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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
JUNE 1, 1998
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Date of report (Date of earliest event reported)
VOXEL
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(Exact Name of Registrant as Specified in Its Charter)
CALIFORNIA
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(State or Other Jurisdiction of Incorporation)
0-24836 33-0301060
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(Commission File Number) (I.R.S. Employer Identification No.)
26081 MERIT CIRCLE, SUITE 117 LAGUNA HILLS, CA 92653
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(Address of Principal Executive Offices) (Zip Code)
714-348-3200
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(Registrant's Telephone Number, Including Area Code)
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Item 3. Bankruptcy or Receivership.
On June 1, 1998, Voxel issued a press release stating that it had filed a
petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Such
press release is attached hereto as Exhibit 99.6 and incorporated by reference
herein. The petition was filed in the U.S. Bankruptcy Court for the Central
District of California. The matter was assigned to Bankruptcy Judge Lynne
Riddle, and the case number is as follows:
VOXEL Case No. SA 98-17977 LR
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.
VOXEL
Date: June 15, 1998 By /s/ Allan M. Wolfe
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Allan M. Wolfe
Chief Executive Officer
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EXHIBIT INDEX
Exhibit No. Document Page
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99.6 Text of Voxel Press Release dated June 1, 1998 4
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NEWS RELEASE
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Contact: Larry Selwitz, Fin-Com
(714) 645-8410
John Ortega, Voxel
(949) 348-3200
For Immediate Release
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Voxel Files Chapter 11 Petition
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June 1, 1998 -- Laguna Hills, California -- Voxel (NASDAQ:VOXL) ) announced
today that it has filed a voluntary Chapter 11 petition. The filing was
precipitated by a recent arbitration award of $1.9 million in favor of General
Scanning, Inc. ("GSI"), and by the subsequent failure of the parties to reach an
agreement as to a payment schedule. Voxel intends to operate under the
protection afforded by the Bankruptcy Code so that it may complete the
development of the Voxcam(R) imager unhampered by continuing collection efforts
by GSI. The filing will also facilitate efforts by Voxel to maximize the value
of its assets for the benefit of creditors, and to maintain the going concern
value of the company for shareholders and other investors.
Voxel is engaged in the development and marketing of Digital Holography, a
proprietary system that produces "three-dimensional X-rays" of the internal
structure of the body. The Digital Holography(TM) System consists of the Voxcam
imager, an electro-optical instrument that holographically images CT and MR data
on film; Voxbox(R) lightboxes to view the film; and Voxfilm(R) media, special
silver halide film to record the hologram. Clinical evaluations of the System
have been ongoing for over four years at numerous medical centers; FDA 510(k)
clearance for the System has been obtained. Additionally, patents have issued
covering the Company's method for making a multiple exposure hologram -- the
basis for the Digital Holography System.
For more information about Voxel, visit the company on the Internet at
www.voxel.com.
This press release contains forward looking information that is subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected. Among these risks and uncertainties are (i) the
pursuit of legal remedies by General Scanning, Inc., and other creditors of the
Company, (ii) the Company's failure to timely complete a capital raising or
other transaction prior to exhaustion of available cash, and (iii) the possible
decision of current company personnel to accept alternative employment.
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