UNITED STATES
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) August 9, 1996
U.S. ELECTRICAR, INC.
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(Exact name of registrant as specified in its charter)
California 0-25184 95-3056150
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
5 Thomas Mellon Circle, San Francisco, CA 94134
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 415-656-2400
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Item 5. Other Events
Pursuant to a Memorandum of Understanding dated August 9, 1996 by and
between U.S. Electricar, Inc. ("Buyer") and Systronix Corporation ("Seller"),
the parties have agreed to use best efforts to consummate the sale of Seller's
business properties and assets to Buyer.
Consummation of the transaction is contingent upon the parties entering
into a mutually acceptable definitive asset purchase agreement, receipt of
additional funding by U.S. Electricar, Inc., and attainment of all necessary
corporate consents. The estimated total purchase price is approximately $3.3 M,
to be paid through a combination of cash, stock and a note, of which Buyer has
deposited approximately $1.1 M with Seller against the purchase price.
Systronix Corporation, located in Torrance, California, is a
development stage company which was incorporated in September, 1994, and began
research and development operations in January, 1995. Its goal is to become a
leading developer of technologically advanced electric propulsion systems for
electric vehicles. Systronix is in the process of designing its first product,
the Panther(TM), 60 three-phase alternating current (AC) drive train.
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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.
U.S. ELECTRICAR, INC.
(Registrant)
Date: August 20, 1996 By:
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John J. Micek III
Vice President & General Counsel
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