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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
Date of Report (Date of earliest event reported):
April 14, 1999
ORYX TECHNOLOGY CORP.
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(Exact name of registrant as specified in its charter)
Delaware 1-12680 22-2115841
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
1100 Auburn Street, Fremont, California 94538
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(Address of principal executive offices)
Registrant's telephone number, including area code: (510) 492-2080
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Item 5. Other Events
Oryx Technology Corp. (the "Company") announced today that it has received
approximately $3.3 million in net proceeds from the exercise of 939,536 publicly
traded warrants. In April 1994, the Company issued 1.1 million publicly traded
warrants in connection with its initial public offering. At the time of
issuance, each warrant entitled the holder the right to purchase one share of
the Company's common stock at an exercise price $3.50 per share. However, due to
anti-dilution provisions of the warrants, subsequent private placements and
issuance of derivative securities, the conversion rate of the warrants increased
from one (1) share of common stock for each warrant to two and one tenth (2.1)
shares of common stock for each warrant at an exercise price of $3.50 per share.
A total of 1,973,022 shares of common stock were issued in connection with the
exercise of these warrants, representing an increase of approximately 14.8% in
the total number of shares of the Company's common stock outstanding. Total
shares of the Company's common stock outstanding as of April 6, 1999 was
approximately 15.3 million shares.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99.1 Press Release dated April 14, 1999.
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 hereunto duly authorized.
Date: April 14, 1999 ORYX TECHNOLOGY CORP. (Registrant)
By: /s/ Mitchel Underseth
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Mitchel Underseth
Chief Financial Officer
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
WEDNESDAY, APRIL 14, 1999
FOR FURTHER INFORMATION CONTACT: FINANCIAL RELATIONS BOARD
ORYX TECHNOLOGY CORP. CATHERINE KAWAKAMI (ANALYSTS)
PHILIP MICCICHE/MITCHEL UNDERSETH HANNAH BRUCE (GENERAL INFO.)
(510) 492-2080 (415) 986-1591
CONTINENTAL CAPITAL & EQUITY
SCOTT GIBSON
(407) 682-2001
ORYX TECHNOLOGY CORP. RECEIVES $3.3 MILLION
FROM EXERCISE OF PUBLICLY TRADED WARRANTS
FREMONT, CA, WEDNESDAY, APRIL 14, 1999 - Oryx Technology Corp. (Nasdaq: Oryx)
announced today that it has received approximately $3.3 million in net proceeds
from the exercise of approximately 940,000 of its publicly traded warrants.
In April 1994, Oryx Technology Corp. issued 1.1 million publicly traded warrants
in connection with its initial public offering. At the time of issuance, each
warrant, at an exercise price of $3.50, entitled the holder the right to
purchase one share of the Company's common stock. However, due to anti-dilution
provisions of the warrants, subsequent private placements and issuance of
derivative securities, the conversion rate for the warrants increased from 1
share of common stock for each warrant to 2.1 shares of common stock for each
warrant at an exercise price of $3.50 per warrant. A total of approximately 2
million common shares were issued in connection with the exercise of these
warrants, representing an increase of approximately 14.8% in the total number of
Oryx Technology Corp. common stock outstanding. Total shares of Oryx Technology
Corp. common stock outstanding as of April 6, 1999 was approximately 15.3
million.
Commenting on the transaction, Philip Micciche, CEO of Oryx, said, "We are
pleased by the number of warrants which were converted to Oryx Technology
Corp.'s common stock. We believe this level of activity demonstrates our
investors' continued interest in and support of our strategic plan. In addition
to strengthening our balance sheet, these funds will provide additional
financial resources to support our licensees in their efforts to successfully
launch low cost
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manufacturing processes for our SurgX technology, to renew our development
activities for other SurgX-related products, and to explore potential
acquisitions of synergistic technologies."
COMPANY PROFILE
Headquartered in Fremont, California, Oryx Technology Corp. is a technology
management company with a proprietary portfolio of high technology products in
surge protection and specialized materials. The Company's customers include key
OEMs in the fast growing information industry: Cooper/Bussmann, Heraeus
Precision Engineering, IRISO, Matsubo Company LTD, MMC Technology Inc., Seagate
Technology, and Western Digital. Oryx's common stock trades on the NASDAQ Small
Cap Issues Market under the symbol ORYX.
FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this release are forward-looking and involve
a number of risks and uncertainties. The Company's actual results could differ
materially from those described for a variety of factors. Such factors include,
but are not limited to, those discussed in "Risk Factors" and "Management's
Discussion and Analysis" in the Company's Form 10-KSB filed for the fiscal years
ended February 28, 1997 and February 28, 1998, as amended, as well as those
discussed elsewhere in other public filings made by the Company with the
Securities and Exchange Commission. Among the factors that could cause actual
results to differ materially are the following: changes in customer commitments,
maintenance of gross margin levels, market acceptance of new products both
technically and commercially, successful product development efforts, inability
to pass on price increases to customers, unavailability of products, management
of cost controls and cash resources, need for additional financing, and strong
competition.
