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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
May 8, 1998
Date of Report
(Date of earliest event reported)
ADVANCED DEPOSITION TECHNOLOGIES, INC
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-12230 04-2865714
(Commission File Number) (IRS Employer Identification No.)
Myles Standish Industrial Park
580 Myles Standish Blvd.
Taunton, Massachusetts, 02780
(Address of principal executive offices) (Zip Code)
(508) 823-0707
(Registrant's telephone number, including area code)
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Item 5. Other Events
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Advanced Deposition Technologies Inc. ("ADT") announced that its Board of
Directors has approved an amendment to its currently outstanding Class B
Redeemable Common Stock Purchase Warrants (the "Warrants"). The amendment
extends the expiration date of the Warrants from May 12, 1998 to July 31, 1998
and changes the terms of the Warrants such that the exercise of every two
Warrants entitles the Warrant holder to purchase one share of the Company's
Common Stock at a per share exercise price of $3.75. The amendment will be
effective at 2:59 p.m., Denver Colorado time on May 12, 1998.
(c) Exhibits.
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The following exhibit is filed as part of this report pursuant to Item
601 of Regulation S-K:
Exhibit 99 Press Release of Company
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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.
Date: May 8, 1998 ADVANCED DEPOSITION TECHNOLGIES, INC.
/s/ Mark Thomas
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Mark Thomas
Chief Financial Officer
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EXHIBIT INDEX
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Exhibit 99 Press Release of Company
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EXHIBIT 99
PRESS RELEASE OF COMPANY
TAUNTON, Mass., May 8 -- Advanced Deposition Technologies, Inc. ADTC
(ADTECH) announced today that its Board of Directors met on May 6, 1998 and
approved an extension of the expiration date and a modification of terms for the
"B" warrants ADTCZ . The "B" warrants were due to expire on May 12, 1998. The
new expiration date is July 31, 1998. The new exercise price is $3.75 per share
and the conversion requires two warrants for every share exercised. Thus, these
new terms allow a warrant holder to purchase one share of ADTECH common stock in
exchange for two warrants at an exercise price of $3.75 per share. The new
exercise price of $3.75 per share is based on the average price of ADTECH common
stock over the previous 200 trading days. The company will be sending written
notification of these changes to all warrant holders within the next two weeks
or sooner.
Glenn J. Walters, President/CEO, stated, "Extending the warrants and
modifying their conversion price is consistent with the company's aggressive
program to reduce costs and expand production both here in the United States and
in our subsidiary in Spain. We increased our revenues in 1997 by more than 40%
and we are planning for similar gains in 1998 and 1999. Converting the warrants
this year will reduce our debt and interest expenses, which we believe helps to
increase shareholder value due to higher earnings per share. However, converting
these warrants is not essential to our plans for increasing our production
capacity."
Additionally, the company announced it has received another patent from the
United States Patent Office, Patent #5,742,411 "Security Hologram with Covert
Messaging." The company anticipates additional security hologram patents to be
issued in 1998 and continues to be very excited by the growth potential in this
market.
Advanced Deposition Technologies, Inc. is a technology leader for
metallized thin films, coatings, dielectric substrates and high resolution
patterned vapor depositions. Currently, the Company has product divisions in
markets for electronic capacitors, microwave food packaging, security holograms,
retroreflective films and new products. The Company either owns or has licenses
to more than 35 patents, 21 patents pending in the United States and
international filings. On a selective basis, the Company has licensed its
proprietary thin film technologies and patents to market share leaders who can
accelerate the revenue and earnings growth of ADTECH's unique products and
technologies into larger scale commercialization.
Any forward-looking statements in this release are made pursuant to the
"safe-harbor" provision of the Private Securities Litigation Act of 1995.
Investors are cautioned that actual results may differ substantially from such
forward-looking statements. Forward-looking statements involve risks and
uncertainties including, but not limited to, continued acceptance of the
Company's products and services in the marketplace, competitive factors, new
products and technological changes, dependence upon third-party vendors, a
limited number of customers, political and other uncertainties related to
customer purchases, and other risks detailed in the Company's periodic report
filings with the Securities and Exchange Commission.
