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) November 14, 1996
XEROGRAPHIC LASER IMAGES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-11236 51-0319174
(State or other jurisdiction (Commission (I.R.S.
of incorporation) file number) Ident. no.)
101 Billerica Avenue, 5 Billerica Park
North Billerica, MA 01862
(Address of principal executive offices)
(508) 670-5999
(Registrant's telephone, number
including area code)
Information to be included in the Report
Item 1. Change in Control of Registrant.
Not applicable.
Item 2. Acquisition or Disposition of Assets.
Not applicable.
Item 3. Bankruptcy or Receivership.
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not applicable.
Item 5. Other Information.
Xionics Document Technologies Inc. ("Xionics" or the "Company"),
(NASDAQ: Xion), Burlington, MA and Xerographic Laser Images Corporation
("XLI", (NASDAQ Bulletin Board: XLCC) North Billerica, MA announced on
November 14, 1996 that the companies signed a Memorandum of Understanding for
Xionics to acquire XLI. The terms of the acquisition call for the payment by
Xionics of approximately $5.2 million in Xionics stock and cash. The terms
and structure of the acquisition must be approved by XLI stockholders.
In addition to the approval by XLI Stockholders, the acquisition agreement
is expected to include other conditions to closing. Simultaneously the
companies announced that Xionics has acquired a non-exclusive license giving
it immediate access to all XLI printing technology.
Item 6. Resignations of Registrant's Directors.
Not applicable.
Item 7. Financial Statements and Exhibits.
(1) Press Release.
Item 8. Change in Fiscal Year.
Not applicable.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Xerographic Laser Images Corporation
(Registrant)
Date: November 14, 1996 By: /s/ James L. Salerno
James L. Salerno, Principal
Financial and Accounting
Officer
Press Release
Xionics Document Technologies
Intends to Acquire XLI Corporation
Burlington, Mass.-November 14, 1996-Xionics Document Technologies Inc.
("Xionics" or the "Company"), (NASDAQ:XION), Burlington, Mass. and
Xerographic Laser Images Corporation ("XLI"), (NASDAQ Bulletin Board: XLCC)
North Billerica, Mass. today announced that the companies have signed a
Memorandum of Understanding for Xionics to acquire XLI. The terms of the
acquisition call for the payment by Xionics of approximately $5.2 million in
Xionics stock and cash. The terms of the acquisition must be approved by XLI
Stockholders. Simultaneously the companies announced that Xionics has
acquired a non-exclusive license giving it immediate access to all XLI
printing technology.
XLI develops hardware and software products that produce enhanced resolution
output from printers, digital copiers, scanners and fax systems. XLI has
announced customers for its technology that include Samsung and Pipeline
Associates.
Xionics Document Technologies designs, develops and markets advanced embedded
systems technology for use in mainstream offices devices such as printers,
copiers, scanners and multifunction peripheral devices. The Company offers
integrated, modular software products, along with firmware, that enable the
high-speed capture, processing, printing copying and display of complex
electronic documents both locally and across networks. The Company provides
these products and technologies to over 35 OEM's worldwide, including IBM,
Xerox, Canon, Hewlett Packard, Seiko Epson and Sharp. Xionics is also a
leading manufacturer of imaging subsystems.
Robert Gilkes, Chairman and CEO of Xionics, commented, "The acquisition of
the outstanding resolution enhancement technology created by XLI allows
Xionics to control and accelerate the development of the XLI technology, and
to optimize its integration into Xionics' PeripheralPower software and
silicon to offer our OEM customers the highest possible output quality at the
lowest possible price. This integrated technology will provide Xionics with
the opportunity to establish for our OEM's a significant competitive advantage
in the laser printer, multifunction and digital copier markets. Our research
and development group will also focus on the application of XLI technology to
the color laser and inkjet markets." Gilkes added, "We also see potential
in integrating XLI's board level products into our range of imaging systems.
For the current year we anticipate that the financial effect of this
transaction will be neutral, except for any potential one-time charges
associated with the transaction."
On September 26, 1996, the Company completed an initial public offering
of 3,000,000 shares of its common stock.
Xionics Documents Technologies, Inc. is a leading developer of innovative
software and silicon for printing, scanning, copying, processing and
transmitting paper documents to computer peripherals. Xionics partners with
the industry's leading original equipment manufacturers to develop
peripherals that provide the performance, output quality and network
connectivity for today's office computing market. Xionics also markets,
through a worldwide distribution channel, board-level image printing,
scanning and viewing acceleration products for production document imaging
applications. The company's corporate headquarters is based in Burlington,
Massachusetts, with offices in Japan, Germany and the United Kingdom.
