHANTILLY, VA., April 18, 1997 -- Dr. Richard C. Fuisz, Chairman of Fuisz
Technologies, Ltd. (NASDAQ NMS: FUSE), today announced that the board of
directors has appointed Kenneth W. McVey as President and Chief Executive
Officer. In assuming his new position at the parent company, Mr. McVey succeeds
Dr. Fuisz who will continue in his original role as Chairman of the Board.
"Ken McVey is a highly talented individual with extensive experience in
worldwide pharmaceutical commerce. I am personally pleased to have an
individual of his personal and professional quality leading our business
operations and accelerating the commercialization of our technologies and
products worldwide," said Dr. Fuisz.
"As founder of this company, Richard Fuisz has created a tremendous asset for
launching new drug delivery technologies that the marketplace has been eagerly
awaiting," Mr. McVey said. "I look forward to working together with Richard and
enjoying his counsel to move our technologies forward into an ever wider array
of practical applications and create greater value for our shareholders," he
added. Mr. McVey continues as President and Chief Executive Officer of the
company's Fuisz International Holdings Limited (FIHL) subsidiary.
Fuisz Technologies, Ltd. is engaged in the development and commercialization of
a wide range of drug delivery and food applications. FIHL, based in Dublin,
Ireland, commercializes the company's products outside North America.
#####
This news release contains forward-looking statements that involve risks and
uncertainties. The actual future results of Fuisz Technologies, Ltd. may differ
materially due to a number of factors including, but not limited to, dependence
on collaborative partners, risk of manufacturing scale-up, delays in
introductions of new products or enhancements, size and timing of individual
orders, rapid technological changes, market acceptance of new products and
competition. These and other factors are more fully discussed in the Company's
annual report on Form 10-K in the section captioned "Management's Discussion
and Analysis of Financial Condition and Results of Operations."
