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U.S. 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) MARCH 26, 1998
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DEOTEXIS, INC.
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(Exact Name of Registrant as Specified in Its Charter)
NEVADA 0-23328 13-3666344
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(State or Other Jurisdiction of (Commission (I.R.S.
Employer File Number) Identification Number)
Incorporation or Organization)
885 THIRD AVENUE, SUITE 2900, NEW YORK, NEW YORK 10022-4834
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(Address of Principal Executive Offices)
(212) 829-5698
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(Registrant's Telephone Number, Including Area Code)
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ITEM 5 - OTHER EVENTS
Deotexis, Inc. (the "Company") today announced that its application to
list all its Common Stock, par value $0.001, on the Mezzanine Market of the
Bermuda Stock Exchange, under the "Restricted Marketing Category," has been
approved by the Bermuda Stock Exchange authorities.
Gerold Tebbe, Vice Chairman of the Board and Chief Executive Officer,
commented, "We have listed our stock on the Bermuda Mezzanine Market because
this is an institutional market, where the Company's shares are traded in
minimum lots of at least $100,000."
Deotexis, Inc. which was organized under the laws of the U.S. State of
Nevada in 1992, is a development stage company which owns the patents and
proprietary rights for controlled-release delivery systems. In 1988 the
Company's core patent was challenged by The Procter & Gamble Company, whose case
was dismissed by the European Patent Office late in 1996.
The Company's President, Mr. Gerold Tebbe, is the inventor and
developer of the Deotexis patents and products employing those patented
processes. The patented Deotexis systems are based on the combination of
microencapsulated active substances with flexible, fleece-type fabrics. The
systems permit the controlled release of toiletries, cosmetics, pharmaceuticals
and other household and personal care products. The Deotexis systems are
designed to reduce the frequency with which a particular substance must be
administered and are potentially of interest to a very diverse group of
customers.
Deotexis expects to derive its future revenues principally from
royalties paid by potential licensees. Potential licensees of the Company's
technology are large and medium-sized corporations. The Company's marketing
plan anticipates that some potential licensees will require products
manufactured by the Company or a Company sub-contractor. The Company therefore
intends to acquire an operating company with manufacturing capabilities and a
strong management in Europe or the United States, though the Company has not
signed any definitive agreements with respect to such an acquisition and has not
arranged for financing to permit it to consummate such an acquisition, and there
can be no assurance of the Company's ability to do so. Initial test-marketing
of the Company's controlled-release delivery systems has been completed in
Germany and other parts of Europe, and these regions will continue to be the
focus of the Company's development activities in the medium term.
The following individuals serve on the Board of Directors of Deotexis,
Inc.
ROBERT F. WRIGHT, CHAIRMAN (age 72), based in New York, is a former
Partner with Arthur Andersen LLP and is currently a Director or Chairman of
several national and international financial and industrial companies.
GEROLD TEBBE, VICE CHAIRMAN AND CEO (age 48), based in Monaco, is a
former textile designer who operated his family company in Germany until 1990,
and has since been self-employed as an inventor and developer.
AUBREY L. COLE (age 74), a consultant for Aubrey Cole Associates, a
management consulting and investment concern, was formerly Vice Chairman of the
Board of Directors of Champion International Corporation (a publicly traded
forest products company).
DAVID F. BOLGER (age 65), is the President of Bolger & Co., Inc.,
which for the past 32 years has been active in the financing of fixed assets for
major corporations and in various corporate activities.
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MICHAEL J. ROSENBERG (age 69), is a member of the Board of Directors
of several U.S. corporations, and is a former executive of Rosenthal &
Rosenthal, Inc., in New York.
IRA T. WENDER (age 71), is a former partner in the New York law firm
of Patterson, Belknap, Webb & Tyler.
TONY KIRK (age 45), is a partner in Kirk & Maeder, a management
consulting firm in Switzerland.
This Form 8-K is intended to provide an outlook for 1998 and beyond.
To the extent any statements made herein, including this section, deal with
information that is not historical, these statements are necessarily forward-
looking. As such, they are subject to the occurrence of many events outside the
Company's control and are subject to various risk factors that could cause the
Company's results to be materially different from those presented or alluded to
herein. These may include, without limitation, the inherent risk of product
development failure, foreign exchange risks, regulatory risks and risks related
to proprietary rights, market acceptance and competition.
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SIGNATURES
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, thereunto duly authorized.
DEOTEXIS, INC.
DATE: March 26, 1998 By: /s/ Gerold Tebbe
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Gerold Tebbe, President,
Chief Executive Officer,
Secretary and Treasurer
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