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): February 11, 1998
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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
PureTec Corporation (the "Company") recently received a letter from a
customer claiming damages, in an amount yet to be determined, but initially
expected to be in the range of $1 million to $10 million, relating to an
alleged defective product sold by Plastron, a division of the Company. The
Company is currently investigating the merits of this claim and whether the
claim is covered by insurance. The Company intends to contest this claim
vigorously. There can be no assurances as to the ultimate outcome of this
claim or its possible impact on the Company.
In addition, on February 11, 1998 the Company issued the following
press release:
PureTec Corporation and Tekni-Plex, Inc. jointly announced today that
PureTec's primary operating subsidiary, Plastic Specialties and Technologies
("PST"), in connection with the combined consent solicitation and tender offer
for all of PST's 11.25% Senior Secured Notes due 2003 (the "Notes") launched
on February 2, 1998, is increasing the tender price for the Notes by
decreasing the number of basis points to be added to the yield of the 5 3/4%
U.S. Treasury Note due December 31, 1998 from 100 basis points to 75 basis
points in the formula described in the "Offer to Purchase and Consent
Solicitation Statement" previously distributed to noteholders.
This has the effect of raising the tender price.
As previously announced, the tender price will be calculated based on
this formula at 12:00 noon, New York City time, on February 13, 1998, ten
business days before the tender offer is scheduled to expire on March 2, 1998.
The tender price will be payable to noteholders who validly tender and do not
validly withdraw their Notes prior to the expiration time. The consent
solicitation will expire on the later to occur of PST receiving a majority of
consents from noteholders or February 13, 1998, unless extended or terminated.
Prior to noon, New York City time, on February 13, 1998, an estimate of the
tender price may be obtained by calling J.P. Morgan at (212) 483-2323. Other
details of the tender offer and consent solicitation are explained in the
"Offer to Purchase and Consent Solicitation Statement."
The tender offer and consent solicitation has been undertaken in
connection with the proposed merger of PureTec and a subsidiary of Tekni-Plex.
Both PureTec and Tekni-Plex hold leading positions in a number of related
markets for plastic products and materials.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, 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: February 13, 1998
