UNITED STATES 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): July 1, 1998
Exact name of registrant as specified in its charter: MRS Technology, Inc.
State or other jurisdiction of incorporation: Massachusetts
Commission File Number: 000-21908
IRS Employer Identification Number: 04-2904966
Address of principal executive offices: 10 Elizabeth Drive, Chelmsford, MA
Zip Code: 01824-4112
Registrant's telephone number, including area code: (978)250-0450
Item 3. Bankruptcy or Receivership
Only July 1, 1998, MRS Technology, Inc. Issued a press release stating
that it had filed a petition for reorganization under Chapter 11 of the
U.S. Bankruptcy Code. Such press release is attached as Exhibit 99 hereto
and is incorporated by reference herein The petition was filed in the
U.S. Bankruptcy Court for the District of Massachusetts (Western
Division). The matter was assigned to Bankruptcy Judge James F. Queenan,
and the case number is as follows: MRS Technology, Inc. 98-4493-8 JFQ
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
{c} Exhibits
99 Press Release of MRS Technology, Inc. Dated July 1, 1998.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereto autorized.
MRS Technology, Inc.
Date: July 10, 1998
Carl P. Herrmann
Chairman, Chief Executive Officer and President
Exhibit 99
FOR IMMEDIATE RELEASE
MRS TECHNOLOGY FILES UNDER CHAPTER 11
Chelmsford, Massachusetts, July 1, 1998 -- MRS Technology, Inc. (NASDAQ:
MRSI) announced today it has filed for reorganization under Chapter 11 of
the Federal Bankruptcy Code. The filing took place today at the federal
bankruptcy court in Worcester, Massachusetts.
"We will continue to operate our support business and our priority is to
continue to offer the highest quality service to those customers in our
installed base," said Elvino daSilveira, Vice President, Customer Support
of MRS Technology. "The Chapter 11 filing will enable us to conserve cash
while continuing to seek financing and strategic partners to help us
pursue our target market, the market for high density interconnect (HDI)
with high density single and multi-chip packaging," said Carl Herrmann,
President and CEO. In connection with this filing, the Company has
reduced its workforce by approximately 80%, effective immediately. The
Company has retained Cohn & Kelakos LLP of Boston as its Chapter 11
counsel.
MRS Technology, Inc. is a supplier of advanced systems needed for
production of electronic products manufactured with large area
microlithographic processes. Based in Chelmsford, Massachusetts, MRS
Technology markets and sells its products worldwide. The Company's Common
Stock is traded on the Nasdaq National Market; its trading symbol is MRSI.
MRS Technology, Inc. Contact: Jack Steele 978-250-0450 x 218
Cohn & Kelakos LLP Contact: Daniel C. Cohn 617-951-2505
