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) June 1, 1998
Conversion Technologies International, Inc.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
Delaware 000-28198 13-3754366
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(STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (IRS EMPLOYER
OF INCORPORATION) IDENTIFICATION NO.)
2180 Park Avenue North
Suite 110
Winter Park, Florida 32789
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code (407) 207-5900
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3452 Lake Lynda Drive
Suite 280
Orlando, Florida 32817
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
<PAGE>
ITEM 5. OTHER EVENTS.
See Exhibit 99.3 attached hereto, and made a part hereof, containing the
Registrant's June 1, 1998 press release relating to the Registrant's agreement
to outsource glass recycling.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
EXHIBIT NO. DOCUMENT
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99.3 Press release issued by the Registrant
on June 1, 1998
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SIGNATURE
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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.
CONVERSION TECHNOLOGIES
INTERNATIONAL, INC.
/s/ William L. Amt
By:-------------------------------------
William L. Amt
President and Chief Executive Officer
June 5, 1998
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<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DOCUMENT PAGE NO.
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99.3 Press release issued by the Registrant on June 1, 5
1998.
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<PAGE>
FOR IMMEDIATE RELEASE
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CONVERSION TECHNOLOGIES ENTERS AGREEMENT
TO OUTSOURCE CRT GLASS RECYCLING
ORLANDO, FLORIDA, June 1, 1998 - Conversion Technologies International, Inc.,
(NASDAQ: CITX) has entered an agreement to subcontract the sorting and recycling
of cathode ray tube (CRT) glass to Dlubak Glass Company.
Under terms of the agreement, Conversion Technologies has sold its existing
glass cullet inventories to Dlubak Glass Company for processing.
In addition, Conversion will purchase high-leaded CRT glass, at current
market prices, for the duration of the sub-contracting agreement. Conversion
uses that raw material to produce higher-margin abrasives and industrial
products. The agreement is for three years, with options to extend it to five
years.
As a result of the contract with Dlubak, Conversion Technologies will
recognize a one-time gain for its fiscal fourth quarter ended June 30, 1998.
That gain will consist of the reversal of a reserve that it had established for
the disposal of unprocessed glass products.
"With this arrangement with Dlubak, we are now in the final stages of
reconstructing our balance sheet and shifting our operation toward producing and
selling higher-margin value-added products for specialty applications," said
William L. Amt, Chief Executive Officer of Conversion Technologies.
Dlubak Glass Company is closely-held and based in Upper Sandusky, Ohio.
Dlubak intends to continue processing the glass cullet at Conversion's facility
in Dunkirk, NY, and to employ Conversion's work force for the processing.
Conversion Technologies International is an advanced materials company that
produces and markets enhanced ceramic-based substrate materials that are used in
a variety of industrial, chemical and building products applications.
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EXCEPT FOR HISTORICAL INFORMATION, THIS PRESS RELEASE CONTAINS CERTAIN
FORWARD-LOOKING STATEMENTS THAT INVOLVE RISK AND UNCERTAINTIES THAT MAY CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE STATEMENTS MADE. SUCH FACTORS
INCLUDE, BUT ARE NOT LIMITED TO, CHANGING MARKET CONDITIONS, THE ABILITY TO
ENTER NEW MARKETING ALLIANCES, AND OTHER RISKS DETAILED FROM TIME TO TIME BY THE
COMPANY OR IN ITS FILINGS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION.
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