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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 (Dates of Earliest event reported) December 16, 1998
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EPL Technologies, Inc.
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(Exact name of registrant as specified in its charter)
Colorado 0 - 28444 84-0990658
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2 International Plaza, Suite 245, Philadelphia, PA 19113
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (610) 521-4400
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Not Applicable
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On December 16, 1998, EPL Technologies, Inc. announced the granting by
the U.S. patent office of two new U.S. patents for food processing aid-based
technologies designed to improve the quality and economic value of broccoli and
mushrooms as they are brought to the consumer, as detailed more fully in the
press release attached as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
a) Not Applicable
b) Not Applicable
c) Exhibits
99.1 Press Release dated December 16, 1998 in relation to
new patents and product launch.
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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: December 29, 1998 EPL Technologies, Inc.
By: /s/Paul L. Devine
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Paul L. Devine
Chairman and President
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Exhibit 99.1
Press Release dated December 16, 1998 in relation to new patents and
product launch.
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CONTACT: [EPL LOGO]
EPL Technologies, Inc.
Investor Relations Department, Philadelphia
Bruce Crowell, Chief Financial Officer
(610) 521-4400
2 International Plaza, Suite 245
Philadelphia, PA 19113-1507
Tel: 610-521-4400
Fax: 610-521-5985
Cameron Associates
Laurel A. Gottesman, Investor Relations
(212) 245 8800
Bruce Boyle, Media Relations
(215) 988 4641
FOR IMMEDIATE RELEASE
EPL TECHNOLOGIES ANNOUNCES NEW PATENTS AND PRODUCT LAUNCH
Philadelphia, PA -- December 16, 1998 -- EPL Technologies, Inc. (NASDAQ:EPTG), a
leading provider of technologies to the fresh-cut produce industry, today
announced the granting by the U.S. patent office of two new U.S. patents for
food processing aid-based technologies, which are designed to improve the
quality and economic value of broccoli and mushrooms as they are brought to the
consumer.
The Company has been granted U.S. patent protection for a technology designed to
eliminate the use of ice in shipping boxes of processed broccoli. The newly
patented technology, which represents an extension of the increasing range of
processing technologies that the Company has developed for use on various kinds
of fresh-cut produce, delays the aging process of the broccoli, which in turn
minimizes heat build and thus eliminates the need for ice.
Mr. Paul L. Devine, Chairman and Chief Executive Officer of the Company,
commented: "Central to the technology's importance for both the processor and
consumer is its efficacy in maintaining the sensory characteristics of the
broccoli, namely color, taste, texture and smell. In addition, the elimination
of ice has important economic implications. Not only is the cost of the ice and
icing process eliminated, but packaging costs are reduced, as special waxed
boxes will no longer be required, and the weight and size of the standard
shipping boxes are diminished, thus significantly lowering distribution costs."
Government agencies estimate that approximately 640 million pounds of broccoli
will be sold in 1998 in the U.S., much of it shipped in ice.
Patent protection has also been obtained in the U.S. for a processing
technology, developed in collaboration with Penn State University, for use on
freshly harvested mushrooms. Traditionally, mushrooms have been washed in
sulfites to clean them and help maintain their quality. The banning of sulfites,
however, has closed off what were once large markets for washed mushroom
products. The newly patented mushroom wash system allows mushrooms to be washed
without them going black. Penn State University has agreed to grant EPL the
exclusive license for this patented wash system for the life of the patent.
Mr. Devine stated "We believe that the enabling technology of the new wash
system will provide the opportunity for mushroom growers to re-enter previously
lost food-service markets. Mushrooms processed using this wash system are
cleaner and ready to use, thus helping to maintain the strict sanitation
requirements of the food-service sector, as well as reducing preparation times.
We also believe that the new system will help facilitate the introduction of
washed mushrooms into the retail market, where a cleaner product should have
increased consumer appeal. In both cases, it is expected that the grower will be
able to achieve added economic value for its mushrooms through premium pricing
for a premium product offering."
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According to government agencies, sales of all mushrooms in the U.S. during the
1997-98 season totaled 818 million pounds, representing a value to growers in
excess of $800 million. Of the total volume of sales, 77% were sold as fresh,
with 23% processed. These statistics also revealed that of the total sales,
almost 50% were grown in Pennsylvania alone, rising to close to 60% when other
East Coast states are included. The majority of the balance was reported as
being grown in California.
The Company also announced the launch of a new micro-perforated flexible
packaging film product for broccoli in the U.S. This new film, which was
produced using the Company's proprietary micro-perforating technology, will be
marketed under the Company's Respire(R) brand of breathable packaging for fresh
produce. The new film facilitates greater control of moisture and gas
transmission rates, which helps better maintain the quality of broccoli.
"This product has been under commercial test for some time and our customers
participating in these tests have advised us that they recognize the product's
considerable benefits," said Mr Devine. "It is our intention to launch this new
product through our European subsidiaries, EPL Flexible Packaging Limited and
Fabbri Artes Graficas Valencia SA, to further enhance this product's economic
value to the Company."
Statements in this release that are not statements of historical fact and
reflect the intent, belief or expectations of the Company and its management
regarding the expected effect of events, circumstances and trends should be
considered forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements are
not guarantees of future performance, and actual results may vary materially
from the expectations contained in the forward-looking statements. Meaningful
factors that may affect such results include, but are not limited to, (i) the
Company's product development and sales process, which remains lengthy and
resource intensive, (ii) the uncertainty of demand for and market acceptance of
the Company's new and existing products and (iii) increased personnel and
production requirements and related difficulties in managing multiple product
lines.
EPL Technologies, Inc. develops, manufactures and markets proprietary processing
aids, packaging technologies and scientific and technical services, which are
designed to maintain the quality and integrity of fresh-cut produce.
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