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U.S. 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
Date of Report (Date of earliest event reported): March 31, 2000
MITY-LITE, INC.
(Exact name of registrant as specified in its charter)
Utah 0-23898 87-0448892
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification
of incorporation) No.)
1301 West 400 North
Orem, Utah 84057
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code: (801) 224-0589
N/A
(Former name or former address, if changed since last report)
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MITY-LITE, INC.
INDEX
Item 5. Other Events. . . . . . . . . . . . . . . . . . . . . . 3
Item 7. Financial Statements and Exhibits . . . . . . . . . . . 3
Signature. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
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ITEM 5. OTHER EVENTS.
On March 31, 2000, Mity-Lite, Inc. issued the press release attached
hereto as Exhibit 99.4, announcing it will acquire the remaining 50.1 percent
of the stock of DO Group, Inc., a privately-held manufacturer of specialty
office seating and office systems based in Elkhart, Indiana. DO Group markets
its products under the Domore, DO3, JG and Corel tradenames. The transaction
is due to close on April 1.
ITEM 7. EXHIBITS.
(c) Exhibits
99.4 Mity-Lite, Inc. Press Release (March 31, 2000)
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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.
MITY-LITE, INC.
Date: March 31, 2000 /s/ Bradley T Nielson
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Bradley T Nielson
Chief Financial Officer
(Principal Financial and
Accounting Officer)
FOR IMMEDIATE RELEASE: Friday, March 31, 2000
CONTACT: Gregory L. Wilson
Chairman and President
Bradley "T" Nielson
Chief Financial Officer and Chief Operating Officer
Mity-Lite, Inc.
801-224-0589
MITY-LITE, INC. COMPLETES DO GROUP TRANSACTION
OREM, UTAH -- Mity-Lite, Inc. (Nasdaq: MITY), designer, manufacturer, and
marketer of a variety of institutional furniture, today announced that the
Company has entered into an agreement to acquire the remaining 50.1 percent of
the stock of DO Group, Inc., a privately-held manufacturer of specialty office
seating and office systems based in Elkhart, Indiana. DO Group markets its
products under the Domore, DO3, JG and Corel tradenames. The transaction is
due to close on April 1.
The transaction calls for the exchange of approximately $2.2 million cash and
41,000 shares of Mity-Lite stock for the remaining 50.1 percent of DO Group
stock. In addition, Mity-Lite will assume approximately $1.0 million in long-
term debt. The acquisition will be treated for accounting purposes as a
purchase. DO Group, Inc. will become a wholly owned subsidiary of Mity-Lite.
For the twelve months ended March 31, 2000, DO Group will generate net sales
of nearly $13 million.
DO Group produces a full line of high-quality products including office
seating and office panel systems. The seating division is a recognized leader
in the intensive use seating market, supplying chairs to police departments,
911 centers, and air traffic control centers. The systems division has
established itself as one of the easiest to configure, assemble and
disassemble post-to-panel systems at moderate price points. DO Group's
customer base includes the United States Postal Service, Federal Aviation
Administration and a number of Fortune 500 companies. The company has
manufacturing facilities in Elkhart, Indiana, and Marked Tree, Arkansas.
"We have anticipated the completion of this acquisition for the past three
years," said Gregory L. Wilson, chairman and president of Mity-Lite. "We are
excited to finally have all of DO Group under the Mity-Lite umbrella and are
confident this is a sound strategic step for Mity-Lite."
"We look forward to completing the transaction and becoming fully incorporated
into the Mity-Lite team," noted Dennis Kerbdle, chairman of DO Group, Inc.
"We believe we can continue to contribute to Mity-Lite's plans for sales and
earnings growth well into the future."
Founded in 1987, Mity-Lite, Inc. designs, manufactures and markets innovative
commercial furniture created to meet the efficiency needs of its customers.
The Company focuses on providing premium quality commercial furniture products
to niche markets. The Company's product lines consist of multipurpose room
furniture, geriatric seating, call center furniture, and specialty office
seating and office systems. The Company's products are marketed under the
Mity-Lite, Broda, CenterCore, Domore, DO3, Corel and JG tradenames.
Headquartered in Utah, Mity-Lite serves national and international customers
directly and through distributors.
This press release includes forward-looking statements relating to the
acquisition of DO Group, Inc. and its ability to increase sales and earnings.
These expectation may not be realized and is subject to uncertainties. No
assurance is given that any forward looking statements contained in this press
release will be realized.
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