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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):
September 5, 1996
AMX CORPORATION
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(Exact name of registrant as specified in its charter)
Texas 0-26924 75-1815822
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
11995 Forestgate Drive
Dallas, Texas 75243
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (214) 644-3048
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
See Exhibit 20.1 to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibit.
20.1 Press Release, dated September 5, 1996, regarding
financing for PHAST Corporation and the resignation
of a board member.
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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.
AMX CORPORATION
September 10, 1996 By: /s/ Joe Hardt
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Joe Hardt
President
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EXHIBIT INDEX
Exhibit No. Description
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20.1 Press Release, dated September 5, 1996, regarding financing for
PHAST Corporation and the resignation of a board member.
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EXHIBIT 20.1
TO
FORM 8-K
FOR
AMX CORPORATION
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[Letterhead]
FOR IMMEDIATE RELEASE
September 5, 1996
Contact: David E. Chisum
Chief Financial Officer
AMX Corporation
(800) 222-0193
(214) 644-3048
AMX SUBSIDIARY SECURES SECOND ROUND FINANCING
DALLAS -- AMX Corporation announced that its subsidiary, PHAST Corporation,
based in Salt Lake City, has secured second round financing in the amount of
$1,500,000 from Scott Miller, AMX Chairman. AMX retains a 51% ownership
interest in PHAST; Mr. Miller has acquired a 29% ownership interest; and PHAST
employees and a private investor own the remaining 20% of PHAST. Mr. Miller
has granted AMX the right to vote his shares in PHAST giving AMX voting control
over 80% of PHAST.
Commenting on the investment, Joe Hardt, President of AMX, stated, "A year ago,
AMX committed just over $1,100,000 to PHAST for first round financing to develop
the first truly practical home automation products. At the outset of this
development, we knew additional capital would be required for PHAST to fully
execute its business plan. Over the last several months, we have considered a
variety of alternatives for PHAST's second round financing. After careful
consideration of these alternatives and in light of Scott Miller's offer to
provide this financing for PHAST, our Board has decided that AMX will not
increase its investment in PHAST at this time. This transaction allows AMX to
retain a controlling interest in PHAST while at the same time limiting the
losses AMX will incur in connection with this next phase of PHAST's product
development activities."
Will West, President of PHAST, commented, "We could not be more pleased with our
relationship with AMX. Over the last year, our team at PHAST has worked
extremely hard to develop some truly exciting home automation products which we
expect to be shipping later this Fall."
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AMX also announced that Wayne Bazzle, a member of the Board had resigned citing
commitments to his own business, which recently completed an initial public
offering. A search for a successor is underway.
This release contains forward-looking statements with respect to financial
results. Actual results for the year may differ materially as a result of a
number of risks and uncertainties, including the acceptance of new products and
performances of recent acquisitions. These risks and uncertainties could result
in lower revenues, gross margin compression, and higher expenses.
AMX Corporation designs and manufactures control and automation systems for use
in corporate boardrooms, homes, training rooms, schools, universities, and many
other types of facilities. AMX systems interface with virtually any
electronically controlled equipment and include a variety of simple-to-operate,
custom-designed control panels. AMX Corporation is headquartered in Dallas,
Texas, and distributes its systems worldwide. AMX stock is traded on the NASDAQ
stock exchange under the symbol AMXX.
For more information, contact AMX Corporation, 11995 Forestgate Drive, Dallas,
Texas 75243, (800) 222-0193 or http://www.amx.com.
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