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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): June 27, 1997
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Commission File Number: 0-26508
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PURETEC CORPORATION
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(Exact name of Registrant as specified in its charter)
DELAWARE 22-3376449
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
65 Railroad Avenue, Ridgefield, New Jersey 07657
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(Address of principal executive offices)
Registrant's telephone number, including area code: (201)941-6550
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Item 5. Other Events
On June 27, 1997 PureTec Corporation ("PureTec") completed a private
offer for most of the common stock of Plastic Specialties and Technologies,
Inc., its principal operating subsidiary ("PS&T"), not owned by the Company in
exchange for new unregistered shares of PureTec common stock that were
privately placed by PureTec.
Prior to the completion of the private exchange offer, the Company
indirectly owned 82.7% of the outstanding PS&T common stock. The private
exchange offer, which expired at the close of business on June 18, 1997, was
made only to accredited investors who beneficially owned 1,000 or more shares
of PS&T common stock. PureTec's wholly owned subsidiary, Ozite Corporation
("Ozite"), offered to exchange two new unregistered shares of PureTec common
stock for each share of PS&T common stock validly tendered for exchange.
1,117,515 shares, or 13.4% of the PS&T common stock outstanding were accepted
for exchange by Ozite in the private exchange offer. After giving effect to
the transaction, the Company owns approximately 96.1% of the outstanding PS&T
common stock and the total number of PureTec common stock outstanding has
increased by 2,235,030 shares, or 7.7%, to 31,240,866 million shares. PureTec
has agreed to file a registration statement under the Securities Act of 1933
with respect to the PureTec common stock issued in connection with the private
exchange offer within 120 days of the expiration date of the private exchange
offer.
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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.
PURETEC CORPORATION
By: /s/ Thomas V. Gilboy
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Thomas V. Gilboy
Chief Financial Officer and Vice President
Dated: June 30, 1997
