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
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Date of Report (Date of earliest event reported): December 30, 1998
TECHNICAL CHEMICALS AND PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
Florida 0-25406 65-0308922
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
3341 S.W. 15th Street
Pompano Beach, Florida 33069
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 954/979-0400
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events
On December 30, 1998, a jury sitting in the Circuit Court of the 17th
Judicial Circuit in and for Broward County, Florida returned a verdict in an
action styled Dr. Joseph D'Angelo, Americare Transtech, Inc., Americare
Biologicals, Inc. and International Medical Associates, Inc. v. Technical
Chemicals & Products, Inc., Jack Aronowitz, Henry Schur, Analyte Diagnostics,
Inc., John Faro, Simplex Medical Systems, Inc. and Nicholas Levandoski. The
lawsuit relates to saliva collector technology for an HIV diagnostic test in
which the plaintiffs alleged, among other things, claims for intentional
interference with the plaintiffs' business relationships and misappropriation of
trade secrets against Technical Chemicals & Products, Inc., a Florida
corporation (the "Registrant"), the Registrant's Chairman and Chief Executive
Officer, Jack Aronowitz, and other unrelated corporate and individual
defendants.
In its verdict, the jury found that the Registrant did not misappropriate
the plaintiffs' trade secrets but found that Mr. Aronowitz had misappropriated
such trade secrets and awarded only Americare Biologicals, Inc. damages of
$500,000 against him, individually. Additionally, the jury found that both the
Registrant and Mr. Aronowitz intentionally interfered with the plaintiffs'
business relationships. The jury awarded only Americare Biologicals, Inc.
approximately $328,000 in damages against the Registrant in connection with this
second claim but awarded no damages against Mr. Aronowitz, individually, in
connection with that claim. Separately, the jury awarded approximately $4
million in damages against the other unrelated corporate and individual
defendants. A judgement was entered by the trial court in accordance with the
verdict on January 28, 1999.
On January 29, 1999 the Registrant filed a Notice of Appeal seeking to have
the verdicts against both the Registrant and Mr. Aronowitz set aside. In the
event that Mr. Aronowitz is ultimately required to pay damages to the
plaintiffs, the Registrant will indemnify Mr. Aronowitz to the extent permitted
by law. The Registrant has obtained an appeal bond staying enforment of the
Judgement against the Registrant and Mr. Aronowitz until such time as to the
Appellate Court issues its ruling.
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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, thereunto duly authorized.
Dated: February 9, 1999 TECHNICAL CHEMICALS & PRODUCTS, INC.
By:/s/
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Stuart Streger
Vice President, Chief Financial Officer
