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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): AUGUST 31, 1999
TECH-SYM CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
NEVADA 1-4371 74-1509818
(STATE OR OTHER JURISDICTION OF (COMMISSION (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) FILE NUMBER) IDENTIFICATION NO.)
10500 WESTOFFICE DRIVE, SUITE 200
HOUSTON, TEXAS 77042-5391
(ADDRESS OF PRINCIPAL
EXECUTIVE OFFICES)
AND ZIP CODE)
(713) 785-7790
(REGISTRANT'S TELEPHONE NUMBER,
INCLUDING AREA CODE)
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ITEM 5. OTHER EVENTS
The information set forth in the press release of the registrant dated
August 31, 1999, which is filed as an exhibit hereto, is incorporated hereby
reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(C) EXHIBITS
Exhibit 99(a) -- Press release issued by the registrant dated
August 31, 1999.
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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.
TECH-SYM CORPORATION
Date: September 3, 1999
By: /s/ J. RANKIN TIPPINS
J. Rankin Tippins
VICE PRESIDENT, GENERAL COUNSEL AND
SECRETARY
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EXHIBIT INDEX
EXHIBIT NO.
Exhibit 99(a) -- Press release issued by the registrant dated
August 31, 1999.
EXHIBIT 99(a)
TECH-SYM CORPORATION ANNOUNCES
IT OWNS OVER 80% OF GEOSCIENCE CORPORATION
CHIEF FINANCIAL OFFICER RETIRES AFTER 34 YEARS OF SERVICE
Houston, Texas, August 31, 1999--Tech-Sym Corporation (NYSE:TSY) today announced
that it purchased 95,000 shares of GeoScience Corporation (NASDAQ:GSCI) common
stock during the week ended August 27, 1999, in open market transactions at an
average price of $7.45 per share. By acquiring these shares, Tech-Sym now owns
more than 80% of the outstanding shares of GeoScience Corporation and intends to
include the financial performance of GeoScience Corporation in its consolidated
federal tax returns for all tax periods after August 27, 1999. The action
enables Tech-Sym to take future tax benefits associated with GeoScience's
significant second quarter 1999 write-off that GSCI would not be able to utilize
in the foreseeable future on a stand-alone basis.
Separately, the Company also announced that Ray F. Thompson, age 62, has
retired as Vice President and Chief Financial Officer and will provide
consulting services to the Company under a one-year agreement. Paul L. Harp, age
50, the Company's Treasurer and Controller, will assume Mr. Thompson's
responsibilities beginning today.
Mr. J. Michael Camp, Chairman and Chief Executive Officer, stated, "Ray
has dedicated the last 34 years, virtually his entire career, to Tech-Sym for
which we owe a debt of gratitude. I am pleased that he has agreed continue in an
advisory capacity as a consultant and we wish him the best in his other
pursuits."
Tech-Sym Corporation is a high technology company that designs, develops
and manufactures electronic systems and components used in diverse markets
including communications, defense systems and weather information systems.
FORWARD-LOOKING STATEMENTS IN THIS RELEASE ARE MADE PURSUANT TO THE SAFE
HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
INVESTORS ARE CAUTIONED THAT ALL FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND
UNCERTAINTIES, INCLUDING, WITHOUT LIMITATION, RISKS ASSOCIATED WITH THE
UNCERTAINTY OF MARKET ACCEPTANCE OF THE COMPANY'S PRODUCTS, LIMITED NUMBER OF
CUSTOMERS, AS WELL AS RISKS OF DOWNTURNS IN ECONOMIC CONDITIONS GENERALLY, RISKS
ASSOCIATED WITH COMPETITION AND COMPETITIVE PRICING PRESSURES, AND OTHER RISKS
DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
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