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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 (Dates of Earliest event reported) September 29, 1998
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EPL Technologies, Inc.
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(Exact name of registrant as specified in its charter)
Colorado 0 - 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
At its Annual Meeting of Shareholders held on September 29, 1998, EPL
Technologies, Inc. (the "Company") discussed its strategies to pursue continued
growth in U.S. and Western European markets by using its proprietary
technologies and expertise in food science to package and market fresh produce.
The Company reported that it currently expects to make fresh corn
available nationally under the "Green Giant(R) Fresh" brand on a year-round
basis and plans to begin such shipments this fall. The Company also stated that
its objective was to grow its corn business to annual revenues of $100 million
by 2002.
The Company currently sells fresh-cut potatoes to the food service
market under the "Green Giant(R) Fresh" brand. At present, the Company is
focusing sales efforts for its "Fresh Fries(TM)" product in the Western U.S. and
is implementing and/or testing this product with four operators of an aggregate
of approximately 230 restaurant units in California, Oregon and
Nevada, which currently serve fresh french fries processed in-house. The Company
estimates, based on market research and industry information, that potential
revenues from its "Fresh Fries(TM)" product from that user category in the
Western U.S. region alone approximate $70 million annually.
The above contains certain forward-looking statements regarding the
Company's expectations as to the future expansion and development of its
business. Actual results may vary materially from these expectations. Meaningful
factors that may cause actual results to be different from expectations include,
but are not limited to, (i) the Company's product development and sales process,
which remains lengthy and resource-intensive, (ii) the uncertainty of demand for
or market acceptance of the Company's products, and (iii) personnel and
production requirements and related difficulties in managing multiple product
lines.
At the Company's Annual Meeting, shareholders re-elected Paul L. Devine,
Robert D. Mattei and Al S. Clausi as directors of the Company and approved a new
stock option plan of 850,000 shares. The minimum exercise price for options
granted to its existing executives and employee directors under the new plan is
$14 per share.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
a) Not Applicable
b) Not Applicable
c) Exhibits
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99.1 Press Release dated October 1, 1998 in relation to Annual
Meeting
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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, thereunto duly authorized.
Dated : October 13, 1998 EPL Technologies, Inc.
By: /s/ PAUL L. DEVINE
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Paul L. Devine
Chairman and President