SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): November 24, 1998
TRINITECH SYSTEMS, INC.
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(Exact name of registrant as specified in its charter)
New York 0-21324 06-1344888
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(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
333 Ludlow Street, Stamford, Connecticut 06902
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Address of principal executive offices
Registrant's telephone number, including area code: (203) 425-8000
N/A
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
On November 24, 1998, Trinitech Systems, Inc. (the "Company")
completed a private placement of 600,000 shares of its common stock. The net
proceeds from the Company's private offering of common stock totaled
approximately $3,450,000.
The proceeds of the offering will be used principally to replenish
working capital and reserves and to enhance the financial strength of the
Company.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits.
99.1 Press Release of the Registrant, dated December 3, 1998.
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SIGNATURE
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.
TRINITECH SYSTEMS, INC.
Dated: December 8, 1998 By: /s/ Richard A. Castillo
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Name: Richard A. Castillo
Title: Chief Financial Officer
NEWS BRIEF
FOR IMMEDIATE RELEASE
CONTACTS: INVESTORS NEWS MEDIA
Peter Kilbinger Hansen, President John Henderson
Trinitech Systems, Inc. Rubenstein Associates
Tel: (203) 425-8000 Tel: (212) 843-8054
TRINITECH SYSTEMS, INC. ANNOUNCES PRIVATE PLACEMENT AND HIRING
OF NEW CFO
STAMFORD, CT, December 3, 1998: TRINITECH SYSTEMS, INC. (AMEX: TSI) announced
today that it has completed the private sale of 600,000 shares of its common
stock. The $6.00 per share price was approximately 90% of the market price
during the period when the sales were being solicited and purchase orders
received.
TSI had used working capital and reserves in developing and installing its NYFIX
Network, which is now in place. The proceeds from the sale will be used
principally to replenish working capital and reserves and to enhance the
financial strength of the Company. It is anticipated that future capital needs
will be filled through internally generated cash flow.
Trinitech is pleased to announce that it has hired a new Chief Financial
Officer, Richard A. Castillo, who the Company believes will expand the role of
CFO within Trinitech. Mr. Castillo has held positions in long-term financial
management roles involving business analysis and operations responsibility. Most
recently, Mr. Castillo's ten year tenure with American Airlines in addition to
budgetary responsibilities, directly involved significant logistical and
operational responsibility. Prior to that, Mr. Castillo spent six years with
Datapoint, a pioneer in networking technology. "We are expecting continuous
growth and expansion of our NYFIX operation. We need a CFO with a clear,
"hands-on" approach to work proactively with our engineering, network and sales
groups in understanding and contributing to a well planned, controlled and
cost-effective growth," commented Peter Kilbinger Hansen, Trinitech's President
and Chief Executive Officer. Mr. Castillo is a Certified Public Accountant and
earned an MBA from the University of Texas. Mr. Castillo replaces Kevin Cassidy,
the Company's former CFO, with whom the Company parted on amicable terms.
TRINITECH SYSTEMS, INC. (AMEX: TSI) develops and markets advanced electronic
trading systems to brokerage firms, international banks and global exchanges
trading in equities, futures & options, and currencies. The Company's NYFIX
Network, a combined FIX and Exchange Access Network, enables users to
electronically communicate trade data among
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the buy-side, sell-side, and exchange floor environments. The Company's goal is
to become the leading provider of real-time electronic trade entry and routing
systems to the global financial services industry. Trinitech is headquartered in
Stamford, Connecticut and maintains operations in New York, Chicago, and London.
THIS PRESS RELEASE CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS WITHIN THE
MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION
21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, WHICH ARE INTENDED TO BE
COVERED BY THE SAFE HARBORS CREATED THEREBY. INVESTORS ARE CAUTIONED THAT ALL
FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTY, INCLUDING WITHOUT
LIMITATION, THE ABILITY OF THE COMPANY TO MARKET AND DEVELOP ITS PRODUCTS.
ALTHOUGH THE COMPANY BELIEVES THAT THE ASSUMPTIONS UNDERLYING THE
FORWARD-LOOKING STATEMENTS CONTAINED HEREIN ARE REASONABLE, ANY OF THE
ASSUMPTIONS COULD BE INACCURATE, AND THEREFORE, THERE CAN BE NO ASSURANCE THAT
THE FORWARD-LOOKING STATEMENTS INCLUDED IN THIS PRESS RELEASE WILL PROVE TO BE
ACCURATE. IN LIGHT OF THE SIGNIFICANT UNCERTAINTIES INHERENT IN THE
FORWARD-LOOKING STATEMENTS INCLUDED HEREIN, THE INCLUSION OF SUCH INFORMATION
SHOULD NOT BE REGARDED AS A REPRESENTATION BY THE COMPANY OR ANY OTHER PERSON
THAT THE OBJECTIVES AND PLANS OF THE COMPANY WILL BE ACHIEVED.
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