FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (date of earliest event reported): January 15,
1997
Environmental Technologies Corp.
(Exact name of registrant as specified in its charter)
Delaware 0-20986 22-3005943
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
550 James Street, Lakewood, New Jersey 08701
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code:(908) 370-3400
N/A
(Former name or former address, if changed since last report)
Page 1 of 5 pages
Item 1. Changes in Control of Registrant
Not Applicable
Item 2. Acquisition or Disposal of Assets
Not Applicable
Item 3. Bankruptcy or Receivership
Not Applicable
Item 4. Changes in Registrant's Certifying Accountant
Not Applicable
Item 5. Other Events
The Registrant issued a press release on January 15,
1997 regarding the suspension of its chief executive officer,
B. Brinkerhoff McCagg.
The Registrant issued a press release on January 16,
1997 amplifying the January 15, 1997 press release.
Item 6. Resignation of Registrant's Directors
Not Applicable.
Item 7. Financial Statements and Exhibits
(a) Financial statements of business acquired.
Not Applicable
(b) Pro forma financial information
Not Applicable
(c) Exhibits
- Press Release dated January 15, 1997
- Press Release dated January 16, 1997
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.
ENVIRONMENTAL TECHNOLOGIES CORP.
BY: /s/RICHARD G. SCHMELING
_____________________________
RICHARD G. SCHMELING,
Vice President-Finance
Dated: January 17, 1997
ENVIRONMENTAL TECHNOLOGIES CORP.
Lakewood, New Jersey, January 15, 1997 - Environmental
Technologies Corp. (Nasdaq: EVTC) today announced that Brin
McCagg has been suspended by the Company as Chief Executive
Officer while the Company reviews certain potential
irregularities concerning its FulCircle Recyclers, Inc.
subsidiary. The Company expects to complete its review within
one month and its Board of Directors will then take whatever
actions it considers appropriate.
During this suspension, George Cannan, the Company's
Chairman, as well as its CEO prior to retaining Mr. McCagg in
January 1996, has assumed the duties of CEO. The Company does
not anticipate that the suspension will impact the Company's
business or day-to-day operations.
Finally, Mr. McCagg has resigned as a member of the Board of
Directors of the Company.
ENVIRONMENTAL TECHNOLOGIES CORP.
AMPLIFIES JANUARY 15, 1997 ANNOUNCEMENT
Lakewood, New Jersey, January 16, 1997 - Environmental
Technologies Corp. (NASDAQ EVTC) announced on January 15, 1997
that Brin McCagg was suspended by the Company as Chief Executive
Officer while the Company reviews certain potential
irregularities concerning its FulCircle Recyclers, Inc. (d/b/a
FulCircle Ballast Recyclers) ("FulCircle") subsidiary. The
irregularities are related to possible underpayment of
FulCircle's workers' compensation premiums during periods prior
to EVTC's December 1995 acquisition of FulCircle. EVTC has been
indemnified by the former shareholders of FulCircle for any
possible exposure related to such events. Environmental
Technologies Corp. expects to complete its review of the
irregularities within one month and its Board of Directors will
then take whatever actions it considers appropriate.
Environmental Technologies Corp. is a fully integrated
supplier of refrigerant, refrigerant reclamation services,
refrigerant recovery and recycling equipment and a recycler of
fluorescent light ballasts.