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 of earliest event reported): November 16, 1998
EVTC, INC.
(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: (732) 370-3400
N/A
(Former name or former address, if changed since last report)
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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 has appointed James C. Hellauer, Jr. as its President and
Chief Executive Officer. George Cannan will remain as Chairman of the Board of
the Company. The Company also announced preliminary results for its fiscal year
ended September 30, 1998. Details are included in the Press Release attached
hereto as an Exhibit.
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 November 16, 1998
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
theRegistrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EVTC, INC.
By:/s/David Keener
____________________________
David Keener
Chief Financial Officer
Dated: November 19, 1998
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EXHIBIT
PRESS RELEASE
Lakewood, New Jersey, November 16, 1998 -- EVTC, Inc. t/a Environmental
Technologies Corp. (NMS:EVTC) today announced that it had appointed James C.
Hellauer, Jr. as its President and Chief Executive Officer, effective
immediately. George Cannan will remain as Chairman of the Board of the Company.
Mr. Hellauer is an Executive Director with Colmen Capital Advisors, Inc. which,
as previously announced, has been retained by the Company to provide strategic
and financial advice.
The Company also announced preliminary results for its fiscal year
ended September 30, 1998. These results are tentative and subject to audit. The
Company anticipates net sales for the 1998 fiscal year to be approximately $40
million, and expects to incur a pre-tax loss of approximately $12 million. The
loss is attributable to operating losses, charges related to discontinued
operations, specifically the Company's air-conditioning equipment business,
inventory adjustments and restructuring charges.
The Company also issued a preliminary estimate of its sales and pre-tax
income for the fiscal year ending September 30, 1999. The Company is currently
forecasting sales of approximately $47,000,000 and pre-tax income of
approximately $1.4 million. The Company cautioned that these are very
preliminary estimates and there is no expectation that the Company's actual
results for the 1999 fiscal year will be consistent with this forecast.
Mr. Cannan commented, "We are optimistic that our relationship with Colmen
Capital Advisors and the appointment of Jim Hellauer as our new President and
CEO will have a positive impact on the Company and its earnings."
Mr. Hellauer stated, "We have a large challenge before us to improve
the business and profitability of EVTC, but we believe there are some very
attractive opportunities which we hope to take advantage of for the benefit of
the Company and its shareholders. We look forward to meeting this challenge."
EVTC, Inc. is engaged in the marketing and sale of refrigerants,
refrigerant reclaiming services and the recycling of flourescent light ballasts
and lamps.
Except for the historical information contained herein, the matters
discussed in the Release are forward-looking statements that involve risks and
uncertainties. The forward-looking statements in this Release are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Actual results may differ materially due to a variety of factors,
including without limitation the market and the pricing for refrigerant
products, weather conditions, operating costs, inventory risks due to shifts in
market demand, the presence of competitors with greater resources, the Company's
need to liquidity, and other risks detailed from time to time in the Company's
reports filed with the Securities and Exchange Commission.
CONTACT: EVTC, Inc. t/a Environmental Technologies Corp.
David A. Keener, Chief Financial Officer
(817) 282-0022 x233
dkeener@fullcircle-rrsi.com
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