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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
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Date of Report (Date of earliest event reported): March 25, 1999
Advanced Deposition Technologies, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-12230 04-2865714
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
Myles Standish Industrial Park
580 Myles Standish Boulevard
Taunton, Massachusetts 02780
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (508) 823-0707
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Item 5. Other Events.
On March 25, 1999, the Registrant publicly disseminated a press release
announcing that the Registrant entered into an agreement to purchase an
additional 16% of the equity in DNA-ADTECH of Madrid, Spain, a majority-owned
subsidiary of the Registrant. This purchase will bring the Registrant's total
equity ownership in DNA-ADTECH to 81%. Subject to stockholder approval, the
Registrant will pay for this additional 16% equity position by issuing 598,198
shares of its common stock. The information contained in the press release is
incorporated herein by reference and filed as Exhibit 99.1 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 The Registrant's Press Release dated March 25, 1999.
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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 hereunto duly authorized.
ADVANCED DEPOSITION
TECHNOLOGIES, INC
(Registrant)
Date: March 31, 1999 /s/ Joseph Keller
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Joseph Keller
Controller
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EXHIBIT INDEX
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Exhibit Sequential
Number Description Page Number
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99.1 The Registrant's Press Release 5
dated March 25, 1999.
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Exhibit 99.1
Press Release of the Registrant
TAUNTON, Mass., March 25 /PRNewswire/ -- Advanced Deposition Technologies, Inc.
(Nasdaq: ADTC - news; BSE: DTI - news) today announced that the Company has
entered into an agreement to purchase an additional 16% of the equity in DNA-
ADTECH of Madrid, Spain, bringing A.D. TECH's total equity ownership to 81%. The
purchase price was based upon a similar valuation used in December 1997 when
A.D. TECH purchased 65% of DNA, a major European capacitor supplier and user of
A.D. TECH metallized coating and films.
Subject to stockholder approval, A.D. TECH will pay for this additional 16%
equity position by issuing 598,198 common shares, thus bringing the total number
of shares outstanding to approximately 4,867,000. Following completion of the
transaction, Alex Boxall, DNA's managing director, and affiliated entities will
own a total of 923,348 shares or approximately 19% of ADTC common shares and 19%
of DNA-ADTECH. This transaction will be submitted for stockholder approval at
the Company's annual meeting.
CEO and President, Glenn J. Walters commented, ``Increasing our equity position
in DNA will improve our earnings and strengthen our balance sheet. This, in
turn, enhances our future internal and external growth possibilities. Alex and I
will work very closely over the next twelve months to improve shareholder value,
increase total revenues and profitability.''
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. A.D. TECH either owns or has licenses to
more than 35 patents and 21 patents pending. 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 A.D. TECH'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.
