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: May 20, 1996
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APPLIED SCIENCE AND TECHNOLOGY, INC.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-22646 04-2962110
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(Commission File Number) (I.R.S. Employer Identification No.)
35 Cabot Road, Woburn, Massachusetts 01801-1053
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(Address of Principal Executive Offices) (Zip Code)
(617) 933-5560
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
TABLE OF CONTENTS
FORM 8-K
May 20, 1996
Item Page
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ITEM 5. OTHER EVENTS
Announcement of no current plans
to call outstanding warrants 1
ITEM 7. EXHIBIT 1
SIGNATURE 2
EXHIBIT E-1
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ITEM 5. OTHER EVENTS
On May 20, 1996, Applied Science and Technology, Inc. (the
"Registrant") announced that due to current market conditions
and recent corporate events it did not intend to proceed with
a redemption of its publicly traded redeemable warrants (the
"Warrants") at this time, even though the Registrant did meet
all of the requirements to redeem the Warrants.
ITEM 7. EXHIBIT.
Exhibit
No. Title
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99 Press Release issued by the Registrant.
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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.
Applied Science and Technology, Inc.
By:/s/ Richard S. Post
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Richard S. Post
Chief Executive Officer
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EXHIBIT 99
ASTEX ANNOUNCES NO CURRENT PLANS TO CALL OUTSTANDING WARRANTS
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Woburn, Mass., May 20, 1996 ---- Applied Science and Technology, Inc. ("ASTeX")
(Nasdaq:ASTX) today announced that due to current market conditions and recent
corporate events, the Company, although fulfilling all of the requirements for
redeeming its publicly traded redeemable warrants, does not intend to proceed
with the warrant redemption at this time.
Dr. Richard Post, President and Chief Executive Officer, said, "Although we meet
the requirements for the warrant redemption, we currently believe it is in the
best interest of our shareholders and the Company to delay redeeming the
warrants until market conditions for ASTeX stock improve. At this time ASTeX is
in a strong financial position to enable the Company to continue to grow through
internal developments and acquisitions. We do anticipate that as market
conditions improve for our common stock, we will call the warrants at the
appropriate time."
The Company currently has 1,955,000 redeemable warrants outstanding
(Nasdaq:ASTXW). Two redeemable warrants entitle a holder to purchase one share
of common stock at $15.05 through November 9, 1998, subject to adjustment in
accordance with anti-dilution provisions. The redeemable warrants are subject to
redemption at $0.10 per warrant on 30 days prior written notice, provided that
the average closing price of the common stock equals or exceeds $19.35 for 20
consecutive trading days ending within 10 days prior to the notice of
redemption.
ASTeX is a leading provider of innovative production technology through delivery
of components and systems for semiconductor, medical, and CVD diamond
applications. ASTeX markets its systems to producers of CVD diamond, while its
microwave and RF power generators, plasma sources and ozone generators and
subsystems are marketed to the world's leading semiconductor and medical capital
equipment manufacturers. Typical semiconductor applications include stripping,
etching, CVD and physical vapor deposition, while medical applications include
diagnostic imaging and sterilization.
"Safe Harbor" statement under the Private Securities Litigation Reform
Act of 1995: This release contains forward looking statements that are subject
to risks and uncertainties, including, but not limited to, the impact of
competitive products and pricing, product demand and market acceptance, new
product development, reliance on key strategic alliances, availability of raw
materials, the regulatory environment, fluctuations in operating results and
other risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission.
