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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) JUNE 20, 1997
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PINNACLE MICRO, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
DELAWARE 0-21892 33-0238563
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(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
19 TECHNOLOGY DRIVE, IRVINE, CALIFORNIA 92618
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (714) 789-3000
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NOT APPLICABLE
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED, SINCE LAST REPORT)
Page 1 of 5 Pages
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ITEM 5. OTHER EVENTS
As stated in the Company's press release dated July 1, 1997, a copy of which is
filed as an Exhibit to this Report, Daryl J. White has resigned, effective June
20, 1997, as the Company's Chairman of the Board and as a director.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) EXHIBITS
EXHIBIT NUMBER DESCRIPTION PAGE NUMBER
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99.1 Press Release dated July 1, 1997 4
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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.
Date: July 1, 1997
PINNACLE MICRO, INC.
By:/s/ Kenneth C. Campbell
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Kenneth C. Campbell, President
(Principal Executive Officer)
By:/s/ Roger Hay
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Roger Hay
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer
and Principal Accounting
Officer)
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Exhibit 99.1
FOR IMMEDIATE RELEASE Contact: Megan Morrow
Investor Relations
800-553-7070, ext. 3114
714-789-3114 direct
www.pinnaclemicro.com
PINNACLE MICRO, INC. ANNOUNCES SECOND QUARTER 1997 UPDATE
IRVINE, CALIFORNIA - JULY 01, 1997 - Pinnacle Micro, Inc. (NASDAQ: PNCL)
today announced that it anticipates its second quarter fiscal 1997 revenues will
be approximately $11 million, which is lower than the revenues reported for the
first quarter of fiscal 1997. A significant contributing factor to the decrease
in revenues was the continuing slow demand for the Company's Apex optical hard
drive through distribution channels.
With the decrease in revenues, the Company anticipates reporting a loss of
approximately $5 million for the second quarter of fiscal 1997, although the
exact amount of the loss will not be known until later. As previously
announced, the Company is concentrating its business on its Apex technologies
and related applications and is implementing steps designed to lower operating
expenses, including additional work force reductions and the consolidation of
its operations at its Colorado Springs facility.
The Company also announced that it has engaged the investment banking firm of
Houlihan, Lokey, Howard & Zukin to assist the Company in evaluating
alternatives, including possibly locating a financial or industry partner or
other transaction. No such transaction is pending as of the date of this
release and the outcome of these efforts cannot be determined at this time.
The Company has also retained the consulting firm Kibel, Green Inc., a
turnaround and management consulting firm and the law firm of Lobel & Opera to
assist the Company in dealing with various creditors.
The Company is having difficulty paying trade debt on a timely basis and has
tentatively scheduled a meeting with its vendors for July 14, 1997 to discuss
various alternatives and to seek the cooperation of its creditors in a possible
restructuring of its trade debt. The outcome of this meeting, if held, cannot
be predicted at this time. The Company is also seeking the cooperation of its
secured lender.
The Company also announced that Daryl J. White resigned as the Company's
Chairman of the Board and a director effective Friday, June 20, 1997.
This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends that such
statements shall be protected by the safe harbors provided for in such sections.
Such statements are subject to risks and uncertainties that could cause actual
results to vary materially from those projected in the forward-looking
statements. The Company may experience significant fluctuations in future
operating results due to a number of economic, competitive and other factors,
including, among other things, the size and timing of customer orders, changes
in laws, new or increased competition, delays in new products, changes in market
demand, market acceptance of new products, seasonality in product purchases, and
others. These factors and others could cause operating results to vary
significantly from those in
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prior periods, and those projected in forward-looking statements. Additional
information with respect to these and other factors which could materially
affect the Company and its operations are included in the Company's filings with
the Securities and Exchange Commission and are incorporated herein.
Pinnacle Micro, Inc. is a recognized leader in optical storage technology and
recordable CD storage systems for general data storage and data intensive
applications such as network storage, imaging, desktop and prepress, as well
as emerging applications such as digital audio/video editing and commercial
multimedia. Founded in 1987, Pinnacle Micro, Inc. is headquartered in Irvine,
CA with offices in North America and Europe. Pinnacle Micro can be located
on the internet at www.pinnaclemicro.com.
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