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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 or earliest event reported) December 9, 2002
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UNIROYAL TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State of other jurisdiction of incorporation)
0-20686 65-0341868
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(Commission File Number) (IRS Employer Identification No.)
602 Sarasota Quay
Sarasota, Florida 34236
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (941) 362-1808
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(Former name or former address, if changed
since last report.)
Item 5. Other Events
On December 4, 2002, Uniroyal Technology Corporation (the
"Company") filed with the U.S. Bankruptcy Court for the District of
Delaware (the "Bankruptcy Court") a motion for approval of bidding
procedures and sale of substantially all the assets of the Company's
subsidiary, Sterling Semiconductor, Inc.("Sterling") to Dow Corning
Enterprises, Inc. for a purchase price of $11.2 million, subject to
adjustments. The Company anticipates that the Bankruptcy Court will
consider the bidding procedures motion at its omnibus hearing on
December 20, 2002. The Company hopes to consummate the proposed sale by
the end of January 2003. The Company believes that the sale will
alleviate the cash flow difficulties currently experienced by the
Company and will give Sterling the financial support that it will need
to fund its future growth. Copies of the Asset Purchase Agreement and
Purchase Incentive Agreement between Sterling and Dow Corning
Enterprises are appended to this report as Exhibits 10.70 and 10.71.
Item 7. Exhibits
10.70 Asset Purchase Agreement dated as of November 27, 2002 between
Sterling Semiconductor, Inc. and Dow Corning Enterprises, Inc.
10.71 Purchase Incentive Agreement dated as of November 27, 2002 between
Sterling Semiconductor, Inc. and Dow Corning Enterprises, Inc.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
UNIROYAL TECHNOLOGY CORPORATION
Date: December 10, 2002 By:
George J. Zulanas, Jr.
Executive Vice President, Treasurer
and Chief Financial Officer