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): October 13, 1998
TELEGEN CORPORATION
(Exact name of registrant as specified in its charter)
California 14836 84-067214
- ---------------------------- ------------------------ ----------------
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
101 Saginaw Drive
Redwood City, California 94063
(Address of principal executive offices)
(415) 261-9400
(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events
In a press release dated October 13, 1998, Telegen Corporation, a
California corporation (the "Company") announced the resignation of five members
of its Board of Directors, the resignation of its top executive officer, and the
appointment of two new directors and three new officers.
The Company's former Chairman, Gilbert F. Decker, and directors Gregory
Bell, Richard Iverson, Frederick T. Lezak, Jr. and Larry Wells resigned from the
Board of Directors. Remaining on the board are directors Jessica L. Stevens and
Bonnie Crystal.
Fred Kashkooli resigned as President and Chief Executive Officer.
John P. McMullen was appointed as director of the Company, Eric Stafford
was appointed director, Chief Operating Officer and Chief Financial Officer,
Jessica L. Stevens was appointed Chairperson of the Board, President and Chief
Executive Officer, and Bonnie Crystal was appointed Secretary and Executive Vice
President of the Company.
In addition, the Company has been experiencing severe financial
difficulties and the Company's new board and management are currently exploring
all opportunities and alternatives to resolve its serious financial situation.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
----------- -----------
99.1 Press Release of the Company dated October 13, 1998.
<PAGE>
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.
TELEGEN CORPORATION
Dated: October ___, 1998 By: /s/ Jessica L. Stevens
-------------------------------------
Jessica L. Stevens
President and Chief Executive Officer
Telegen Corp. Announces Management Changes
October 13, 1998
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Oct. 13, 1998--Telegen Corporation
(OTCBB:TLGN) Tuesday announced the resignation of five members of its Board of
Directors as well as its top executive. The board appointed two new directors as
well as three new executives.
The company's former Chairman, Gilbert F. Decker, and directors Larry Wells,
Richard Iverson, Gregory Bell and Frederick T. Lezak, Jr. have resigned as
members of the board. Remaining on the board are directors Jessica L. Stevens
and Bonnie Crystal.
The resigning officer is Fred Kashkooli. Kashkooli formerly held the posts of
President and Chief Executive Officer.
The board appointed Jessica L. Stevens as Chairperson, President and Chief
Executive Officer. Bonnie Crystal was appointed Secretary and Executive Vice
President. Both Stevens and Crystal are the founders of Telegen.
The board also appointed Eric V. Stafford as Chief Operating Officer, Chief
Financial Officer and a director. Also appointed as a director was John P.
McMullen.
Stevens co-founded Telegen in 1990 with Crystal and served as its Chairperson,
President and CEO from its inception until August 6, 1997. From August 6, 1997
until October 31, 1997, she served as President/Chief Technology Officer. She
has remained a director from May 3, 1990 to the present. Prior to founding
Telegen, Stevens served as Chairperson and Vice President of Absolute
Entertainment, Inc and Imagineering, Inc, both of Glen Rock, NJ.
Crystal co-founded Telegen in 1990 with Stevens and served as its Secretary and
Executive Vice President from its inception until October 31, 1997. She has
remained a director from May 3, 1990 to the present. Prior to founding Telegen,
Crystal was a senior engineer at Toshiba/Diasonics of South San Francisco, CA.
Stafford has served in various financial positions at Montgomery Securities,
Lazard Freres and Goldman Sachs and Co. From 1996 to 1998 Stafford served as
Vice President in the Convertible and Equity divisions at Montgomery Securities.
From 1995 to 1996, Stafford worked in the Distressed Debt division of Lazard
Freres, and from 1992 to 1995 he served as an associate in the High Yield
division at Goldman Sachs and Co. Stafford received a Bachelor of Arts degree
from Georgetown University and a masters degree in business administration from
the University of Chicago.
McMullen serves as an outside director. He is currently President and CEO of
GLOradio Corporation of Seattle, WA. GLOradio is a leading provider of
webcasting on the Internet. Prior to GLOradio, McMullen held management
positions at PlanetOut Corporation, RealNetworks, Inc., Aldus Corporation and
Adobe Systems.
Further information about the Company may be found on its web site at
WWW.Telegen.com.
