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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): July 31, 1999
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EPL Technologies, Inc.
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(Exact name of registrant as specified in its charter)
Colorado 000-28444 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 September 13, 1999, the Registrant's Common Stock began trading
on the Nasdaq SmallCap Market. The Registrant's Common Stock had previously
traded on the Nasdaq National Market. In connection with the transfer of the
listing of the Registrant's Common Stock to the Nasdaq SmallCap Market, the
Nasdaq Stock Market requested that the Registrant file with the Securities
and Exchange Commission and the Nasdaq Stock Market the following balance
sheet as of July 31, 1999, reflecting certain pro forma adjustments for
significant events and transactions occurring since July 31, 1999.
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EPL TECHNOLOGIES, INC.
PRO FORMA BALANCE SHEET AS AT JULY 31, 1999
<TABLE>
<CAPTION>
$ $ $
July 31 Adjustments Pro forma
---------- ----------- ----------
<S> <C> <C> <C>
Cash and cash equivalents $4,429,910 $4,429,910
Accounts receivable, net 5,792,420 5,792,420
Inventories 4,416,216 4,416,216
Prepaid assets and other current assets 2,582,615 2,582,615
------------ ------------ ------------
17,221,161 0 17,221,161
Property and equipment, net 7,838,911 7,838,911
Other assets
Patent and distribution rights 842,939 842,939
Goodwill 2,660,129 2,660,129
Other intangibles, net 160,663 160,663
Other non current assets 61,236 61,236
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3,724,967 0 3,724,967
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Total assets $28,785,039 $0 $28,785,039
============ ============ ============
Current liabilities
Accounts payable $8,526,278 8,526,278
Accrued expenses 1,975,417 1,975,417
Other liabilities 72,397 72,397
Notes payable 1,580,278 1,580,278
Current portion of long term debt 468,376 468,376
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12,622,746 0 12,622,746
Long term debt 2,949,746 2,949,746
Deferred profit on sale of property 2,265,000 2,265,000
Deferred income taxes 75,284 75,284
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Total liabilities 17,912,776 0 17,912,776
Convertible Series D Preferred Stock 11,486,890 (11,486,890) 0
Convertible Series A Preferred Stock 60,000 60,000
Series D Preferred Stock 11,486,890 11,486,890
Common Stock 11,930 11,930
Additional Paid-in Capital 40,089,114 40,089,114
Accumulated Deficit (41,245,473) (41,245,473)
Foreign currency translation adjustment 469,802 469,802
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Total shareholders' equity (614,627) 11,486,890 10,872,263
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Total liabilities and shareholders' equity $28,785,039 $0 $28,785,039
============ ============ ============
</TABLE>
The pro forma adjustments reflect the transfer of the Series D Preferred
Stock from a long-term obligation to shareholders' equity pursuant to amendments
to certain rights, preferences and redemption provisions relating to the
Series D Preferred Stock.
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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 hereunto duly authorized.
EPL TECHNOLOGIES, INC.
Date: September 14, 1999 By: /s/ Paul L. Devine
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Paul L. Devine
Chairman and President
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