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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 AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): May 8, 1998
SI DIAMOND TECHNOLOGY, INC.
(Exact Name of Registrant as Specified in its Charter)
Texas
(State or Other Jurisdiction of Incorporation)
1-11602 76-0273345
(Commission File No.) (I.R.S. Employer Identification No.)
12100 Technology Boulevard
Austin, Texas 78727
(Address of Principal Executive Offices)
(512) 331-6200
(Registrant's Telephone Number, Including Area Code)
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Item 2. Acquisition or Disposition of Assets
On May 8, 1998, SI Diamond Technology, Inc. (the "Company") consummated
an agreement to sell the majority of the operating assets of Diamond Tech One,
Inc. ("DTO") to Focus Interconnect Technology Corporation ("Focus") for
approximately $2.2 million, of which $1.8 million was payable at closing and the
remaining $400,000 was deposited in escrow until the resolution of certain
related litigation. Focus has assumed the building lease on the DTO facility.
The Company retained all cash, accounts receivable, certain equipment identified
as excess, certain intangibles, and all liabilities. In connection with this
transaction, all loans secured by the assets of DTO were paid from the proceeds
of the sale and the liens were released by the note holders.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
(10) Asset Purchase Agreement, dated May 8, 1998, between Focus
Interconnect Technology Corporation, Diamond Tech One, Inc., SI
Diamond Technology, Inc. and Field Emission Picture Element
Technology, Inc.
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.
SI DIAMOND TECHNOLOGY, INC.
By /s/ Douglas P. Baker
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Douglas P. Baker
Vice President and
Chief Financial Officer
Dated: May 29, 1998