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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: February 18, 1997
TELECHIPS CORPORATION
(Exact name of registrant as specified in its charter)
NEVADA 0-26764 88-0266392
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
6880 S. McCarran Blvd., Reno, Nevada 89509
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 824-5555
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Item 5. Other Events
On February 3, 1997, the Registrant issued the press release attached
hereto as Exhibit 99.1 and incorporated herein by reference.
Item 7. Exhibits
Exhibit Number
(Reference to Item 601
of Regulation S-K) Description of Exhibit
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99.1 Registrant's Press Release, dated
as of February 3, 1997.
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.
Dated: February 18, 1997
TELECHIPS CORPORATION
By: /s/ Nelson B. Caldwell
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Nelson B. Caldwell
Chief Financial Officer
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
February 3, 1997
TELECHIPS ANNOUNCES DEPARTURE OF CHAIRMAN
AND REFOCUS OF COMPANY DIRECTION
RENO, Nev., February 3, 1997--Telechips Corporation [Nasdaq: TCHP (common):
TCHPW (warrants)], an innovative developer of interactive Microsoft Windows(R)-
compatible, information appliances and computer/telephony workstations, today
announced that C.A. Burns has resigned the positions of chairman, president,
chief executive officer and a director following a resolution of the Board of
Directors requesting that the company hire a new president and chief executive
officer.
The company said a new chief executive officer will be named shortly.
In unrelated developments, Bruce Chatterley and Howard Phillips have
resigned as members of the board.
The remaining officers and directors, in actions to stabilize the
company's finances, have obtained a commitment for a $250,000 bridge loan in
anticipation of a larger private financing expected to close in March and have
cut the company's workforce by approximately 50% to a core team dedicated to
supporting key product lines. The company said the moves will allow Telechips
to refocus its efforts and to concentrate on supporting its primary customers
and product lines.
Telechips Corporation designs, develops and markets information
appliances and interactive computer-telephony equipment, peripheral devices
and software applications. The company's flagship product, the Access line of
computer telephony products, combines the power of an industry-standard
personal computer with the ease of use and familiarity of the conventional
business telephone via a touch-sensitive screen.
Any of the above statements which are not historical fact are forward
looking, and actual results may differ materially.
