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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
July 9, 1998
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Date of Report
(Date of Earliest Event Reported)
TAVA TECHNOLOGIES, INC.
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(Exact name of Registrant as specified in its charter)
Colorado 0-19167 84-1042227
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) I. D. Number)
7887 E. Belleview Avenue, Suite 820
Englewood, CO 80111
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(Address of principal executive offices) (zip code)
(303) 771-9794
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On July 9, 1998 the Company announced certain business developments in a
Press Release dated July 9, 1998, which is filed as Exhibit 20.1 hereto and
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) Exhibits. The following exhibit is filed with this Report:
20.1 Press Release dated July 9, 1998.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
TAVA Technologies, Inc.
Date: July 9, 1998 By: /s/ John Jenkins
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John Jenkins, President and CEO
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EXHIBIT 20.1
PRESS RELEASE
TAVA TECHNOLOGIES, INC.
TAVA TECHNOLOGIES ANNOUNCES $33 MILLION IN
YEAR 2000 ORDERS IN FISCAL 1998
Englewood, CO/ July 9, 1998/ TAVA Technologies (NASDAQ: TAVA) a global
supplier of integrated manufacturing systems, reported that it had received
new orders of more than $33,000,000 for Y2k tools and services in its fiscal
1998 ending June 30, 1998. Of this total $25,000,000 was received in the
company's fiscal fourth quarter. The orders were split almost evenly in
content between tools and services and include international and domestic
engagements across a wide range of industries. Order values generally
represent Plant Y2k One CD-ROM purchases, estimated compliance database
reports, training and estimated services through the specific project stage.
Typical order execution cycles range from 90 to 180 days.
Kevin Fallon, TAVA C.O.O. said, "Most all of this activity was for the
initial inventory and assessment stages of client programs. These are
necessary first steps before conversion planning and remediation. Conversion
planning and remediation services generally will be covered by separate
orders issued after the assessment process is complete."
He added, "Our business pipeline continues to grow as does the scope of our
opportunity. We expect new orders to continue at the current quarterly rate.
We are continuing to build our organization to support this business level,
and have recently opened new offices in both Minneapolis and Houston to
better support our growing client base. Headcount at the close of June was
470, up from 320 on December 31, 1997. We continue to have good success with
our recruiting efforts."
John Jenkins, CEO said, "We believe the accelerating demand for our product
is driven by both the rapidly increasing corporate and government awareness
of Y2k risk in embedded systems and the growing recognition of the value of
the TAVA Tool and Database offering."
Jenkins noted, "Our database of compliance information on factory automation
and process control elements now stands at more than 30,000 researched items
and is increasing currently at more than 1000 items per week. The database,
when combined with our tool based delivery, provides very significant cycle
time reduction in the critical inventory and assessment stages of client
programs. It is important to note that even with the increased database
population, we still find 12% to 18% of that population to be either
non-compliant or suspect."
Jenkins added, "In addition to the strong growth of our Y2k practice, we are
now engaged in core business opportunities with our new client base. At the
same time we are beginning to see strong interest in our Y2k product from
non-traditional users these opportunities range from application by insurers
in portfolio risk assessment to use by global financial institutions to
address the Y2k readiness of their building management and security systems.
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STATEMENTS MADE IN THIS PRESS RELEASE THAT ARE NOT HISTORICAL OR CURRENT
FACTS ARE "FORWARD LOOKING STATEMENTS" MADE PURSUANT TO THE SAFE HARBOR
PROVISIONS OF FEDERAL SECURITIES LAWS. FORWARD-LOOKING STATEMENTS REPRESENT
MANAGEMENT'S BEST JUDGMENT AS TO WHAT MAY OCCUR IN THE FUTURE, BUT ARE
SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS
AND EVENTS TO DIFFER MATERIALLY FROM THOSE PRESENTLY ANTICIPATED OR
PROJECTED. SUCH FACTORS INCLUDE ADVERSE ECONOMIC CONDITIONS, ENTRY OF NEW
AND STRONGER COMPETITORS, INADEQUATE CAPITAL, UNEXPECTED COSTS, FAILURE TO
INTEGRATE OPERATIONS OF RECENTLY ACQUIRED SUBSIDIARIES AND FAILURE TO
CAPITALIZE UPON ACCESS OF NEW CLIENTELE. SPECIFIC RISKS AND UNCERTAINTIES
WHICH MAY AFFECT FORWARD-LOOKING STATEMENTS ABOUT THE COMPANY'S PLANT Y2K
ONE-TM- BUSINESS AND PROSPECTS INCLUDE THE POSSIBILITY THAT A COMPETITOR WILL
DEVELOP A MORE COMPREHENSIVE OR LESS EXPENSIVE Y2K SOLUTION, AND DELAYS IN
MARKET AWARENESS OF TAVA AND ITS PRODUCT AND SERVICE SOLUTIONS. THESE FACTORS
AND OTHERS ARE DISCUSSED IN THE "MANAGEMENT'S DISCUSSION AND ANALYSIS"
SECTION OF THE COMPANY'S ANNUAL REPORT ON FORM 10-KSB FOR THE FISCAL YEAR
ENDED JUNE 30, 1997, TO WHICH REFERENCE SHOULD BE MADE.
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CONTACTS:
TAVA Technologies, Inc. Pacific Consulting Group, Inc.
John Jenkins, CEO Scott Liolios
Doug Kelsall, CFO Telephone (949) 574-3860
Telephone (303) 771-9794
