-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KRBcGVs6ql1heZsQE24mZVjliSherPbvd91Oj8f0jnSv3r4dm20DH0oeb9QnWJjP etaFySPvOroDznz2tD2+Og== 0000914121-99-000720.txt : 19990729 0000914121-99-000720.hdr.sgml : 19990729 ACCESSION NUMBER: 0000914121-99-000720 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990727 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROJECTAVISION INC CENTRAL INDEX KEY: 0000848135 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 133499909 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-19218 FILM NUMBER: 99671605 BUSINESS ADDRESS: STREET 1: ONE EVERTRUST PLAZA STREET 2: 11TH FLOOR CITY: NEW JERSEY STATE: NJ ZIP: 07302 BUSINESS PHONE: 2019380099 MAIL ADDRESS: STREET 1: ONE EVERTRUST PLAZA STREET 2: 11TH FLOOR CITY: NEW JERSEY STATE: NJ ZIP: 07302 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date of Report: July 27, 1999 (Date of earliest event reported) VIDIKRON TECHNOLOGIES GROUP, INC. ---------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 34-19218 13-3499909 - ---------------------------- ------------------------ ---------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification Number) One Evertrust Plaza, 11st Floor, Jersey City, New Jersey 07302 - -------------------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (201) 938-0099 Item 5. Other Events On July 27, 1999, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing PNC Bank action regarding the Registrant's U.S. operating subsidiary and Registrant's following steps. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. 99.1 Press release of the Registrant, dated July 27, 1999. Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned herewith duly authorized. Date: July 28, 1999 VIDIKRON TECHNOLOGIES GROUP, INC. (Registrant) By: /s/ Phillip Siegel -------------------------------- Phillip Siegel Chairman and CEO EXHIBIT INDEX Exhibit 99.1 Press release of the Registrant, dated July 27, 1999. EX-99 2 PRESS RELEASE VIDIKRON TECHNOLOGIES GROUP ANNOUNCES PNC BANK ACTION JERSEY CITY, NJ, JULY 27, 1999 - Vidikron Technologies Group, Inc. (the "Company") (Nasdaq: VIDI) announced that PNC Bank has exercised its right of setoff against all of Vidikron of America, Inc.'s ("Vidikron" the Company's U.S. operating subsidiary) funds in accounts maintained at the Bank and has commenced sending letters to all of Vidikron's customers notifying them to remit payments directly to the Bank. Vidikron's agreement with PNC Bank requires that Vidikron maintain all its accounts and deposits with the Bank. As a result of these actions, the Company, and its Vidikron subsidiary, may find it necessary to seek protection from creditors under Chapter 11 of the Bankruptcy Code. The Company has initiated a number of actions to avoid a bankruptcy filing. It is negotiating for an infusion of new capital and the conversion of certain indebtedness into equity, as well as a change in terms of certain outstanding securities. In that respect, the Company has signed non-binding term sheets with certain of its creditors and security holders. There can be no assurance that Vidikron will avoid a bankruptcy proceeding, nor can the outcome of any such proceeding on the Company's security holders be predicted. Vidikron Technologies Group, Inc. is in the business of developing and marketing technological innovations in the high-end home theater industry under its premier Vidikron brand. The company distributes its products in over 46 countries worldwide. The foregoing press release contains forward-looking statements, including statements regarding, among other things, the Company's expectations of its future business. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties, certain of which are beyond the Company's control. Actual results could differ materially from these forward-looking statements as a result of a variety of factors. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this press release will in fact transpire or prove to be accurate. -----END PRIVACY-ENHANCED MESSAGE-----